Crypto payment service provider Bitpay has launched a new crypto payroll service called BitPay Send. The new payroll service will now enable small and large business owners to pay their employees, contractors, vendors, and others with cryptocurrencies. Bitpay payment service allows the buying and selling of cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Ripple, and a few stablecoins as well. Launch of BitPay’s New Crypto Payroll Service In addition to the launch of BitPay Send, the crypto firm highlighted in the announcement that Adgate Media will leverage the crypto payroll service. Dan Sapozhnikov, Adgate‘s President, said: “We have lots of affiliates who want to be paid in bitcoin, especially those who are based outside North America and Europe where access to bank accounts is difficult. One of our biggest challenges is that we did not want to buy and hold crypto and having Bitpay manage that risk was an important factor in choosing Bitpay Send. With Bitpay Send, we are able to get our affiliates paid in a matter of minutes and not days.” Stephen Pair, CEO of Bitpay, added: “Traditional international payment methods are cumbersome, costly, and slow. With Bitpay Send, companies can make mass payouts without having to buy, own or manage crypto and their recipients receive payments quicker and at a lower cost.” No Bank Account Needed to Use BitPay Send Users don’t need bank accounts to use the crypto payroll service platform. Although, users do need to have a BitPay ID and a cryptocurrency wallet and the necessary background details on KYC details to use the service. Crypto payment service provider BitPay has also announced a 1% fee for cross-border transactions. BitPay Send’s announcement further highlights: “Bitpay Send enables companies to make payroll payments, facilitate customer cashout requests, pay independent contractors or affiliates, issue rewards or rebates, and financially settle with marketplace sellers. The company funds payments in fiat and leverages the blockchain to send pre-tax payments without having to own or handle digital currency, eliminating inherent exposure to its volatility or risk.”
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