Paying with Virtual Assets is faster, cheaper and safer than traditional fiat payment methods. So isn’t it time to pay your staff the same way?
If you’ve got an expatriate workforce, you can help them to reduce the cost of international remittances using Virtual Assets, such as Bitcoin. In these testing times, providing your staff a soft incentive and improving retention; and as a business, encouraging staff to use Virtual Assets whilst holding some in your own treasury is a mutual benefit.
Individual attitudes towards Virtual Assets are changing rapidly; maturing regulations and price stability, as well as greater institutional investments are speeding adoption.
The technology to allow an employer to pay partially, or fully in Virtual Assets is very accessible and easy to use, with greater choice in the market.
Although a little dated, a survey conducted by ChronoBank back in 2018 found that 66% of respondents said they would be willing to receive their wages in cryptocurrencies, with 83% saying they would accept their bonus payments the same way.
As virtual assets and digital currencies have increasingly established themselves as legitimate settlement methods, so too has the openness for people to accept settlement payment for the work they do. With inflation increasingly affecting national fiat currencies, and traditional stores of value like Gold being hard to exchange, the use case is obvious for any forward thinking employer or supplier seeking stability in these unprecedented and uncertain times.
What is a Virtual Asset billing service?
A Virtual Asset billing service provides access to an all-in-one platform for both individuals and businesses to send and receive payments in Virtual Assets; think Paypal, but with Bitcoin. For employers paying their employees in Virtual Assets, it’s as easy as replying to an email. All an employee needs to do is open and verify an account, go through the necessary verification steps, and set up a recurring invoice which is then automatically sent to their employer via email.
Using a payment platform removes all possible pain points, making the process surprisingly straight forward for both employee and employer. No conversion rates or fees to worry about, as the platform handles it. You put the currency in, the employee gets the currency out. No fees for the individual or business to take in exchange rate losses, and very low transaction fees. Saving costs, time and hassle.
Find a provider that suits your needs; consider which currency they support, the fees and security of the platform. You’ll probably need to have some documentation to hand to get set up; a reputable platform will ask for some form of ID document, proof of address and for information about the business. Check that they are licensed in the area you’re located in, and have strong relationships with the local authorities. As much as Virtual Assets are decentralised, being licensed protects your business from fines or service interruption.
Once you have registered, setting up and configuring the automated billing function can be done in a couple of clicks. The account approval process can take several business days and most platforms have a tiered volume system that requires further verification documentation with each increase in volume tier request; plan ahead.
For employers, the platform will take care of all conversion and exchange rates, fees and invoicing, with payments can be made directly to the employee. To make a payment it is simply a case of opening an email, clicking the link and following the on-screen prompts.
For employees, the automated email invoicing service only needs to be configured once, and can be set as recurring monthly, weekly or daily. Employees also the possibility of receiving their payments in either Fiat, Virtual Asset, or a split.
Why Pay Employees in Virtual Assets?
A blockchain based billing service is not tethered to a debit card, credit card or bank account, or any third-party party payment services, any payments effectively bypass and cut out all ‘middlemen’. This allows companies the flexibility to pay their employees’ wages, regardless of geographic location or jurisdiction, in a much faster, simpler, and not to mention cheaper way.
The funds are sent directly to the recipient, eliminating all unnecessary and expensive fees, delays, the need for trust, potential for fraud and lays the foundation for a much more efficient employee-employer relationship.
Paying employees or receiving payment in virtual assets is no longer a complicated hardship for the tech savvy only. Using a service is a simple, effective way to pay employees that requires little technical knowledge or expertise. An account is straight forward to set up and can be done in a matter of minutes, with the platform taking all the hassle and complication out of the billing and payment process.