Banxe Help Centre

Guide to Using Banxe's Mass Payment

Mass Payment is a financial solution designed to simplify the process of making multiple payment transactions at once in both fiat and cryptocurrency. This tool particularly benefits businesses when making bulk payments to employees, vendors, government agencies, and other financial institutions. It is most commonly used for payroll, affiliate marketing programs, referral bonuses, supplier payments, and other corporate expenses.

Features and Benefits of Mass Payment

  • CSV File Upload Capability: You can prepare and upload a CSV file detailing payments, including recipient, amount, and currency. This simplifies the mass payout process, especially when handling numerous transactions at once.
  • Payment with Money and Cryptocurrency: This tool enables payments in both traditional fiat currencies and cryptocurrencies, providing flexibility in payment methods based on your needs.
  • Payment Process Automation: Mass Payment automates the payout process, reducing the time and effort needed to process individual payments and minimising the risk of errors.
  • Security and Reliability: Banxe incorporates security measures to protect financial transactions and recipients' personal data. Each upload undergoes validation, ensuring the accuracy and correctness of all details entered.
  • Scalability: Suitable for both small and large organisations, this tool allows for efficient scaling of the payout process to meet growing business needs.

Step-by-Step Guide

Log into your Banxe account and navigate to the Mass Payment section.

 

1. Prepare Your CSV File: Depending on whether you are sending money or crypto, choose to download a premade CSV template to enter the details of each payment you wish to make. This file will include information such as the recipient's name, payment amount, currency, etc. Save the file on your computer.

2. Upload Completed CSV File: Either ‘Add document” or drag and drop your completed file in the designated window. Ensure your file matches the required format for smooth processing. Please note the maximum number of transactions per file is limited to 50 for money transfers and 100 for cryptocurrency. 

3. Verify Payment Details: Once uploaded, the system will validate your CSV file to check for errors or discrepancies. You'll be able to review and confirm the payment details before proceeding. If an error occurs, you can edit and upload the file again.

4. Execute Mass Payment: Once the file is verified, you can proceed to the ‘Summary” screen to execute the bulk payments. There, you can search and filter the payments, unselect specific recipients (in case you change your mind), and see the total amount of the transaction. Once you choose ‘Pay,’ the system will automatically process each transaction according to the details provided in your CSV file. 

In case there are insufficient funds in the account, you will be prompted to top up before completing the mass payment transaction.

5. Monitoring and Reporting: Real-time monitoring and reporting tools will allow you to track the status of each payment. You'll also receive notifications upon successful transactions or in case of any issues.

 

Banxe's Mass Payment feature is a powerful tool for managing financial flows, optimising operational activities, and enhancing the efficiency of bulk payments in both traditional and crypto currencies. Its user-friendly interface and robust security features make it an ideal solution for businesses looking to streamline their payment processes.

 

Description of fields in the template

Fiat Payment Template

  • Currency: The currency of the payment can be:
    • EUR
    • GBP
    • USD
  • Company Name: The name of the company receiving the payment. If sending to an individual, leave this field blank. Example: Test Company

