How to run a business without a bank account with Bitwage

Silicon Valley Bank (SVB) has found itself amid a major fiasco that could potentially affect up to 60,000 businesses. SVB is a popular financial institution that specializes in providing banking services to technology and startup companies. It (SVB) has gone under. The money that SVB was responsible for has been lost. In this blog post, we'll delve deeper into the SVB fiasco, what it means for affected businesses, and what they can do to mitigate the impact of this unexpected turn of events. Because, when Monday comes, businesses need to run payroll and they need to be able to continue to operate. If they do not have a bank account, it can be nearly impossible or completely impossible to continue operating.

Bitwage offers a solution for businesses that need to operate without a bank account

Bitwage offers a solution for businesses that need to operate without a bank account. Bitwage enables businesses (and individuals) to invoice any company that is paying them, regardless of whether they (the person/business doing the invoicing) have a bank account or not. The recipient of the invoice will receive instructions for payment to a local bank account provided by Bitwage. Once the payment is made, Bitwage deposits the equivalent amount of cryptocurrency into the business's wallet that they control. Let's use Bitcoin as an example. This enables businesses to use the same Bitcoin that they just received for a paid invoice to fund their payroll and vendor disbursements, where vendors/people on the receiving end can get local bank deposits such as USD, EUR, etc. Yes, we can pay out in local currency, no problem. All the receiving party knows is that they just received payment to their bank account, and that's it. This process is fully non-custodial, meaning that the business retains complete control over its funds.

Strengths of Bitwage

Bitwage offers a superior solution for businesses that need to operate without a bank account. Our service is faster, more secure, and fully non-custodial. Using Bitwage can help businesses run payroll and vendors disbursements, even if business owners do not have a bank account.

In addition, Bitwage offers a unique feature during the SVB fiasco that allows companies to onboard within 24 hours with a dedicated account manager assigned to each company. This ensures that businesses receive personalized attention and support throughout the onboarding process and beyond. Bitwage can help companies run their payroll on Monday if they are having issues with their bank or payroll provider.

Concluding thoughts

For business owners who want/need to operate without a bank account, Bitwage is the solution you have been looking for. By using our invoicing technology, you can invoice any company that is paying you and receive payment in crypto. You can then use the same crypto to fund your payroll and vendor disbursements, allowing you to run your payroll even if your bank account or payroll provider has been affected by the SVB situation. Receiving end receives regular local bank deposits. With Bitwage, you can enjoy faster, more secure, and fully non-custodial payments, and receive personalized support throughout the onboarding process and beyond.

Has your payroll been affected by the SVB situation? Are you having issues with your payroll provider? We can get you onboarded within 24 hours and pay workers in the US and globally, so you don't miss your next payroll.

Reach out right now at support@bitwage.com with SVB subject so we expedite your onboarding!