Many projects require immediate sending of money to clients or partners. In manual mode, it is almost impossible to do this. Automated systems come to the rescue, allowing you to perform mutual settlements as quickly as possible. Let’s learn more about the mass payout feature, how it can be used, and how to activate it with NOWPayments.
Key points:
- Mass payouts accelerate the process of sending funds in cryptocurrency.
- Business owners of various fields can automate the process thanks to mass payments.
- NOWPayments allows you to set up mass payouts quickly, cost-effectively, and privately.
What is a crypto mass payout?
Mass payout is an automated system that allows you to send funds to an unlimited number of recipients in one transaction.
This function saves companies from having to keep on staff or attract specialists to perform work related to the mass sending of funds. The mass payment service quickly sends funds to the wallets of pre-specified recipients. Thanks to this, business owners save the lion’s share of funds spent on transaction fees, as well as automate and speed up the process.
How can I use cryptocurrency payouts in my business?
Online games
Online games are quite a profitable business area, in which income is guaranteed to developers, moderators, and administrators of popular gaming portals and ordinary gamers who also have the opportunity to earn good money. However, there is often tiny trust in online games.
Players often complain that the game turned out to be a Ponzi Scheme, and payments were made only at the beginning. If you are an honest entrepreneur, then the introduction of crypto will be beneficial. With cryptocurrencies, online games have received a new round of development. Now, gaming companies can attract players from all over the world, raising awareness about their projects on a global scale. Thanks to digital assets, you ensure transparency and borderless transactions. And mass payments will save your business from collapse by reducing the cost of fees and saving time.
Affiliate rewards
The referral program is convenient and profitable for both companies and users. Any successful “referral” stands on two pillars: an increase in the influx of orders for you and additional profit for your partner. You can reward partners for attracting new customers, participating in promotions and contests, making subscriptions, leaving comments, and so on.
Thanks to cryptocurrency, such programs have become even more widespread and effective since crypto allows you to remove geographical restrictions and establish a transparent flow of funds. However, sending payments to each individual reduces the effectiveness of such a scheme. With NOWPayments, you can send rewards to an unlimited number of users in any of the 100+ supported cryptocurrencies.
Employee payrolls
More and more employees are switching to crypto salaries, which are convenient, fast, transparent, and private. In addition, it is also beneficial for business owners to introduce payrolls in cryptocurrency. They save money on transfers, allow international payments, and attract more tech-savvy employees.
Nevertheless, the most popular cryptocurrencies for sending payrolls are stablecoins. These are digital assets whose exchange rate is pegged to fiat currencies such as USD, EUR, AUD, and others. Companies that deal with cryptocurrency do not always keep their funds in stablecoins since these assets do not allow them to earn on price fluctuations. Thanks to mass payments, you can deposit any cryptocurrency or even several and pay salaries in the coin your employees want to receive.
Presales
Presales are held regularly and attract millions of dollars of investment. Many company owners see all the advantages of blockchain technology and strive to implement it into their business. Thanks to this, thousands of crypto startups organize token sales.
This type of crowdfunding allows business owners to raise awareness about the company’s product and raise funds for the project’s further development. On the part of investors, they receive a finished product, as well as financial benefits due to the increase in the price of allocated tokens. But sending tokens to hundreds and maybe even thousands of early investors is inefficient, costly, and time-consuming. Therefore, in this case, mass payments are the best solution to the issue.
Rebates
When searching for a platform to place an order for the product, users often compare the price and delivery terms. If there are no questions about these two parameters, potential customers look at other conditions. For example, a rebate when buying in one online store but not in another will affect the choice.
Many users who actively buy online participate in loyalty programs. If a platform offers a cumulative discount to regular customers, the presence of rebates increases customer loyalty even more. And although this system allows you to attract more customers, it also affects the business’s profit, largely due to the fees spent. With the mass payout function, business owners can reduce these costs by sending funds to an unlimited number of consumers in a matter of minutes.
Casinos
Owners of gambling businesses worldwide are actively introducing cryptocurrencies into their platforms. Thanks to cryptocurrency, casino owners can bypass strict tax regulation, fiscal policy, and other laws related to the fiat turnover of funds in the gambling industry. However, after getting rid of these problems, the owners of such enterprises face another one. This is volatility and increased fees when sending many winnings to their users. With the help of mass payouts, you can significantly reduce the cost of network fees by sending winnings to winners in a single transaction. In addition, NOWPayments takes care of your and your clients’ privacy and financial freedom. Thanks to our service, you can make mass payments seamlessly and anonymously.
