Litecoin is a peer-to-peer currency that enables virtually instant and cost-effective payments for anyone in the world. Litecoin is an open-source global payment network that is not controlled by any central authority. It is designed to provide users with faster transaction times and enhanced security than other cryptocurrencies. Litecoin leverages advanced cryptography to protect users’ funds. It has proven to be an ideal choice for merchants, businesses, and individuals alike. Thanks to NOWPayments’ Mass Payments tool, companies can take LTC adoption to another level by embracing Litecoin as a salary method. Pay bonuses to your employees in the form of the Litecoin crypto using NOWPayments.
Key points:
- LTC is a low-cost and rocket-fast salary payment method.
- LTC facilitates payroll processing.
- Send your employees’ salaries in LTC via NOWPayments.
What are the benefits of Litecoin?
Money-saving transactions
Using Litecoin as a method of payment is a wise decision for businesses that are looking to reduce their transaction fees. Transactions on the Litecoin network cost less than one dollar, a significant decrease compared to the mainstream forms of payment processing.
Without the high fees associated with traditional payment methods, businesses can save significant amounts and thus reap the rewards of their wise investment in this digital asset. This saving can be incredibly beneficial to cost-conscious entrepreneurs, allowing them to minimize their spending when paying out bonuses. For businesses that are processing a large number of transactions on a regular basis, the savings can be extremely considerable.
Unparalleled payroll processing
Litecoin transactions are a shining example of efficiency and speed, providing lightning-fast transactions compared to Bitcoin and other leading cryptocurrencies. Litecoin’s average block time is an impressive 2.5 minutes, making it one of the fastest payment methods on the market.
What’s more, this speedy transaction time does not depend on the distance between the sender and the receiver, making it an ideal choice for cross-border payments. With such speed and reliability, Litecoin is an invaluable asset for businesses.
Extra privacy
The beauty of Litecoin is that it enables businesses to give their employees a private payment option. With LTC, individuals can send money without having to divulge their personal details, enjoying completely confidential transactions.
This is a fantastic benefit for businesses, as it allows them to offer their employees an additional layer of protection for sensitive information. Furthermore, since all LTC transactions are completely private, businesses can rest assured in the knowledge that their employees’ data is safe.
Flexibility
Litecoin has a passionate and devoted community. Chances are some of your employees may also be LTC aficionados. Giving them more flexibility when it comes to salary payment options can potentially increase their motivation, especially if you promise to pay them a hefty bonus in LTC.
Additionally, every new LTC use case gets quickly taken up by the Litecoin community with much enthusiasm. Therefore, if you choose to offer LTC as a salary payment method, you are guaranteed to see a positive response from Litecoin holders. Some of these individuals may be the right candidates for vacant positions in your company and they will be more than happy to apply for them.
Proper security
Litecoin is a secure and reliable method to transfer your money. The network is designed with the highest standards of security and protection in mind, meaning that a hacking attempt is unlikely to ever break through and threaten your LTC coins.
It relies on advanced encryption and peer-to-peer technology. The decentralized blockchain ensures that even if something were to happen, your coins would remain unaffected, as the blockchain is archived across many computers. This makes Litecoin a reliable way of paying salary bonuses.
What is Mass Payout tool by NOWPayments?
NOWPayments’ Mass Payments feature is a powerful tool for anyone who needs to send LTC in bulk. It simplifies the process, giving you the ability to send salary, bonus, reward, or rebate payments to as many addresses as you need automatically. Whether you are a business or an individual, you have the power of NOWPayments at your fingertips.
So how to pay out bonuses with Litecoin?
Here is a tutorial on how you can enable Mass Payments in your account:
- Provide your Litecoin token payout address.
- Go to the “Custody” section.
- Read the Custody Solution user agreement, agree to the terms, and press “Continue.”
- Provide your IP address, which you plan to use to send salaries, check the box to agree to the Custody Solution terms, and press “Continue.”
- You may be shown a page saying that the Balances feature is temporarily unavailable for you, but it will be removed in a couple of minutes.
- Once the system is ready to process your transactions, it will show you the following page:
- Now, you will be able to pay out salaries in LTC by uploading a .csv file in Mass Payouts section of your Personal account.
Conclusion
NOWPayments’ Mass Payments feature provides businesses with the ability to send salaries and bonuses to employees in an efficient way. LTC is a low-cost and rocket-fast salary payment method.
Continue Learning about Litecoin Use Cases
- Top 10 Litecoin influencers
- How to pay for subscriptions with Litecoin
- Top 5 charities & how they can benefit from Litecoin
- Litecoin on eCommerce plugins
- How to accept Litecoin in brick-and-mortar stores?
- Litecoin Point-of-Sale
- 5 ways Litecoin will boost your business
- Best Litecoin use cases in daily life
- The Difference Between Bitcoin And Litecoin
- Businesses Accepting Litecoin
- Litecoin is available on NOWPayments!