The global embrace of digital assets like Bitcoin, Ethereum, and various stablecoins is growing at a pace we've never seen before, prompting businesses to seek efficient solutions for integrating crypto into their payroll operations.
As per PwC's 'Time for trust' report, blockchain technology could enhance around 40 million jobs globally and add $1.76 trillion to the economy by 2030.
However, navigating this new landscape can be challenging, especially ensuring compliance with various regulations. Crypto payroll software provides an opportunity to harness the benefits of blockchain payments for payroll, enhancing transparency, security, and efficiency.
This guide simplifies selecting the right platform for your needs, making your payroll operations more streamlined and future-proof.
Benefits of Crypto Payroll Software
Automating crypto payroll with purpose-built solutions offers myriad benefits over manual calculations or general payroll software.
Increased Efficiency, Accuracy, and Cost Savings
Processing payroll in crypto manually can be a complex and time-consuming task. With rates constantly fluctuating, taxes varying by country, and calculations requiring constant updates, the risk of costly errors is high. Crypto payroll software automates these processes, ensuring accurate, compliant payments in a fraction of the time.
Enhanced Security and Privacy
Crypto payroll systems are designed with blockchain technology, incorporating multi-signature wallets and robust encryption. This ensures your confidential employee payroll data is decentralised across the blockchain, reducing the risks associated with centralised databases, such as hacks and breaches.
Global Accessibility and Seamless Payments
Cryptocurrencies significantly facilitate instant payments worldwide, eliminating costly wire transfer fees or forex delays. Crypto payroll software allows businesses to pay international team members and contractors remotely as quickly as local employees.
Future-Proof Your Payroll System
With analysts predicting exponential growth in blockchain payments over the next decade, adopting crypto payroll software enables you to future-proof your payroll system.
It's important to note that while these benefits are compelling, the key to making the most out of them lies in choosing the right crypto payroll software.
Key Features to Look for in Crypto Payroll Software
Crypto payroll software will ease your HR team's day and boost your workforce's morale.
When researching the top crypto payroll software solutions available, there are several key features that you should consider before choosing the right one.
- Cryptocurrency support and integration: Ensure the payroll software supports significant cryptocurrencies such as Bitcoin, Ethereum and stablecoins like USDC, and also allows for custom blockchain token integration
- Automated payroll calculations and tax compliance: Choose a solution that fully automates gross to net payroll calculations, deductions, withholdings, taxes, and filings.
- Employee self-service portal: Look for payroll software that provides an intuitive employee portal for accessing pay history, tax documents, pay stubs, and updating personal information.
- Integration with Existing Systems: The platform should allow easy integration with your current HCM, HRIS, accounting software, ERPs, and other business systems via APIs.
- Reporting and analytics capabilities: The software should provide robust reporting and analytics capabilities for better payroll insights and decision-making.
- Global Payroll Support and Local Compliance: For businesses with international employees, the software should manage localised payroll compliance, taxes, and filings globally.
Each feature has unique strengths and capabilities; understanding these can help you pick the right tool for your team. Having explored the key features to look for in crypto payroll software, let's now turn our attention to some of the top solutions available in the market.
Top Crypto Payroll Software Solutions
There are several top crypto payroll software platforms to consider based on features, customer feedback, pricing, and overall capabilities.
Here are the top 5 Crypto Payroll Software used by teams worldwide.
Request Finance is a leading crypto invoicing and payments solution built for Web3 companies. Over 2,000 teams use Request to pay salaries, contractors, expenses and invoices in cryptocurrency.
- Pay and get paid in over 140 cryptocurrencies, ten stablecoins, ten fiat currencies
- Batch payments, customised reporting, accounting integrations
- Support for 18 different blockchains
Pricing: Free for individuals. Paid plans start at $80/month and go to $500/month. They also offer custom pricing based on team size and volume for enterprises.
Reviews: Users praise Request's comprehensive cryptocurrency support, seamless payroll automation and integrations with wallet and accounting platforms.
Deel enables payroll, compliance, benefits and payments for international teams. It supports crypto and fiat payouts.
- Onboard and pay employees in 150+ countries
- Local tax compliance and filings
- Contracts, benefits management and real-time fiat payments
Pricing: There's a free plan to get started. Contractor and EOR plans start at $49/month and $599/month, respectively.
Reviews: Users highlight Deel's stellar customer support and ability to handle complex international payroll and contracting.
Papaya Global manages automated global workforce solutions, including payroll, compliance, benefits and payments.