  • Recipient’s First Name: The first name of the payment recipient (individual). This field should be blank if the payment is to a company and Company Name is specified. Example: John
  • Recipient’s Last Name: The last name of the payment recipient (individual). This field should be blank if the payment is to a company and Company Name is specified. Example: Snow
  • Bank Bic Or Swift: The BIC (Bank Identifier Code) or SWIFT code of the recipient's bank. No spaces. Example: CAIXESBBXXX
  • Account Number: The recipient's account number when currency is GBP. Not required for other currencies. Example: 0112345678
  • Address: The recipient's address.Required for GBP transfers. Example: 9301 West Street, OXFORD, OX98 6AQ. 
  • Bank Sort Code: Sort code for GBP transfers. Not required for other currencies. Example: 12-34-56
  • IBAN: The recipient's IBAN (International Bank Account Number). This is a mandatory field. Example: ES9121000418450200051332
  • Recipient Email Or Phone Or WalletID: The recipient's email, phone, or wallet ID is required if type is set to INERNAL. Example: j.snow@thewall.com
  • Amount: The payment amount. Example: 1000
  • Payment type: The type of payment, DOMESTIC (SEPA, FP, CHAPS) or INTERNATIONAL (SWIFT), possible values:
    • INNER: Internal payment to another BANXE user
    • DOMESTIC: Local payment in Europe and UK regions, SEPA, FASTER PAYMENTS
    • SWIFT: International transfer
  • Category: The payment category, possible values from the list:
    • TRANSFER: Sending funds.
    • EXCHANGE: Currency exchange.
    • RECURRENT: Recurring automatic payment for goods/services that are provided continuously.
    • SCHEDULED: Scheduled payment.
    • MASS_PAYMENT: Bulk / Batch / Mass payment to multiple recipients.
  • Note: Payment description or note, up to 35 characters for SEPA/SWIFT and 18 characters for Faster Payments(GBP local payment in UK). Example: shared lunch expenses
  • Reason: The main reason for the payment:
    • OWN_FUNDS_TRANSFER: Transfer money between your accounts within the same or different banks.
    • PRIVATE_TRANSFER: Money transfer between individuals, such as friends or acquaintances.
    • PAYMENT_FOR_SERVICES_UNDER_CONTRACT: Payment for services as described in a contract between two parties.
    • PAYMENT_FOR_SERVICES_UNDER_INVOICE: Payment for services after receiving an invoice from the service provider.
    • PAYMENT_FOR_SERVICES_UNDER_AGREEMENT: Payment for services defined in a legal agreement between two or more parties.
    • PURCHASE_OF_GOODS_UNDER_CONTRACT: Purchasing goods based on a contract's terms.
    • PURCHASE_OF_GOODS_UNDER_INVOICE: Purchasing goods followed by an invoice from the seller.
    • PURCHASE_OF_GOODS_UNDER_AGREEMENT: Purchasing goods based on a purchase agreement's terms.
    • RENTAL_PAYMENT_UNDER_CONTRACT: Regular payments for renting property or equipment as per a contract.
    • RENTAL_PAYMENT_UNDER_INVOICE: Payment for rent after receiving an invoice from the landlord.
    • RENTAL_PAYMENT_UNDER_AGREEMENT: Payments made according to a rental agreement's terms.
    • LOAN_AGREEMENT: An agreement between a borrower and a lender for lending money under specific return conditions.
    • RETURN_FUNDS_UNDER_LOAN_AGREEMENT: Repaying the debt to the lender according to the loan agreement.
    • FAMILY_TRANSFER: Transfers between family members, e.g., from parents to children or between spouses.
    • TAX_PAYMENT: Payments made to the state or municipal entities as taxes.
    • REIMBURSEMENT_OF_EXPENSES: Returning money an employee or individual spends for work-related tasks or other reasons. Reimbursement of expenses.
    • OTHER_REASONS: For cases that do not fit in other described categories. Specify the exact reason in ‘Other Reason”.
  • Other Reason: Additional payment reason, mandatory if specified  OTHER_REASONS in ‘Reason’. Example: personal consultation
  • Document No.: Document number related to the payment. Required if the reason involves contracts, invoices, or agreements. Example: 1220909
  • Document No. or Date: Document number or date if needed for clarification. Required for specific reasons like Loan Agreement.
  • Example: 1220909 01/12/2023
  • Reference No.: Reference number for payment identification or tracking. 
  • Example: 55500099999

 

Crypto Payment Template:

  • Recipient's Name: The payment recipient's full name. Example: Jonh Snow
  • Wallet Address: The recipient's cryptocurrency wallet address. Example: 1Bf9sZvBHPFGVPX71WX2njhd1NXKv5y7v5
  • Crypto Currency: The type of cryptocurrency used to complete the payment (e.g., BTC, ETH). Example: BTC
  • Payment Amount: The payment amount in cryptocurrency. Example: 0.006
  • Network: The cryptocurrency network used for the transaction (e.g., ETH TRX). Example: BTC
  • MEMO/Tag: MEMO or Tag used in some cryptocurrency networks to identify payment recipients.
  • Recipient email or phone or wallet ID: Recipient's email, phone number, or wallet ID used for making a payment to another Banxe user only. Example: j.snow@thewall.com