![[US] Bitwage introduces crypto payroll integrations](http://gpa.net/cdn/shop/articles/bigstock-Bitcoin-Business-Crypto-Curre-475261355_1200x.jpg?v=1686190131)
Bitwage - the Bitcoin, cryptocurrency and stablecoin payroll and invoicing provider - has announced a step forward in cryptocurrency payroll; new crypto payroll integrations with 23 US providers, Finextra reports.
For the first time, employers can connect their payroll provider to the Bitwage service, creating a simple and compliant way for workers to receive any percentage of their paycheque in Bitcoin, crypto, stablecoins or USD.
The majority of US employers will reportedly be able to offer this solution because the integrations include:
- ADP
- Paychex
- Paycom
- Gusto
- Trinet
- Justworks
- Bamboo HR
- Rippling
- Namely
- Paylocity
- Quickbooks Payroll
- Sage Payroll
- Square Payroll
- Workday
- Zenefits
This new solution creates no additional overhead for HR and is fully compliant with FLSA guidelines.
In addition, Bitwage reportedly offers a non-custodial experience; meaning employees can be paid into any wallet they want; maximising security and diminishing risk for all users.
How it works
A company initially signs up to the Bitwage platform, then searches for its payroll provider on Bitwage and logs in through the Bitwage Automated Connection.
When the connection is made, Bitwage creates a custom, post-tax benefit on their payroll provider’s portal that employees can opt-in to. It is reportedly similar to a post-tax Roth 401k deduction, already built into every payroll software today.
The company will then onboard employees to the Bitwage platform. Employees can go on to set an amount they want to be deducted from their paycheques and distributed through Bitwage.
Every subsequent pay cycle, Bitwage will create a payroll for every employee’s crypto payroll preferences automatically by pulling the data directly from the company’s payroll system. Employees are then paid directly to the bitcoin, crypto or stablecoin wallet of their choice, or in their local currency, directly into their bank accounts.
“Our mission is to enable workforces the way they want to be paid, whether it be in bitcoin, crypto, stablecoins or local currencies,” Jonathan Chester - Bitwage CEO - said. “We recognize that crypto can be scary for employers, so to enable this mission, we are building out fully compliant solutions and removing the complexities and custodial risk of crypto from the equation.”
This process is reportedly new to both the crypto and payroll spaces and follows a series of innovations Bitwage unveiled in 2022 including crypto 401(k), preferred wallet features, and lightning payroll.
Source: Finextra
(Quote via original reporting)
Bitwage - the Bitcoin, cryptocurrency and stablecoin payroll and invoicing provider - has announced a step forward in cryptocurrency payroll; new crypto payroll integrations with 23 US providers, Finextra reports.
For the first time, employers can connect their payroll provider to the Bitwage service, creating a simple and compliant way for workers to receive any percentage of their paycheque in Bitcoin, crypto, stablecoins or USD.
The majority of US employers will reportedly be able to offer this solution because the integrations include:
- ADP
- Paychex
- Paycom
- Gusto
- Trinet
- Justworks
- Bamboo HR
- Rippling
- Namely
- Paylocity
- Quickbooks Payroll
- Sage Payroll
- Square Payroll
- Workday
- Zenefits
This new solution creates no additional overhead for HR and is fully compliant with FLSA guidelines.
In addition, Bitwage reportedly offers a non-custodial experience; meaning employees can be paid into any wallet they want; maximising security and diminishing risk for all users.
How it works
A company initially signs up to the Bitwage platform, then searches for its payroll provider on Bitwage and logs in through the Bitwage Automated Connection.
When the connection is made, Bitwage creates a custom, post-tax benefit on their payroll provider’s portal that employees can opt-in to. It is reportedly similar to a post-tax Roth 401k deduction, already built into every payroll software today.
The company will then onboard employees to the Bitwage platform. Employees can go on to set an amount they want to be deducted from their paycheques and distributed through Bitwage.
Every subsequent pay cycle, Bitwage will create a payroll for every employee’s crypto payroll preferences automatically by pulling the data directly from the company’s payroll system. Employees are then paid directly to the bitcoin, crypto or stablecoin wallet of their choice, or in their local currency, directly into their bank accounts.
“Our mission is to enable workforces the way they want to be paid, whether it be in bitcoin, crypto, stablecoins or local currencies,” Jonathan Chester - Bitwage CEO - said. “We recognize that crypto can be scary for employers, so to enable this mission, we are building out fully compliant solutions and removing the complexities and custodial risk of crypto from the equation.”
This process is reportedly new to both the crypto and payroll spaces and follows a series of innovations Bitwage unveiled in 2022 including crypto 401(k), preferred wallet features, and lightning payroll.
Source: Finextra
(Quote via original reporting)