Bitpay Launches New Crypto Payroll Product

A major payments service provider, BitPay has just released a new product to enable business enterprises to pay remuneration to their suppliers, employees, independent contractors with crypto.

The new product dubbed “BitPay Send” is a payment service processor that is centred on global and “gig-economy” enterprises that are set to pay their several clients digitally at one and the same time. 

BitPay CEO Stephen Pair notes;

“Blockchain payment adoption is growing because it offers an easy way to send and receive payments on a global scale” 

He continued that with this new innovation, businesses will not need to go through the hassles of buying, holding or supervising their crypto all by themselves. 

The following are the payment processes that can be run on BitPay Send:  “reward issuance, contractor payments, payroll, customer cash-out requests, and settlements with marketplace sellers.”

For a customer to receive payment via the Bitpay Send, he must have a BitPay ID and a digital wallet so as to obtain the payments. Companies who use this service pay a 1% to Bitpay as the latter’s commission.  Good news to users: they would not have to pay FOREX fees.

This new release offers a substitute to cryptocurrency payroll commodities