Mass Payouts by CryptoProcessing – Your Solution To Efficient Crypto Payments

When it comes to digital finance, particularly for accountants and companies engaged with numerous counterparties, the task of disbursing remuneration in cryptocurrency is a formidable one. Traditional methods, which involve sending cryptocurrency payments one at a time, not only consume a significant portion of valuable time but also increase the likelihood of errors. This inefficiency is compounded when the volume of transactions escalates, making the process daunting and prone to mistakes that can affect both sender and recipient negatively.

To address this critical issue, at CryptoProcessing, we’ve been working on a new feature within the Back Office — Mass Payouts that transforms the cumbersome process into a seamless, efficient, and error-free operation.

Mass Payouts refer to the process of sending payments to multiple recipients simultaneously, allowing businesses to dispatch up to one hundred cryptocurrency payments in mere minutes.

We designed this feature to help businesses minimise time spent on manually managing a large number of payments in:

• Payrolls;
• Affiliate payouts;
• Vendor payments
• Customer refunds.

How Can Mass Payouts Benefit Businesses?

Benefit #1: Your team saves time on manual payment processing

Manually processing payments to a hundred recipients can be incredibly time-consuming. Mass payouts streamline this process, enabling a business to carry out mass transactions simply by uploading a CSV file.

Benefit #2: Your recipients receive funds faster

Mass payouts can be processed faster than manual payments, meaning recipients get their funds quicker. This efficiency can improve relationships with employees, affiliates, and vendors by demonstrating a business’s commitment to timely and reliable payment practices.

Benefit #3: You reduce the risk of human error

Automating mass payouts can reduce the impact of human error, a factor that escalates with the number of payouts processed. Such errors include sending funds to the incorrect recipient or in the wrong amount.

Moreover, mass payouts at CryptoProcessing incorporate validation checks to ensure accuracy before transactions are executed.

How Are Mass Payouts Done?

The Mass Payouts feature is available to all merchants of CryptoProcessing directly in the Back Office. It is free and comes with no additional expenses, you will only pay for standard transaction processing.

Step 1. Uploading a CSV file based on our template

Merchants begin by filling out and uploading CoinsPaid’s Sample CSV, which supports up to 100 rows and a size limit of 1 MB. Such a file can be easily compiled by anyone familiar with traditional tools such as Excel or Numbers.

Step 2. Automated System Analysis

Upon upload, the system meticulously analyses the file, generating a preliminary summary report with sub-totals by currencies and total amounts. This report prompts users to confirm the initiation of the payout process. Errors can be easily visualised, corrected and the file can be reuploaded.

Step 3: Payment Preview

Our merchants have the ability to preview sub-totals before final submission. Once the payout is submitted, it’ll be assigned a status and displayed on the mass payouts screen.

Step 4: Review Mass Payout Status

Users can effortlessly track all transactions associated with a specific mass payout, as they are highlighted with a unique icon and labelled with the mass payout’s name. Additionally, a new filter has been introduced in the transaction section, enabling users to swiftly locate all transactions tied to a particular mass payout.

In instances where transactions cannot be processed – due to common issues such as incorrect address-currency pairings or insufficient funds – the system intelligently identifies these errors, reflecting them in a comprehensive downloadable report. Users are then able to make necessary corrections and re-upload the file, ensuring all payments are successfully submitted without oversights.

To facilitate a smooth process, we guide you through each step, from ensuring sufficient balance to cover mining and processing fees to submitting your request with a 2FA code. Our guide is designed to preemptively address potential hurdles, ensuring a streamlined submission and monitoring process.

For more direct assistance, our dedicated support team is available via live chat and email, ready to resolve any issues you might encounter, from file upload difficulties to transaction errors.

Wrapping up

At CryptoProcessing, our Mass Payout feature represents a significant leap forward in cryptocurrency transactions for businesses. By streamlining the process of sending payments to multiple recipients, this tool not only saves time but also reduces the potential for errors and enhances security.

The integration of template-based file uploads, automated system analysis, error detection, and correction, along with enhanced visibility and control, provides businesses with a powerful tool to manage their financial transactions more efficiently and effectively.

Also, we employ robust encryption standards to secure data in transit and at rest, safeguarding sensitive information against unauthorised access. Multi-factor authentication (MFA) is a mandatory step for transaction approvals and regular security audits to detect and prevent any suspicious activity.

If you’d like to learn more about how we are able to offer Mass Payouts, feel free to follow this link.