Throughout the past few years, the freelancer space has blown up in terms of popularity. With more people than ever before working from home, and under their own terms, it is one of the most unique yet preferred methods of working.
Freelancers can be advantageous to companies and corporations that require assistance quickly and remotely, and as such, this has grown into one of the largest industries globally.
However, there are still ways through which the overall quality of life and work can be improved, and this is through the mass payout feature.
Today, we will dive into the mass payout feature and how it can benefit freelancers.
- NOWPayments is a cryptocurrency payment gateway that allows businesses to accept a large variety of cryptocurrencies, including freelancers.
- Mass Payment is a tool that automates the procedure of sending cryptocurrency transactions.
- This can save both freelancers as well as a business a lot of time as well as money.
- Mass Payments lets every participant within the transaction process use or get the cryptocurrency they want.
What are mass payouts?
When it comes to the Mass Payouts feature specifically, this is a special tool on offer by NOWPayments that allows any business to send rebates, freelance commissions, affiliate rewards as well as employee payrolls, or anything else out there that requires mass payments through a single API call, which makes the process as simple and as streamlined as possible.
Mass Payment is a tool that essentially automates the process of sending crypto transactions and saves them a lot of time and money.
How Freelancers Can Use the Mass Payout Feature?
The merchant deposits funds into their account, after which they specify the addresses and amounts, after which the currency gets added to the NOWPayments Liquidity Wallet and distributed across each recipient.
Afterward, NOWPayments takes care of the rest and conducts the transactions automatically.
To use the solution, here’s what they need to do:
- Visit the Official NOWPayments website and create an account.
- Go to settings and Generate an API Key.
- Fill a Survey for Mass Payouts Requests.
- Then they have to send a written request to activate the Mass Payments feature from the registered email to our email [email protected] Remember that NOWPayments will only accept requests from your registration email for security reasons.
- Deposit cryptocurrencies into the account.
- Navigate to the Balances tab, after which they can click on “Create Mass Payout.”
- Upload the .csv file with the wallet addresses and the amount they want them to receive.
- Click on Proceed and let NOWPayments do all of the work for them.
Advantages of mass payouts
There are numerous advantages when making Mass Payouts for freelancers, and we will go over each one of them here.
Lowering the fees and overall expenses of paying freelancers
Businesses, as well as services that utilize blockchain technology as a means of conducting transactions through cryptocurrency, will come to a point when they need to pay multiple freelancers at once.
This means that they must make multiple payments separately across numerous cryptocurrency wallets.
This means that they need to pay an individual fee every single time they send a transaction to every single one of the freelancers they are working with, which long term, can result in a lot of unnecessary costs.
NOWPayments solves this by enabling companies to reduce their expenses in terms of fees that have to be paid by batching all of those transactions into one by leveraging the Mass Payments tool, which ultimately minimizes the costs associated with it.
From the perspective of the freelancers, all of them will receive the money at the same time, avoiding potential confusion or worry.
Enhanced settlement Speed
Another key feature here is the fact that when a company puts multiple transactions within a single batch, it can save a lot of time.
What this means is that NOWPayments will automate the process so that businesses will not need to individually send each person the money that they have earned by working with them.
From the perspective of freelancers, this just means that their cryptocurrencies and the completion of the overall transaction will be much quicker.
Freelancers benefit by having their cryptocurrency payments get sent to them as quickly as possible.
Numerous cryptocurrency payment options
The person in charge of the payroll would essentially need to visit a centralized exchange or decentralized exchange, after which they need to swap the cryptocurrencies they have available for the cryptocurrencies the freelancer can accept
NOWPayments features a solution that is implemented in the Mass Payments tool that will prevent this manual conversion process. This built-in function will allow companies to deposit any coin they already have and make payments in the one freelancers ask for.
If a business ends up working with a freelancer that only accepts a specific altcoin, they can easily send that altcoin.
From the perspective of freelancers, this just means that they have the added benefit of receiving the cryptocurrency that they want to receive much more quickly than they otherwise would.
Another key feature of the Mass Payments feature is privacy. NOWPayments does not ask any of its partners to complete a Know-Your-Customer (KYC) procedure whenever they end up utilizing the crypto payment tools that are on offer.
This means that businesses can utilize the tool effortlessly and transact anonymously without the freelancers needing to disclose any private information to NOWPayments or any third parties. Therefore, freelancers, as well as companies, can enjoy a much higher level of privacy.
Hopefully, now you know everything there is to know about how freelancers benefit from the Mass Payment feature on offer by NOWPayments.
By leveraging this functionality found in NOWPayment’s offering, both businesses, as well as freelancers, can get what they want without time spent converting or worrying if the payments went through.
The Mass Payment feature is perfect for businesses as well as freelancers that want to conduct business privately and securely, receive payments from multiple businesses, or send payments to multiple other freelancers.