Verge is a blockchain made for day-to-day transactions. That is why it is extensively used by people from all over the world. People send payments and donations, get tips, and raise funds in XVG. The characteristics of the XVG currency such as fast and inexpensive transactions, make it an ideal digital currency for salaries. By switching to Verge, people can save on fees and get their money in a matter of seconds. NOWPayments provides its Mass Payments feature to businesses wishing to send XVG salaries.
- XVG is the native cryptocurrency of Verge.
- XVG transactions are private, fast and have low fees.
- Companies can use the Mass Payments feature to pay Verge salaries.
What is Verge (XVG)?
As mentioned above, Verge is an easy-to-use platform which is intended for enabling everyday users to transact quickly and efficiently across a blockchain-based network. The Verge project was initially established in 2014 under the name DogeCoinDark. In 2016, it underwent a rebranding and became Verge Currency. Verge currency is a 100% open-source project which is run entirely by volunteer community members.
Benefits of paying salaries in XVG
Blockchain is an anonymous system that can help companies protect the privacy of their employees. Although most blockchains, including Verge, are public, they do not require users to reveal their identities. Therefore, while information about each transaction is available for anyone to see, it does not point to a specific person on the network. Confidentiality is extremely important for any business, especially when it comes to financial transactions, but banks or traditional payment processors like Stripe do not offer the same level of privacy as the blockchain. Businesses can offer their employees the option to pay their salary in Verge to have an alternative and more private way to receive their money.
Fast transaction speed
Bank transfers are the typical method for paying salaries. However, one of the main problems here is the long periods of time that these transfers often take. For example, money sent on Friday may not arrive until Monday because, in many countries, banks do not work on the weekend. There are no such problems with cryptocurrency transfers. In fact, they are processed almost instantly, 24/7. Moreover, Verge transactions have extremely fast processing speeds. One Verge transaction takes 30 seconds, which is practically unheard of for wire transfers. When companies pay their employees in XVG, they can guarantee that the money will reach the employee in a matter of seconds.
Another problem with bank transfers, or any type of money transfer for that matter, is the high fees. Here again, cryptocurrencies have an advantage, because crypto transactions do not require you to cede a fortune to a third-party payment processor. Verge is a coin that has exceptionally low transaction fees, and its average fee is less than $0.001. Companies always have to spend a significant amount on fees when paying out salaries, but when they switch to cryptocurrencies such as Verge, these expenses will decrease drastically.
Modern companies operate globally and often have employees and offices in different parts of the world. In such conditions, paying salaries becomes a difficult task that requires opening and managing bank accounts in multiple jurisdictions. Crypto transactions are borderless and do not require registration. Consequently, companies can pay salaries in cryptocurrencies to employees living in any region of the planet with internet access. Blockchains do not discriminate against users based on their location. So, a company based in New York can easily transfer a salary in Verge to an employee in Norway, and the transaction will be completed in less than 1 minute.
Guide on how to pay salaries in crypto
NOWPayments has developed its Mass Payments tool specifically for companies that manage large volumes of cryptocurrencies and conduct many crypto transactions. To start sending salaries, a company needs to follow a few simple steps:
- First, you need to sign up on the official website of NOWPayments.
- Then, go to the settings and generate an API key.
- Once the key is ready, select the Mass Payment feature.
- After you set up Mass Payments, deposit your cryptocurrency into your account.
- Then, specify the addresses and the amount you want them to receive.
- NOWPayments will send all these payments to the recipients automatically.
XVG salaries are a perfect way for companies to save on fees and fast payouts. NOWPayments’ Mass Payments feature lets companies send Verge salaries to an unlimited number of recipients quickly.