How crypto mass payments feature works

Businesses that handle numerous transactions on a daily basis know that making several crypto transactions in a short period of time can be tricky. In fact, it can take half an hour to send a dozen of crypto transactions. NOWPayments offers its Mass Payments feature that greatly facilitates the process of sending multiple crypto transactions for users. For instance, businesses that pay their employees crypto rewards or salaries can particularly benefit from Mass Payments. Check the article to learn about the benefits of Mass Payments and how to deploy this feature.

Key points:

• Mass Payments involve sending multiple crypto transactions.
• NOWPayments’ Mass Payments tool saves your time and money.
• Any business and individual can integrate the Mass Payments feature.

What is mass payment?

The Mass Payments feature is a special tool provided by NOWPayments to users that want to make multiple cryptocurrency transactions in an efficient and reliable way. The Mass Payments solution lets users avoid the need to manually conduct each transaction and spend their valuable time on such mundane tasks. Instead, they can simply allocate this work to NOWPayments. Basically, the Mass Payments tool automates the process of sending crypto transactions and saves your time and money.

How do mass payments work?

The Mass Payments feature works in the following way. Users deposit cryptocurrency of their choice into their accounts. Next, they specify the crypto addresses and the amounts of crypto they need to receive. Then, NOWPayments will take care of the rest and will conduct the transactions automatically.

What are advantages of NOWPayments mass payments?

Lower expenses

Businesses and services that use crypto extensively encounter an unpleasant situation each time they need to send multiple payments. Basically, they are forced to make payments separately. This causes them to pay a network fee for each transaction. The fee expenses may be quite small, but over time they add up and turn into massive costs for the company. The most popular cryptocurrencies, such as Bitcoin and Ethereum, are known for their high fees, so expenses can be quite substantial for businesses. NOWPayments enables companies to solve this problem and reduce their fee expenses. The Mass Payments tool allows businesses to put many small transactions into one batch and thus minimize costs.

Quick settlement

Putting multiple transactions into one batch also can greatly save businesses’ time. Moreover, given the fact that NOWPayments automates the entire process, they will not even need to spend their time on making transactions at all. When businesses decide to make transactions separately, they end up spending a great deal of their time on ensuring that every transaction reaches its recipient. NOWPayments allows businesses to avoid the need to engage in a prolonged process of sending transactions. Instead, they can simply specify recipients’ crypto addresses and let NOWPayments do the rest.

Large selection of cryptocurrencies

Another advantage of NOWPayments and its Mass Payments tool is the availability of a long list of cryptocurrencies. Basically, you can deposit more than 100 different cryptocurrencies, from Bitcoin to KISHU. You can even choose several coins, there is no limit. This is particularly important for businesses that deal with cryptocurrencies. NOWPayments lets them avoid the need to convert their cryptocurrencies to other ones.

Conversion

Moreover, businesses and individuals using the Mass Payments feature also do not need to manually convert their coins to those which they wish to send to their recipients. Essentially, the built-in conversion function allows them to deposit any coin they possess and make a payment in the one that they choose. For instance, you may have some altcoins lying around in your wallet, but your recipient wants to get their payment in Bitcoin. Just tell NOWPayments to convert your coin to Bitcoin and make the transaction without any hassle.

Privacy

Privacy of clients is important for NOWPayments. This is why NOWPayments does not ask its partners to undergo KYC verification when they use its crypto payment tools. Businesses can use the Mass Payments tool effortlessly and anonymously without disclosing their private information to NOWPayments or other third parties. This is useful for businesses that want to protect their financial information and that of their employees. Additionally, cryptocurrencies themselves are anonymous. So, by using the Mass Payments solution to pay crypto salaries, your competitors will be unlikely to discover how much you pay your workers.

Unlimited number of recipients

There are also no restrictions when it comes to the number of recipients. Basically, you can choose any number of deposit addresses to which you want to send cryptocurrency, and NOWPayments will conduct all transactions as fast as possible. No matter how large your company is and how many people you want to send crypt to, NOWPayments is ready to accommodate any of your needs.

Convenience

Finally, the Mass Payments tool is simply a much more convenient way of making multiple transactions compared to the conventional method. By using Mass Payments, you can avoid filling out forms and completing other tedious tasks such as specifying gas fees for each transaction. So, NOWPayments’ Mass Payments is a guaranteed way for you to work less and spend fewer resources and concentrate your efforts on other important activities.

How to deploy mass payments with NOWPayments

NOWPayments’ has an extensive selection of crypto payment tools. The Mass Payments feature is one of them. It is perfect for businesses wishing to facilitate the process of sending different types of crypto payments, such as salaries. Follow these steps to start sending mass crypto payments:

1. First, you need to create a NOWPayments account.
2. Then, go to the settings and generate an API key.
3. Next, fill in a Survey for mass payouts requests
4. Send a written request to activate mass payouts from your registered email to our email partners@nowpayments.io. Please note, that NOWPayments accepts all requests ONLY from your registration email for safety reasons.
5. After you set up Mass Payments, deposit your cryptocurrency into your account.
6. Go to the Balances section and click on “Create Mass payout” button
7. Upload the .csv file with the wallet addresses and the amount you want them to receive.
8. Click “Proceed.”
9. NOWPayments will send all these payments to the recipients automatically.

Conclusion

NOWPayments’ Mass Payments feature enables businesses and individuals to send multiple crypto transactions in one batch. This substantially reduces the cost of fees and decreases transaction processing time.

Read this article and more in the NOWPayments blog: How crypto mass payments feature works

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Why use NOWPayments.io?

NOWPayments is the easiest way to accept online payments in a wide variety of cryptocurrencies. This service is custody-free, has competitive fees, and is available worldwide.

• Over 150 cryptocurrencies are accepted on the platform with an in-built exchange feature;
• API, widgets, plugins, links, and buttons are all easy to integrate;
• It is a non-custodial service ensuring the security of your funds;
• A very simple setup