Last updated on August 24th, 2016 at 03:14 pm
The tech startup Wagepoint will soon turn Bitcoin even more accessible to the users by integrating it in its online payroll software. The Canadian company is planning to launch a cryptocurrency integration next Monday (25) that will help employees of small and medium-sized businesses in the country get a portion of their net pay in Bitcoin.
“This integration with Wagepoint’s online payroll software, Wagepoint Pay, has been made possible through a partnership with the first and largest Canadian bitcoin exchange, VirtEx“, the company explains in a press release. “At present, companies and employees have the opportunity to directly deposit payroll into bank accounts with established financial institutions. But now, for the very first time, SMB’s in Canada can give their employees a brand new alternative i.e. Bitcoin wallets”, the statement adds.
Bitcoin is gaining traction as a mainstream currency, and as more merchants sign up to accept bitcoin, it is inevitable that this virtual currency will find its way into compensation. So, we built an option in our payroll software for employees to convert a portion of their net pay into Bitcoin. It is an idea founded on our progressive views to help address the changing needs of the digitally savvy workforce.
Shrad Rao, CEO of Wagepoint
For now, the software is only available in Canada, but the company anticipates a much larger demand in the United States once Wagepoint Pay becomes arrives in that market. The US beta launch is currently slated for January 2014 and the users who are interested in being notified can sign up here.
“Wagepoint will not charge users for the Bitcoin feature as it functions similar to a direct deposit within the app. Businesses can sign up to Wagepoint’s Pro plan for a simple pricing ($20 base fee + $2 per employee) per payroll, and it includes direct deposits, government remittances and year-end T4’s”, according to the press release.
Once an employee elects to get a portion of their net pay in Bitcoin, all they need to do is login to the employee self-serve and indicate the amount they want to convert via the app’s “Bank Info” tab.
When the Bitcoin wallet is verified, Wagepoint Pay will automatically exchange the said amount for Bitcoin through the VirtEx exchange at the current market rate, as specified by the VirtEx orderbook. The transaction includes an exclusive one percent transaction fee. Once the exchange is completed, the Bitcoins are directly deposited into the employee’s Bitcoin wallet.