Bitcoin Payroll API
Thank you for your interest in the recently announced BitPay Payroll API. We are excited to offer this service to our clients.
This API is a step in the direction of helping to extend the Bitcoin ecosystem into the hands of every family around the globe. The API provides employers the ability to offer its employees, as a payroll benefit, the opportunity to receive a portion of their after tax pay in bitcoin. The API itself provides access to the payout function and does not restrict its implementers with benefit policy advise, limitations, or exclusions.
- Designed for employers and payroll service providers
- Currently in Beta for employers in Georgia or South Carolina, and licensed payroll providers nationwide
How It Works
1. Opt-in to a net payroll deduction
2. Choose a fixed dollar amount for each pay period
3. Provide a bitcoin receiving address
1. Aggregate the employee requests
2. Transmit the batch to BitPay
3. Fund the batch on or before the effective date
1. Validate the batch
2. Send Payments upon funding
3. Provide status notifications
The bitcoin portion of the net pay is treated as a net payroll deduction, and is handled post-withholding and post-garnishment, if any.
The BitPay Payroll API offers employers the ability to fund batch payout instructions in USD, EUR, BTC, and all of the codes listed at Bitcoin Exchange Rates and to specify the precise date and time at which the batch should be executed. At the time the batch begins execution BitPay will compute the volume-weighted average price of bitcoin over the previous 24 hour period from your choice of one of two available Bitcoin exchanges. This bitcoin price is used to calculate payouts for the batch instructions. During execution the batch instructions are used to send the specified payouts to the associated bitcoin addresses.
BitPay is presently undergoing pre-availability testing of this API with a small number of clients. Our objective with this early round of testing is to validate the capabilities of the API and to tune the automated and business processes associated with this service. At the conclusion of testing we expect to make this API generally available.
We do have room to add additional pre-availability testing partners. We are currently seeking business partners that provide payroll and payroll benefit services for their clients. These early testing partners are in a position to influence the implementation of BitPay's business processes and technical implementation of this new and exciting service.
Thank you and please stay tuned for updates as we work to make this service widely available.
The BitPay Bitcoin Payroll API is offered by BitPay Services LLC. BitPay Services LLC is a licensed Check Seller and Money Transmitter in the State of Georgia, License # 39829.