Bonuses
The best motivation for both your employees and your consumers is various bonuses. Owners of successful companies understand this, as bonuses can increase the interest and loyalty of employees and consumers. As a bonus, small payments can be made for good work, productivity, and much more.
Your company’s customers can receive bonuses for purchasing a specific product, registration, payment of a trial tariff, and so on. With crypto, you can set up a system of bonus payments in a matter of clicks without contacting banking structures and wasting time, money, and nerves on fiat transactions. With the help of mass payouts, you can avoid going through KYC/AML procedures, as well as send any of the 100+ supported cryptocurrencies as a bonus.
Faucets
Cryptocurrency faucets are one of the oldest and easiest ways to earn coins. With good management, the faucet can work for years and maintain stable rewards. The technology of cryptocurrency faucets has been optimized over time. The ease of creating and launching a faucet has led to its spread.
Faucets make a significant contribution to the mass adoption of cryptocurrencies and also bring profit to both their creators and users. However, owners of crypto faucet services also face the problem of high fees when conducting a large number of micro-transactions. This is especially true of such popular cryptocurrencies as Bitcoin or Ethereum. Mass payments can fix this problem, as they reduce costs and allow you to deposit any coin and make a payment in another.
Payment to suppliers of goods and services
Every business owner necessarily cooperates with many suppliers, ranging from package delivery to marketing services and much more. Doing all business-related tasks on your own is the first step to bankruptcy. Therefore, successful business owners delegate many tasks and find the best and, at the same time, cost-effective suppliers from all over the world.
However, business owners face a large amount of paperwork, high transaction fees, and delays paying for the goods and services with fiat. Thanks to cryptocurrency and the function of mass payments, you can pay for the supplies you need to a large number of providers in a short time. In addition, NOWPayments does not force you to undergo the KYC procedure, preserving your privacy and protecting your financial information.
Issuance of loans
Today, cryptocurrencies offer many opportunities to increase savings. One of them is through crypto-lending. With the help of crypto-lending, users can receive interest from their crypto-asset by depositing it on the lending platform.
Depending on the platform, individuals and corporations have faster access to loans than traditional platforms, which are strictly regulated by government regulations, reliable credit ratings, and various comprehensive checks. The function of mass payments from NOWPayments will appeal to such platforms as it significantly reduces the cost of issuing loans and automates and makes this process convenient. In addition, our service supports 100+ cryptocurrencies so that you can provide loans in various assets.
Freelance commissions
Often companies have to hire freelancers to perform short-term tasks. The decision to conclude an ordinary contract may be unprofitable for both parties. The company is subject to tax and social support obligations, and it is impossible to dismiss employees immediately upon completion of work.
Therefore, introducing cryptocurrencies has become a popular trend among companies hiring freelancers. Crypto allows you to send commissions anywhere in the world quickly, cost-effectively, and safely. In addition, the transparent nature of the blockchain makes it possible to establish honest and open relations between the parties. By hiring many freelancers, the business owner is faced with the fact that it is necessary to keep records and send payments on time. Thanks to mass payments, you can eliminate the need to manually perform many transactions and pay a fee for each.
How can I set up mass payments?
NOWPayments is a crypto payment gateway that provides competitively low fees, 100+ cryptocurrencies, as well as the highest level of privacy and security. To deploy mass payments with NOWPayments, follow these steps:
- Sign up for your account.
- Go to “Settings” > “Payment Settings”.
- Specify your payout wallet and generate an API key.
- Fill in a Survey for mass payout requests.
- Using your registration email, send a written request to [email protected].
- Deposit any of 100+ cryptocurrencies into your account.
- Go to the “Custody” section and click on the “Create Mass Payout” button.
- Upload the .csv file with the recipients’ wallet addresses and specify the amounts you wish to send.
- Click “Proceed”.
- That’s it! NOWPayments will automatically send all the payments in one transaction.
Conclusion
NOWPayments’ Mass Payments feature allows business owners to send multiple crypto transactions in one batch. This crucially reduces the cost of fees and decreases transaction processing time.