The mainstream blockchains, including Ethereum, have a long list of issues concerning scalability which ultimately stifle the development of new and innovative projects. Yet, solutions such as Harmony constitute a next-gen alternative that enables a faster and more convenient way of deploying applications. Harmony is also quite efficient in terms of processing transactions, as they take mere seconds on this network. This is why Harmony’s native coin ONE can be a great means of payment. Businesses can use Harmony as a way to send salaries or bonuses to employees at a low cost and quickly. They can do it using NOWPayments’ Mass Payments feature.
Key points:
- ONE powers the Harmony network.
- ONE salaries can help companies reduce expenses.
- Start paying your employees in ONE via NOWPayments.
What is Harmony ONE?
ONE is a cryptocurrency that provides utility on the Harmony blockchain. Harmony is a scalable and secure blockchain, the mainnet of which has been live since 2019. Harmony boasts incredible efficiency thanks to utilizing sharding, a technology that boosts the network’s throughput, enabling it to process transactions at a mind-blowing speed.
Why should I send salaries in Harmony?
Privacy
Blockchain is an encrypted technology that can assist businesses in protecting their employees’ privacy. Although blockchains, including Harmony, are transparent, users are not required to divulge their personal information when using them. As a result, while information about each transaction is visible to everybody, it does not identify an individual on the network.
Anonymity is critical for any organization, especially in terms of financial transactions, but banks and traditional payment processors do not provide the same level of privacy as blockchain. Businesses might offer to pay their staff in ONE as an alternate and more discreet method of payment.
Rocket-fast transactions
Wage payments are commonly made via bank transfers. Nonetheless, one of the biggest issues here is the prolonged time required for these transfers to take place. Money transferred on a Friday, for example, may not reach the recipient until Monday since banks across many regions do not operate on weekends. There are no such issues with cryptocurrency transactions. In reality, they are processed virtually immediately, 24 hours a day, seven days a week.
Furthermore, Harmony transactions are processed at an exceptionally fast rate. A single Harmony crypto transaction takes only a few seconds, which is nearly unprecedented for wire transfers. Companies that pay their staff in the ONE crypto can guarantee that the money will reach the employee in seconds.
Negligible fees
The hefty fees associated with bank transfers, or any type of money transfer in general, are another issue. And here is where cryptocurrencies excel because they do not require paying a lot to a third-party payment processor. ONE is a currency with extremely low transaction costs, with an average of no more than $0.001. Companies that spend a large amount on fees when paying workers can move to cryptocurrencies like Harmony to dramatically decrease these expenses.
Global transactions
Most companies today operate internationally and frequently have staff and offices in many regions of the world. Paying salary in such an environment becomes a difficult operation that necessitates creating and monitoring bank accounts in numerous jurisdictions. Unlike the traditional methods of salary payments, crypto transactions are not subject to any jurisdictions’ regulations.
As a result, businesses may pay employees in cryptocurrencies from anywhere in the globe where there is an Internet connection. So, a business in Boston may quickly send a payment in ONE to an employee in Sweden, and the transaction will be completed in less than one minute.
Security
ONE crypto is also a secure method to store your money. Harmony is a network that adheres to the highest security and protection requirements. This means that a hacking assault is unlikely to affect it or cause you to lose your ONE coins. Furthermore, if you keep your Harmony coin funds in a non-custodial wallet, you will remain the only owner of your holdings, thus preventing any other party from accessing it.
I want to pay people with ONE crypto. How?
In order to send salaries in the ONE crypto, you will need to use the Mass Payouts feature. Here is a guide on how you can enable NOWPayments’ Mass Payouts to send ONE coin salaries:
- First, you need to create a NOWPayments account.
- Then, go to the settings and generate an API key.
- Next, fill in a Mass Payouts form to request the Mass Payouts feature and send it. Please note that NOWPayments accepts all requests ONLY from your registration email for safety reasons.
- After you set up Mass Payments, deposit your cryptocurrency into your account.
- Go to the Custody section and click on the “Create Mass payout” button
- Upload the .csv file with the wallet addresses and the amount you want them to receive.
- Click “Proceed.”
- NOWPayments will send all these payments to the recipients automatically.
Conclusion
NOWPayments assists businesses in sending ONE salaries to facilitate and accelerate the entire payout process.
Learn more about Harmony payments
- How to accept Harmony coin and get fiat?
- Best Harmony coin use cases in daily life
- Harmony payments via API
- Best ways to boost your business with Harmony
- Top 10 Harmony ONE influencers
- Harmony donations for influencers
- Why pay salaries in Harmony coin
- Who accepts Harmony (ONE)
- Harmony (ONE) on eCommerce plugins
- Benefits of Harmony ONE & Cool Use Cases
- Accepting Harmony (ONE)
- What is Harmony
- Harmony ONE. Crypto Charity donations & ELONGATE
- Harmony & Sustainability