Cryptocurrency is well established as an investable asset and global payments method, but its long-term value proposition to businesses goes far beyond these use cases. As the digital assets landscape evolves, companies of all sizes are integrating cryptocurrency into their business models to make key processes like employee payroll faster, cheaper and more efficient.
There are many compelling reasons to power your payroll with crypto, and many ways to get started, even with little to no technical knowledge. Forward-looking businesses and their employees are already reaping the benefits of crypto payrolls, including faster payments, greater flexibility and lower fees. Read on to learn more about how your business can benefit from an integrated crypto payroll solution in ways you may have never considered.
What it means to integrate crypto into your payroll and benefits program
Trusted solutions like BitPay Send unlock the power of cryptocurrency payments for businesses, enabling low-cost, secure crypto payroll anywhere in the world. Using blockchain technology, companies can pay employees quickly and reliably, from regular compensation, payroll, bonuses or gifts and even replace a traditional 401(k) plan.
Integrating a crypto payroll solution doesn’t have to be disruptive; it’s meant to enhance your current process, not replace it. No crypto knowledge is required and it seamlessly melds with your existing payroll system. To get started as an employer, simply fund your BitPay account with fiat currency, configure the payout details and invite recipients via email. Employees can then allocate a portion of their earnings to their preferred cryptocurrency, whether it’s Bitcoin (BTC), Ethereum (ETH) or more than a dozen other top cryptocurrencies and stablecoins.
When it’s time to run payroll, BitPay Send automatically converts the fiat into the employee’s desired cryptocurrency and delivers it to the recipient. Once the payment is confirmed, the employee will receive it in their crypto wallet of choice. BitPay Send supports more than 100 of the most popular wallets including Coinbase, Trust Wallet, Exodus, Kraken, Binance and many others.
Crypto payroll solutions don’t have to be an all-or-nothing endeavor. Whether you’re looking to start small and scale up over time or revamp your entire payroll process, BitPay Send provides the flexibility to explore the possibilities at a pace that makes sense for your business.
Benefits of crypto payroll
There are many advantages to integrating blockchain payments into your organization and offering employees the option to be paid in crypto:
- Low Cost: Pay fewer fees than traditional remittance and payout solutions.
- Faster than fiat: ACH payments can take days or more to transfer funds, but crypto payments happen almost instantly.
- Send globally with less fees: Pay employees across borders without the cost of traditional bank transfers or wires.
- Recruit top talent: Crypto benefits can be a powerful tool for attracting in-demand talent who want to be paid in crypto.
- Modernize brand: Position your organization for the future digital economy.
- Customizable: Give employees the freedom to customize their benefits package.
With these benefits and an extremely low barrier to entry, there is practically no reason not to offer this perk to your employees.
How to pay your employees in crypto
Getting started paying employees in crypto is quick and painless, requiring mere hours instead of days or weeks. How you approach it is up to you.
If you’re already comfortable with cryptocurrency, you might opt to run all transactions through a proprietary wallet. This “hands-on” approach is best suited for those with extensive crypto experience, however, since you’ll be managing and making all crypto payments yourself. In addition to holding cryptocurrency and managing payments, taking a hands-on approach means staying compliant with all local cryptocurrency regulations, which can be a challenge in itself.
Most often, the easiest and most efficient method to pay employees in crypto is partnering with a reputable, trusted global payments processor like BitPay. With this “hands-off” approach, you just need to fund an account with fiat currency and BitPay does the rest. BitPay handles the crypto conversion and securely sends payments to recipients’ wallets. Using this method, businesses don’t have to concern themselves with things like buying or holding crypto. Additionally, BitPay maintains an exhaustive AML program, ensuring your business remains compliant with all up-to-date regulations and rules. BitPay verifies the identity of all payees, regardless of nationality or country of residence. Overall, partnering with a crypto payment processor gives you the most secure and efficient way to pay your employees with Bitcoin and other cryptocurrencies.
Moving forward with crypto payroll
Depending on your level of experience with digital assets, establishing a crypto payroll may sound intimidating. But with so much flexibility and so many ways to approach it, there are easy-to-integrate solutions suited for virtually any kind of business and benefits package.
BitPay is a leading crypto payments services provider, trusted by organizations of all sizes and industries to integrate cryptocurrency into their workflows. For more than a decade, BitPay has helped businesses transform their key processes through the power of crypto and blockchain. For more information about setting up a crypto payroll for your business, contact BitPay today.