Maximizing Your Crypto Transactions: Understanding the Differences between Mass Payouts and Multisender

Cryptocurrency use cases are rapidly evolving, and new technologies are emerging every day. One of the most useful tools for businesses and individuals that use cryptocurrency is the ability to send and receive payments just in one click. Two popular solutions for this are crypto mass payouts and multisender. In this article, we will explore the differences between these two solutions so that you can make an informed decision about which one is suitable for you.

Understanding Crypto Mass Payouts

Crypto mass payouts are a way for businesses to send multiple payouts at once. This is particularly useful for businesses that need to pay out a large number of individuals or vendors. With crypto mass payouts, businesses can make payments to multiple recipients in just one click. This saves time — and, in the case of NOWPayments, reduces fees as NOWPayments has 0% service fees for payouts. Moreover, the network fees also are lower in comparison to ones on the on-chain transactions.

There are several benefits to using crypto mass payouts. For one, it’s a more efficient way to make payouts (sending out rewards, rebates, salaries, or bonuses). Being a crypto payment tool, it’s more secure than traditional payment methods because the transactions are recorded on a blockchain. This means that the transaction cannot be tampered with or reversed once it has been completed.

Understanding Multisender

There are several types of multisender applications available, each with its own unique features. Some multisender applications are built on the Ethereum network, while others are built on other blockchains. Some applications allow users to send payments in multiple cryptocurrencies, while others only support one currency.

NOWPayments offers a reliable and cost-effective solution for your mass payout needs. While decentralized multisender applications may seem like a good choice due to their security and decentralization, they come with a significant downside – high costs. This is because multisenders work on smart contracts, which can be expensive to execute. Additionally, the security of smart contracts is not always guaranteed, as it depends on who uploaded the contract. With NOWPayments, you can enjoy the benefits of a reliable and cost-effective mass payout solution, without worrying about these concerns. Our platform ensures that your payouts are processed quickly and efficiently, allowing you to focus on growing your business.

Comparison between Crypto Mass Payouts and Multisender

Both crypto mass payouts and multisender are useful tools for businesses and individuals who need to send multiple payments at once. However, there are some differences between the two solutions.

Crypto mass payouts are typically used by businesses to pay out large numbers of individuals or vendors. They are more efficient than traditional payment methods and are more secure because the transactions are recorded on a blockchain. Multisender, on the other hand, is a decentralized application that allows users to send payments to multiple recipients simultaneously. It’s a more user-friendly solution that makes it easy for businesses to manage their payments.

Another difference between the two solutions is that multisender is typically built on a specific blockchain, such as Ethereum. Crypto mass payouts, on the other hand, allow for cross-chain transactions.

Benefits of Using Crypto Mass Payouts

When it comes to decentralized multi-sender applications, it can be difficult to verify their legitimacy. This is because verifying the application requires knowledge of how to read smart contracts. Without this knowledge, it is impossible to determine if the application is secure. The risk is that the developer of the application could have written something in the code that allows them to gain access to users’ assets, making it a potentially costly and unsafe option. Instead, NOWPayments offers a reliable and cost-effective solution for mass payouts with guaranteed security, allowing businesses to focus on growth.

Another benefit of using crypto mass payouts by NOWPayments is that it can save businesses money on fees — there are none of service fees for the payouts. 

How to Use Crypto Mass Payouts by NOWPayments

If you’re interested in using crypto mass payouts for your business, you can use the Crypto Mass Payouts API by NOWPayments. This API is designed to make it easy for businesses to send mass payouts using cryptocurrency.

Mass payouts via Dashboard

1. First, you need to create a NOWPayments account.
2. Then, go to the settings and generate an API key.
3. Next, go to the Custody Section to enable the Custody feature.
4. Check the box that says “I have read and accepted Custody Solution user agreement” and click “Continue”
5. Whitelist your IP addresses.
6. Please keep in mind that to change or add IP addresses in the future, you will have to make an official request to [email protected]! NOWPayments accepts all requests ONLY from your registration email for safety reasons
7. Deposit your cryptocurrency into your account.
8. Go to the Custody section and click on the “Create Mass payout” button
9. Upload the .csv file with the wallet addresses and the amount you want them to receive.
10. Click “Proceed.”
11. NOWPayments will send all these payments to the recipients automatically.

Mass payouts via API:

1. First, you need to create a NOWPayments account. Make sure you enable the 2 factor Authentification.
2. Then, go to the settings and generate an API key.
3. Next, go to the Custody Section to enable the Custody feature.
4. Check the box that says “I have read and accepted Custody Solution user agreement” and click “Continue”
5. Whitelist your IP addresses.
6. Please keep in mind that to change or add IP addresses in the future, you will have to make an official request to [email protected]! NOWPayments accepts all requests ONLY from your registration email for safety reasons
7. Upload the .csv file with the wallet addresses and the amount you want them to receive.
8. Integrate Mass Payouts API. See the documentation here.
9. Use the Authentication POST method for obtaining a JWT token. You should specify your email and password which you are using for signing in to the Dashboard.
10. Top up your Balance in your Dashboard.
11. You can check your Balance using the Get balance GET method.
12. Make a payout using the Create payout POST method. You need to provide your data as a JSON-object payload. See the documentation for the required request fields. Please note that verifying the payout is obligatory!
13. Once the payout is created you need to add your “id” in the Verify payout POST method along with your 2fa code. 2fa is obligatory for creating payouts.
14. You’ll have 10 attempts to verify the payout. If it is not verified after 10 attempts, the payout will remain in ‘Creating’ status. Once it is verified, the payout can be processed!
15. You can check the payout status using the Get Payout status GET method. You need to provide the ID of the payout in the request. Here’s the list of the available statuses:
    – waiting
    – processing
    – sending
    – finished
    – failed
    – rejected
16. Once you get a Finished status — congratulations, the payout is done!

Conclusion

Crypto mass payouts and multisender are two useful tools for businesses and individuals who need to send multiple payments at once. Both solutions have their own unique features and benefits, and the choice between the two will depend on your specific needs. After examining the differences between multi-sender applications and NOWPayments’ mass payouts solution, it becomes clear that each approach caters to a different audience. While multi-sender applications may be more suited for individual users, NOWPayments’ mass payouts solution is designed for businesses. The latter provides a reliable and cost-effective way for companies to process large volumes of transactions, without the need for complex smart contract knowledge or the risks associated with decentralized applications. By using NOWPayments, businesses can trust that their payouts will be processed quickly and securely, allowing them to focus on their growth and success.