Facilitating international wage payments is quite painful. Bank wires and traditional financial technologies are slow and costly. For instance, when sending wage payments to the Philippines through an international wire, it can take 5 days to arrive. In addition to this, you can often lose over 10% in fees and bad exchange rates. You can see a live comparison of Bank Wires to the Philippines with Bitwage Rates here: https://www.bitwage.com/
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Globalization is integrating the economies of countries all over the world and with it is the growing trend of the distributed workforce. It is not unusual to find US employers working with employees and contractors in Europe, Brazil and Philippines and for European companies to employ workers from eastern to western Europe, and even Asia Pacific. Call centers and Business Process Outsourcing companies from the Philippines are finding more and more work from the US and European companies. However, much of the payroll innovation of the past 30 years has focused on paying domestic employees. This trend can be seen in the offerings of old established payroll players, such as ADP, or newcomers, such as Gusto and Zenefits.
At Bitwage, we are focused on helping companies manage their international workforces by offering faster and easier wage payments.
It is with this focus in mind, we at Bitwage are proud to announce three new releases.
1) Bitwage Releases The Bitwage API
We are happy to announce the release of our API (http://docs.bitwage.com/). With this API, companies can now integrate the full range of Bitwage solutions, enabling companies to offer their customers more value-added services. This API includes all of our fund receiving methods, our mass payouts, and seamless integration with our full set of last mile partners. Our API has been tested by various partners and hackathons, including the Blockchain University Halloween hackathon http://blockchainu.co/
As the Bitcoin ecosystem continues to thrive and grow, new use cases for the technology will emerge. Bitcoin’s blockchain has been famously touted as a more efficient payment rail for sending payments faster and cheaper across borders. Some interesting use cases we have seen are paying micro-workers, affiliate payouts, and payouts to contractors and distributors all over the world. We are excited to see what will come next and how the Bitwage API can help turn business model ideas into concrete use cases while also facilitating and enabling current worker management technologies with faster, cheaper payments.
“Sending payments globally has never been so fast and easy. With Bitwage, you can send wages all over the world with just a click of a button and with our API, other companies do the same for their customers.” – Jonathan Chester, Bitwage founder & president
2) Hubstaff Integrates The Bitwage API Into Their Leading Time Tracking Software
Hubstaff is a cloud-based time tracking platform that provides proof of work, payroll, and more. It helps teams manage their remote workforce more efficiently. They focus on showing how long specific tasks are taking, providing in-depth time reports, and proof of work through screenshots and application monitoring.
With the new Hubstaff and Bitwage integration, managers and payroll administrators can set up automatic employee payments using their credit/debit cards. Employers can automatically pay their employees on an hourly basis based on their time tracked or fixed amounts on a weekly, bi-weekly or monthly schedule.
All you need to do is:
Link a credit/debit card to your Bitwage account
Connect your Bitwage account with your Hubstaff account
Invite your employees to set up their Hubstaff and Bitwage accounts
Start tracking time on Hubstaff
Not only does this integration reduce the hassle of managing employee payments, but it also ensures faster payments to your employees because Bitwage is able to transfer the money within one business day and in some cases, within hours as soon as the funds hit our Bitwage account.
Hubstaff also has additional capabilities like setting a budget per employee and idle time detection (the timer automatically pauses if there is no activity on your computer for more than 5 mins).
“Bitwage brings two huge innovations to our international payroll system. Now our customers can pay their payroll with a credit card and take advantage of incredibly low transfer fees over Bitcoin. This is a game-changer.” – Jared Brown, Hubstaff co-founder & CTO
3) Bitwage Releases Credit Card Payments
For employers, the classic payroll problem has always been figuring out how to send payments to workers in other countries. Sometimes your bank requires you to do international payments in person, or maybe they do not let you do international payments at all. Many services require you to load funds into accounts before you can send a mass payment. Maybe you just want to use a credit card to build up airline miles, but no service will let you use a credit card for international wage payments.
At Bitwage, we are constantly looking for ways to make it easy and simple for employers to pay their international workforce, whether it be through our faster payments, our real-time mass payment system, or the funding methods by which you can fund your payrolls.
After speaking with many of our customers, we realized that customers want to be able to build credit and credit card benefits while paying their international workforces. Because of this, we are proud to announce that Bitwage now allows employers to fund their payrolls with credit and debit cards!
You can learn more about credit card timing and limits here: https://community.bitwage.
Bitwage combines cloud, mobile and blockchain technology to make international payments faster and simple. The average cost of paying employees, freelancers and contractors across borders is 5 days and 8%. With Bitwage, wage payments can be as fast as same day and as low as 1%. Companies can use Bitwage to payout their global workforces through our app without requiring to load funds prior. Contractors and freelancers can sign up to our invoicing service with frictionless client on-boarding. Bitwage was founded in 2014 by a team of ex-Oracle employees and has processed millions of dollars of payrolls since then.
Hubstaff provides easy time tracking software with features like screenshots, activity monitoring, automatic payroll, advanced reports, real-time tracking and GPS with both online and offline tracking capabilities. Hubstaff is ideal for remote teams, SMBs and consultants/freelancers and integrates with over 30 popular tools. It is trusted and used by over 8,000 remote teams. No matter how many projects or different teams you have, they can all be under the same account, in separate projects.
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