The BitPay company is making headlines today with its planned unrolling of a new payroll service called BitPay Send.
“BitPay Send lets companies perform a variety of payment functions including payroll, customer cash-out requests, contractor payments, reward issuance and settlements with marketplace sellers,” writes Sebastian Sinclair at Coindesk.
Essentially, BitPay Send will allow users to multicast payments out to more than one individual at a time, which is really what payroll is, in the broadest sense. Senders will still have to figure in national tax schemes.
As a type of verified finance technology, BitPay Send may make it simpler for companies to deliver payments to a remote workforce, or even those in the next room.
“With the new service, companies don’t need to buy, own or manage cryptocurrency, while the recipients receive payment more efficiently and at a reduced cost,” Sinclair adds, paraphrasing remarks by BitPay CEO Stephen Pair, who points out that no crypto holdings are needed to access and use the payroll platform, although the recipients will need crypto currency wallets.
As far as fees, there’s a 1% fee involved, that is assumedly paid by the sender.
Here’s some of how BitPay describes its own new service:
“BitPay Send is ideal for companies looking for a fast, efficient, and secure way to send mass payouts anywhere in the world, on any day of the week, and at any time.”
BitPay Send’s debut highlights some of the newest approaches in a fintech industry that is quickly evolving. After PayPal and Stripe broke the mold on traditional finance, many other options are coming out of the woodwork to challenge any monolithic effort to control new digital verified payment systems. This sort of thing is a great factor to consider when you’re setting up portfolio changes – finding the new big startups is a way to experience explosive gains and among your penny stocks, these types of new payment companies may end up being big earners.