- Payroll in 100+ countries with the option for partial crypto salaries
- Workforce management and global HR platform
- Customisation, security protections and system integrations
Pricing: EOR and Contractor plan start at $650/month per employee and $2/month per contractor. Complete payroll services start at $12/month per employee.
Reviews: Customers praise Papaya's user-friendly platform, automation capabilities and global HR expertise.
Bitwage pioneered cryptocurrency payroll. They enable wages paid and received in crypto, along with payroll services.
- Send/receive wages in multiple cryptocurrencies
- Payroll automation, tax filing, employee portal, time tracking
- Integration with traditional banking/payroll systems
Pricing: Free plan with a 2% fee on stablecoins, 1% on local currencies, and $10 for incoming wire. The premium plan starts at $15.99/month with no fees for stablecoins and incoming wire.
Reviews: Users highlight Bitwage's fast setup, stellar customer service, and flexibility to adapt to unique needs.
OnTop is a lean HR software providing performance management, feedback, 1-on-1s, surveys and more.
- Customisable performance review cycles with self, peer and manager feedback
- Praise and recognition programs to motivate employees
- Surveys, pulse checks, and action plans
Pricing: $29/month for contractors and $299/month for EOR services. Custom plans are available as per team size and volume.
Reviews: Customers praise OnTop's intuitive interface, easy adoption, responsive support, and ability to streamline critical HR processes. When selecting a crypto payroll solution, consider your organisation's needs and leverage free trials to evaluate software use and fit.
Factors to Consider When Choosing a Crypto Payroll Software
As we move forward, it's important to remember that choosing crypto payroll software is not a one-size-fits-all decision. When comparing major crypto payroll systems, several essential factors exist to evaluate.
Scalability and flexibility
Consider your current payroll needs, as well as your projected scale and growth. The solution must adapt over time as your company and payroll complexity expands. For instance, if you plan to hire more international employees, the software should be able to handle multiple currencies and tax regulations.
Payroll Customisation Options
Look for a platform that offers customisable payroll workflows, rules, fields, and payout pacing to match your policies. Your unique needs should be accommodated. For example, if you have specific payroll cycles or unique compensation structures, the software should be able to handle these seamlessly.
User interface and ease of use
Choose a crypto payroll solution with an intuitive user interface for admins and employees. It should have self-guided onboarding resources to enable fast setup. The software should be easy to navigate, with clear instructions and prompts. This can significantly reduce the time spent on training and increase overall productivity.
Customer support and training options
Remember not to underestimate the value of stellar customer support and access to payroll specialists when you need guidance. Leading providers offer 24/7 chat, phone, email, and community support. Additionally, they should provide comprehensive training materials such as video tutorials, webinars, and user manuals to help you get the most out of the software.
Security Infrastructure and Protocols
Review the storage, encryption protocols, wallet integrations, and blockchain security measures utilised. The software should adhere to the highest security standards to protect sensitive payroll data. Look for features like two-factor authentication, data encryption, and regular security audits.
Pricing and affordability
No one price works for everyone or every team. Consider these three factors to choose a tool that works for you.
- Compare pricing models and packages to find the best fit based on your payroll requirements and team size.
- Leverage free trials to test the platform thoroughly. The cost of the software should align with its features and the value it provides.
- Be wary of hidden costs such as setup fees, charges for additional features, and prices for upgrades.
The software should integrate seamlessly with your existing systems, such as HRIS, accounting software, and time-tracking tools. This can help streamline your workflows, reduce data entry errors, and save time.
The software should be up-to-date with the latest payroll tax laws and regulations in the countries where your employees are located. It should also help you comply with any cryptocurrency regulations in your country.
Consider the reputation of the crypto payroll software vendor. Look at customer reviews and testimonials to understand the software's reliability and the vendor's customer service.
The software should regularly update with new features and improvements to keep up with the evolving payroll and cryptocurrency landscape. This ensures that your investment remains valuable in the long term. Remember that choosing the right crypto payroll software is a critical decision that can significantly impact your payroll operations. Take the time to evaluate each factor carefully to ensure you choose a solution that best fits your needs.
The right crypto payroll software automates the complexity, ensures accuracy, and unlocks the benefits of blockchain payments for payroll. By selecting the best software solution for your needs, you can seamlessly manage payroll in fiat currency and cryptocurrencies as adoption accelerates worldwide.
One non-negotiable for us was paying our invoices in Crypto. Teamed were the only EOR we found that gave us this facility. - Anil Kumar, Luganodes
To learn more about how Teamed Crypto payroll can help your business leverage the power of crypto for payroll, schedule a consultation with our experts today. We make implementing and managing global crypto payroll smooth, secure, and stress-free.