If you are a freelancer, working on assignments for overseas clients, or you are assigned by your company to work out of a different geography where they do not have a presence. Every month or after the end of each assignment you as a contractor or full-time employee are entitled to receive the due payments. At the same time, putting yourself in an employer’s shoe, if you have freelancers and people working overseas, how would you prefer to pay their salaries?
The conventional option will be to wire the money to the employees account in the respective country. But it comes with its own drawbacks. For starters, overseas money transfer takes anywhere between days to weeks. At the same time, depending upon the legal tender of the respective country, there will be currency conversion fees and transaction fees applicable to each transaction. Being an employer you would not want to foot those bills. However, an employee would not want to see a part of his earnings go towards these things either. After all, he/she has worked hard to earn that money.
There is another solution, which has been around for a while now. It is Bitcoin, the decentralized open-source digital currency that has taken the world by a storm. Bitcoin makes a great currency for payroll in the above-mentioned situations. There are already services that offer bitcoin-based payroll management. Bitwage is well-known among them.
Bitwage has recently announced few new features that are going to make bitcoin-based payments a lot easier. the announcement included three new releases that can make life a lot easier for both employers and employees.
Bitwage Announces New Features
Yesterday Bitwage announced the launch of its API that will allow companies to integrate Bitwage services into their existing payroll management systems. Bitwage API can be used for making both regular recurring payments and also one time payments to the employees. It will allow the departments responsible for maintaining the payroll to use Bitwage to pay freelancers, full-time employees, contractors, distributors, affiliates and even micro-workers.
This newly released Bitwage API integrates seamlessly with the company’s another new offering – Hubstaff. Hubstaff is a time tracking software for tracking the activity of remote workforce. The time tracking software, in combination with Bitwage API can be automated to release payments in accordance with the number of hours a remote employee or freelancer has put into the project. It will help ensure accountability among both the employee and employers.
Another jewel from the Bitwage stables is additional fund deposit options for the employer. The employer can now choose to pay their employees through Bitwage using their debit or credit cards. This option will come in really handy for startups and individuals who make use of freelancers for various assignments. They can easily pay them by using online payment options. This option will also allow the employer to gain rewards and points for using their card and will also have a significant impact on their credit score.
Bitwage is making bitcoin payroll simple for employers. Employees will also directly benefit from this as they will get their payments faster and the minimum transaction fee associated with it won’t cut into their earnings. In the coming days, we can expect more companies to start adopting Bitwage or similar platforms for managing payroll for not just their overseas employees but for others too.