Multiple, laborious, single payments of crypto to employees, vendors, contractors are a formula for insanity.
And high gas fees.
And tedious bookkeeping.
Unless...
Mass Pay for Crypto
What if you could initiate just one transaction, and do all this?
- Pay up to 300 recipients in a single Ethereum transaction.
- Save 40-60% in gas fees.
- Pay with major stablecoins like DAI, USDC, and USDT as well as BTC and ETH.
- Pay with Web3 wallets like MetaMask, Ledger, and Gnosis Safe.
- Optionally enable KYC/AML checks.
- Optionally defer Gilded processing fee's to the payees, further cutting your costs.
What are the major benefits?
- A 40-60% gas fee savings.
- Elimination of fees if they are deferred to payees.
- A more simple and reliable process of consolidating transaction data and uploading it via CSV into proper GL accounts in your accounting software.
- Reduced risk by reducing human effort copying and pasting wallet addresses and calculating exchange rates, time and time again. The Gilded software does the heavy lifting, calculating and integrating.
- Automating email notifications to payees that they have been paid.
One customer that's already benefiting from Mass Pay is TrustSwap, a Full-Service Digital Asset Ecosystem. TrustSwap uses Gilded's Mass Pay feature to pay their employees in their native token, SWAP.
“We’re super impressed with how easy and efficient it is. Mass Pay is much quicker and less expensive than sending each payment individually. We’re proud to be using the first true DeFi payroll solution.”
Joey Ryan, CPA, TrustSwap CFO
How does Mass Pay work?
- Upload a CSV with payee wallet address and details.
- Choose your currency.
- Preview payments for each payee.
- Payee receives an email notification once payment is complete.
- Sync transactions to QuickBooks and Xero.
Typical Example:
Current Method:
Let’s imagine there is a global online travel company that has a worldwide network of independent contractors that sign up members, who also sell travel experiences worldwide.
For the purposes of this example, we’ll call the company: Travel3, Inc. (Travel3)
Travel3 has multiple sales reps, service vendors, travel destinations and contractors, including individuals, (Vendors) that they pay every month in Ethereum.
Travel3 currently pays an average of 1,500 Vendors per month in Ethereum.
Currently Travel3 pays ~ $5,697 in monthly gas fees to pay their Vendors.
Additionally, Travel3 also incurs ~ 120.5 hours per month in accounting staff labor to create, enter, record and, consolidate into its accounting software, Ethereum payments to Vendors.
Travel3’s fully-loaded cost for the accounting staff is $4,820.
Travel3’s fully loaded payment costs, inclujding gas fees and accounting staff, is $10,517
Gilded Method:
Travel3 switches to using Gilded’s Mass Pay software.
Travel3 takes its list of Vendors and the amount Travel3 wants to pay them, and uploads the CSV of the files into the Gilded software.
The Gilded software then distributes and executes the payment transactions.
The total cost in gas fees for Travel3 to pay its Vendors now drops from $5,697 to $2,848, saving Web3 a total of $3,076 per year.
Additionally, the accounting staff labor costs incurred drops from $4,820 to $485.
Travel3 has cut their monthly Vendor payments costs from $10,516 to $3,562, a monthly savings of $6,954 and and annual savings of $83,448.
Furthermore, life becomes exceedingly simplified and reliably repetitive.
Each Vendor receives an email notification once payment from Travel3 has been made.
Travel3 no longer wastes hours constantly replying to emails inquiring on payments.
And internally, Travel3 simply uploads directly from the Gilded CSV export, the payment list and amounts into their accounting software (QuickBooks, NetSuite, Xero, Sage, etc.), with the appropriate general ledger account (expense type) amounts for each Vendor.
This new methodical transaction chain maintains proper information flow and eliminates human error on data entry.
Travel3 now has a methodical, data-based approach to paying Vendors and accounting for them properly within the accounting software they are using.
Which tokens does Gilded Mass Pay support?
We'll be rolling out additional features and adding support for more currencies in the coming months, for now Mass Pay works with Ethereum and Bitcoin.
Got a currency request? Let us know.
Gilded Crypto Accounting Solutions:
- Account for, and report on, crypto accounting balances and transactions.
- Accept payment in crypto or fiat currency
- Pay employees, vendors, contractors and bounty winners in crypto
- Support a wide range of custodial and non-custodial wallet choices
