Simplifying International Payments With Crypto

International payments are what keep commerce and business throbbing across borders. Cryptocurrencies are a well-established global payment method that came into play and revolutionized the payment landscape. Then came Bitwage, allowing individuals and businesses to pay salaries in cryptocurrencies, stablecoins, and even local currencies, without the well-known hassles of banks.

📌Crypto Payroll

Using cryptocurrency for payroll is an elegant solution to the Gordian knot of international payments.
Leveraging crypto offers a near-instantaneous, transparent, and borderless medium of exchange. Such a feat lightens compliance and logistical burdens, allowing enterprises to manage their international payroll obligations precisely.

Let's look at some of the reasons why crypto payroll is such a hot topic around the remote work and freelance ecosystem.

💨Cryptocurrency Transactions Speeds

International transactions through cryptocurrency, or better said, ANY transactions via cryptocurrency are incredibly swift compared to traditional bank transfers.

Out of the many compelling reasons to boost your payroll with cryptocurrency, being fast is up there. Cryptocurrency transactions take minutes to process, not days.

Here's a list of some major blockchains and their estimated transaction time. 👇

Interested in checking out all the chains? Find the full list here.

💲Crypto Transaction Costs

Leveraging cryptocurrencies for payment translates to substantial savings. This is due to how efficient blockchain technology is when talking about fees and transaction times. Cryptocurrency transactions are by far cheaper than bank transactions. There is also no need to pay large currency conversion fees that most banks like to charge.
With crypto, transactions become significantly more cost-effective, ensuring contractors and remote workers receive their salary in time and with minimum loss to both parties.

💰Traditional Fees

We are well aware of banks and their notorious layers of fees. Each layer of fee causes a rise in operational costs for businesses. Unlike traditional methods, cryptocurrency transactions lack these layered fees and drastically reduce payroll costs.

Transaction costs for cryptocurrencies are typically a fraction of what banks charge. Most cryptocurrency transactions are under $3, while some bank fees, for an international wire transfer, go as high as $50. For banks, these fees also depend on whether the transaction is incoming or outgoing. With cryptocurrency, there are no fees to receive a transaction. To receive a cryptocurrency payment, you only need a wallet.
These reduced fees ultimately lead to significant savings for companies looking to hire internationally.

💱Currency Conversion Costs

Not only do banks charge you transaction fees, but there are also currency conversion fees. Banking systems apply a foreign transaction fee (usually 2-3%) to the foreign exchange rates used for international transactions. They also charge an additional 1% as a currency conversion fee.

When transferring funds internationally through banks, all these underlying fees emerge. Bitwage helps circumvent these costs by leveraging cryptocurrency. Cryptocurrencies give you the same, borderless transactional capabilities that banks do, but without all this added nonsense.

Cryptocurrency transactions work on a decentralized ledger, reducing the number of entities involved. Said transactions are cheaper, faster, and don't have all the layering that traditional bank wires do. By structuring your payroll into a more crypto-focused system, your company is ahead of the rest by a long shot. Leverage cryptocurrencies and reduce your payroll costs.

🌐Decentralization

Cryptocurrencies operate on consensus algorithms ensuring trust and transparency without reliance on central authorities. This is by far the most underrated aspect of cryptocurrency. This allows payments to proceed regardless of geopolitical friction or financial institution policies, which means resilient and scalable payments for remote workers and traditional non-remote employees. No more frozen funds because of arbitrary decisions by the payment processor, or late payments due to "business hours". Cryptocurrency transactions are decentralized and open 24/7, 365 days a year.

👥Leveraging Bitwage for Global Teams

Bitwage stands as a beacon of innovation, facilitating cryptocurrency payroll solutions to businesses all around the globe. You don't need to have crypto knowledge and it's super simple to integrate into your current payroll system.

-Recruit the best freelancers: Attract top, in-demand talent using cryptocurrency as a perk.

-Employee Options: Give your employees the ability to choose in which currency they want to receive their salary, be it Bitcoin, cryptocurrency, or local currency.

-Low Cost: Compared to traditional banking options, Bitwage offers fewer fees.

-International Reach: Send globally without the cost and hassle of traditional wire transfers.

With all these benefits, there is no reason why your employees should not have these perks. Crypto can be overwhelming, but forget the hassle and partner with a reputable, trusted, efficient payroll provider like Bitwage.