Payroll is a huge pain for many businesses, but especially those with remote teams spread across the globe. Not only are they balancing spreadsheets to figure out how much each team member is supposed to be paid, but employers have to use different services to pay them based on what country they live in.
To make payroll more streamlined, Hubstaff integrates with Bitwage, a payment solution that uses cryptocurrencies and lets employees receive part of their salary in digital assets.
The Bitwage payment solution, in combination with Hubstaff time tracking, is an ideal solution for paying overseas employees.
By doing this, you’ll also get automated payroll, invoicing, and employee tracking. The other benefit of using both services together is the ability to pay freelancers and contractors using a debit or credit card, instead of using bank accounts.
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How does it work and what are the fees?
You can choose to fund your Bitwage account with either a USD bank account (free if funded with bank wire or ACH credit, 0.5% fee for ACH debits) or a credit card (for a 3.5% fee).
Once you’ve connected your Bitwage account with your bank or credit card, they will automatically debit the money needed for payroll every pay period.
Once Bitwage receives the money (this generally takes 1-3 days), they are able to leverage their extensive network of international banks to offer same or next-day payments directly to your team members’ bank accounts.
Bitwage is available in the following places:
- EU (including non-Euro countries via SEPA).
You can send wages or contractor invoices to any of your employees in the locations above and Bitwage will charge just 1% in currency conversion fees.
Bitwage is able to offer these low rates by taking advantage of Bitcoin’s minimal cost structure and ease of transfer, but for the parties involved, no knowledge of Bitcoin is needed.
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Does Bitwage work in other countries also?
Yes, people in any nation can receive their wages or payments using Bitwage. This is done via a cloud banking service, Uphold, that Bitwage has partnered with. The partnership allows the recipient to choose to receive the payment on Uphold instead of a local bank.
The receiver can then choose to hold the money in any of the following currencies:
- U.S. Dollars (USD)
- Euros (EUR)
- Pounds (GBP)
- Yuan (CNY)
- Yen (JPY)
- Swiss Franc (CHF)
- Indian Rupee (INR)
- Mexican Pesos (MXN)
- Australian Dollars (AUD)
- Canadian Dollars (CAD)
- Hong Kong Dollars (HKD)
- New Zealand Dollars (NZD)
- Singapore Dollars (SGD)
- Kenyan Shillings (KES)
- Israeli Shekel (ILS)
- Danish Krone (DKK)
- Norwegian Krone (NOK)
- Swedish Krona (SEK)
- Polish Zloty (PLN)
- Argentine Peso (ARS)
- Brazilian Real (BRL)
- United Arab Emirates Dirham (AED)
- Philippine Peso (PHP)
From there, the account holder can either withdraw the funds to a local bank account, or they can use Uphold’s debit card.
How do Bitwage’s digital assets work?
Bitwage gives the funds receivers a chance to receive their money in various digital assets, such as cryptocurrencies or even precious metal certificates such as gold or silver.
This is also done via the Uphold partnership. An Uphold account holder can choose to hold or exchange the funds in the account to any of the following assets:
- Gold (XAU)
- Silver (XAG)
- Platinum (XPT)
- Palladium (XPL)
Cryptocurrencies & Utility Tokens:
- Bitcoin (BTC)
- Litecoin (LTC)
- Ethereum (ETH)
- Basic Attention Token (BAT)
- Bitcoin Cash (BCH)
- Dash (DASH)
- Bitcoin Gold (BTG)
- XRP (XRP)
- LBA Token (LBA)
- Universal Bitcoin (UPBTC)
- Universal Dollar (UPUSD)
- Universal Euro (UPEUR)
The ability of easily transferring account funds to any of the above assets makes it possible for employees and contractors to get their wages in Bitcoins or any of the other cryptocurrencies listed.
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Track hours and pay teams with Hubstaff and Bitwage
The benefits of integrating Hubstaff with Bitwage
You can use Hubstaff to track the number of hours that employees, contractors, and freelancers work, as well as monitor the quality of these hours through activity scores and optional screenshots.
You’ll be able to review and approve timesheets before payments are made, ensuring accurate work hours for you and your team members.
This allows employers to easily oversee how many hours are worked and on what projects, all from one dashboard, instead of keeping various spreadsheets or using different software.
By integrating Hubstaff with Bitwage, you and your team will be able to:
- Automate payroll and payments based on hours worked
- Pay teams using a credit card or bank account
- Save serious money by paying as little as 1% for currency conversions
- Set your preferred payment schedule to process payroll weekly, bi-weekly, or monthly
- Easily download or export your time reports for business records
Still have questions? Check out our support site for more information regarding Bitwage and other payment integrations.