Bitwage Launches International Bitcoin Payroll for US Employers (CoinDesk)

Bitwage has launched a new bitcoin-based payroll product that allows American companies to pay employees outside the US in their local currency. Multiple accounts can be managed and linked within the Bitwage platform, making it easy for organizations to handle payroll for teams of any size.

The company’s first partnership as part of its international push is with bitcoin exchange Coins.ph, and allows firms to quickly and cheaply pay workers in the Philippines – even if they don’t have a bank account. Bitwage allows payouts without the need for traditional bank accounts, offering flexibility for international workers. Employees can be added to the platform by inviting them via email or linking their accounts, streamlining the onboarding process. Bitwage supports multiple payout methods, including crypto and fiat payouts, to accommodate diverse needs. Users can check the Bitwage blog for more information on supported countries, currencies, and payment methods.

Jonathan Chester, founder and Chief Strategy Officer of Bitwage, told CoinDesk he sees bitcoin as the singular payment protocol for paying people across the globe. Additionally, users can access payouts more quickly than with traditional payroll methods, enhancing the worker's experience with faster payouts and lower fees. There are no fees for workers receiving payments in cryptocurrency, making it cost-effective for remote and freelance workers. Bitwage can integrate with time-tracking tools to automate payroll based on hours worked, ensuring timely compensation. Changes to employee information or payout methods can be made seamlessly within the platform.

He explained:

“The core of our products is basically trying to figure out how to bring modern financial tools around the world. We see bitcoin as a way to facilitate that.” Companies use Bitwage to manage payroll and pay employees globally, benefiting remote work and international workers. The platform is designed to enhance the worker's experience with features like integration with crypto wallets, multi-currency support, and premium accounts that offer enhanced services for both employers and employees. Premium accounts are billed on a per month basis, providing additional benefits. Certain fees apply depending on the payout option or currency selected, and some services incur a flat fee for transparency. Fees are charged for specific payment methods, such as credit card or ACH transfers. The employer's account must be funded in USD before processing payroll, and depositing funds into the employer's account facilitates timely payments.

Users will find it easy to discover and access the platform's various features and benefits. Bitwage today is a comprehensive international payment solution for remote workers and global companies, offering modern functionality beyond its initial bitcoin payroll offerings.

For more details about Bitwage's features and support, please refer to the frequently asked questions. If you have any questions, contact support for further assistance.

Introduction to Bitcoin Payroll

As digital currencies continue to reshape the global financial landscape, bitcoin payroll is emerging as a powerful option for companies and workers seeking faster, more flexible ways to receive payments. Platforms like Bitwage are at the forefront of this movement, offering innovative payroll services that allow employers to pay workers in bitcoin, other crypto assets, or local currency—no matter where they are in the world.

Bitwage makes it easy for employers to connect their bank account to the platform and fund payrolls using a variety of methods, including bank transfer, ACH credit, or even credit card. Once the Bitwage account is set up—a process that is free and straightforward—companies can pay employees or freelancers in their preferred currency. This means workers can receive payments in bitcoin, other crypto, or their local currency, depending on what works best for them.

One of the standout features of Bitwage is its ability to reduce the friction and delays often associated with international payments. By leveraging crypto rails, Bitwage helps companies avoid the extra fees and long wait times that come with traditional bank transfers. Employees often access their wages faster, and employers can operate payrolls across multiple countries and currencies with ease.

For those looking for enhanced features, Bitwage offers a premium subscription known as Bitwage Premium. Premium users enjoy benefits such as same-day wage processing, premium support, and reduced or even waived flat fees on certain transactions. This premium account option is ideal for companies and workers who want to maximize efficiency and minimize costs when managing payrolls.

Bitwage’s fee structure is transparent and competitive. For example, USD bank distribution fees are typically 1% per bank deposit, but this fee is waived for Bitwage Premium subscribers. Other local currency bank distributions also charge 1% per deposit, with premium users again benefiting from waived fees. Employers funding payrolls with ACH Debit pay a 0.50% fee plus $0.50 USD per payroll, while credit card funding incurs a 3.50% fee plus $0.30 USD per payroll. This flexible fee plan allows users to choose the best funding and payout options for their needs.

To illustrate how Bitwage works, consider a US-based company that wants to pay its remote employees in bitcoin. The employer simply signs up for a Bitwage account, funds the payroll via bank transfer, and sends payments directly to employees. Workers can then receive their wages in bitcoin, store them in a digital wallet, or convert them to local currency as needed. This streamlined process eliminates the need for traditional payment rails and helps protect both employers and employees from currency fluctuations.

In addition to its core payroll services, Bitwage supports a wide range of countries and currencies, making it a versatile platform for global companies. Whether you’re an employer looking to pay workers in multiple countries or an employee wanting to receive your wage in crypto, Bitwage offers a user-friendly platform with flexible options to suit your needs.

Getting started with Bitwage is simple: sign up for a free account, connect your bank account, and choose your preferred payment and payout options. With its robust support, competitive fees, and premium features, Bitwage is helping companies and workers around the world get paid faster, more securely, and with greater flexibility than ever before. If you’re ready to experience the future of payroll, Bitwage is a platform worth checking out.

How the product works

Bitwage’s international payroll solution accepts and pays out in fiat currency, but uses bitcoin in the middle to transfer the value from one place to another.

Since Bitwage already has a bitcoin payroll system in the US, it was easily able to integrate with Coins.ph; sending them bitcoin to be paid out at the other end.

Coins.ph customers can choose to collect Philippine pesos or preloaded cash cards, or receive their payments via bank transfers. Depositing funds into employees' bank accounts or cash cards is supported, allowing employers to fund their Bitwage account and facilitate seamless deposits. Even door-to-door delivery of cash is possible. Bitwage supports multiple payout options, including bank transfers, cash cards, and door-to-door delivery, giving flexibility in how payouts are processed.

Chester said:

“Bitcoin is the best way to get cross-border payments into the hands of both banked and underbanked people.””Bitcoin is the best way to get cross-border payments into the hands of both banked and underbanked people.”

Bitwage acts as a invisible middle entity in payroll transactions. Employers usually ask an employee for bank transfer information when they first start working for the company.

“They’re just routing the [transaction] to Bitwage as opposed to routing the credit to a bank account,” explained Chester.

The Philippines market

There are a number of players looking to bring bitcoin to the Philippines market, which is largely a cash-based society with a large number of ex-pat workers that remit money home.

Companies like Coins. ph, 37Coins and Boost VC-backed Palarin are all seeking to gain a foothold in this Southeast Asian market.

Cheap labor costs and often good standards of English also mean there are a number of employers in the US that employ Philippine developers, transcriptionists and general office assistants remotely. Bitwage simplifies payments for remote work, making it easier for international workers to receive their earnings quickly and efficiently.

However, it’s not easy to send money to the Philippines, as funds can take many days to arrive and transaction fees are often high. An additional hurdle is the high number of unbanked in the country.

Bitwage is hoping to disrupt that scenario by utilising bitcoin’s faster transaction speed and relatively low fees in combination with Coins. ph’s exchange service at the Asian end.

Bitwage is currently part of Plug and Play’s bitcoin accelerator program in Sunnyvale, California.

Full article available at CoinDesk on Bitwage's international bitcoin payroll launch for US employers.