Cash to Bitcoin Payouts2 min read
Payouts are payments originated from a business and destined for an individual recipient. Types of payouts include payroll, freelance/contractor payments, gaming winnings, tax refunds, and other general disbursements.
Paying out is as mission-critical as accepting payments, but payouts reliant on traditional payment rails and currencies are often expensive, opaque, and slow. We are pleased to announce formal support for Bitcoin Payouts which will deliver material benefits to payout platforms/originators and recipients.
OpenNode now provides businesses with a compliant, simple, automated, and cost-effective way to initiate secure, near-instant Bitcoin Payouts to recipients around the world. With this new feature, merchants using our platform will have the ability to use their traditional currency balance to make payouts to their users in BTC.
Real-Time and Cross-Border
As a payment system, Bitcoin provides a better way to transfer value and is a game-changer for every platform that operates across borders. Bitcoin stands for open source collaboration and is driving competition and innovation in payments and payouts.
With OpenNode’s Bitcoin Payout solution, businesses will be able to offer fully automated payouts in real-time with the option to either schedule or initiate mass payouts or allow recipients to draw down funds at the click of a button.
Payouts can be initiated as a traditional currency, and OpenNode will facilitate conversion accordingly, leveraging Bitcoin whenever possible to deliver the benefits of faster settlement and lower cost.
This new feature will be offered to select merchants and will be enabled for every user on our platform in the near future, please contact us if you’re interested in joining the early release.
Bitcoin Payouts….a competitive edge
As the popularity of Bitcoin continues to grow around the world with millions of users and hundreds of millions of dollars in market cap, OpenNode encourages businesses to take advantage of the many benefits Bitcoin delivers for all types of payments.