Rocket Fuel Inc (OTCQB:RKFL) has launched its eagerly anticipated Payouts product to allow businesses to pay people in crypto or fiat currencies as it drives the rapidly evolving world of international commerce.
The San Francisco-based global payments solution powerhouse explained that its new Payouts program allows businesses to pay freelancers, vendors, creators, and even its own employees through crypto, bank transfer and other payment methods.
“RocketFuel Payout is a natural extension to Rocketfuel e-commerce, which allows merchants to receive payments in crypto and bank transfer,” RocketFuel CEO Peter Jensen told Proactive.
“Merchants can now offer both Pay-in and Payout services in digital as well as fiat currencies from one, single, integrated solution,” he added.
Since crypto is a digital asset that’s kept on a shared ledger and the blockchain cannot be altered, it automatically means that funds and goods can be transferred trustfully. This increases transparency and reduces the possibility of fraud.
"Problems with bank transfers cause increased support costs and unhappy customers for merchants," noted RocketFuel.
It is not a surprise to see that both merchants and consumers are turning to cryptocurrency payments, as a cheaper and more efficient payment solution. RocketFuel said that more recipients prefer to receive their payments in crypto directly to their phone or computer.
“It’s instantaneous, inexpensive, and reliable,” said the company.
Moreover, crypto payments can dramatically decrease transaction costs for domestic and international consumers. Existing payment rails, for instance, bank transfers, are “slow, unreliable, and expensive, especially across borders,” it added.
Last year, at least 36% of 1,600 human resource leaders and employees surveyed wanted to receive part or all of their paycheck in cryptocurrency, according to financial services company SoFi.
New avenue of revenue
“Payouts are Rocketfuel’s third revenue source after e-commerce and business-to-business (B2B) cross-border payments,” said Jensen. “We have just signed our first Payouts customer contract and expect to positively affect our CQ1 2023 revenue and beyond.”
Payouts are popular in many verticals including gambling sites, the adult entertainment industry, gig economy, among others.
How RocketFuel Payout works is simple: merchants provide recipient information and the payment amount to RocketFuel through APIs or by CSV upload. The recipients then turn to RocketFuel’s mobile app to see their balance and select a payment method and currency. Many choose stable coins pegged to fiat currencies to eliminate volatility risk, said the company.
RocketFuel is a global payments solution company that provides online shoppers with an easy-to-use, one-click checkout process that accepts payments with bank transfers, bitcoin and over 160 cryptocurrencies.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive
