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The popularity of cryptocurrency is on the rise. Different digital assets like Bitcoin, Ethereum, and various stable coins are being embraced globally. Gen Zs and millennials are especially embracing cryptocurrency at a fast rate. So, companies are offering payroll in crypto to attract top talent.
A Nasdaq press release mentions that more than a third of millennials and half of Gen Z are excited to get 50% of their salaries paid in crypto. This has encouraged many global companies to pay in crypto. But, many employees still prefer getting paid in traditional currencies. Moreover, currency conversion and rate fluctuations can make payroll a complex process in a global team.
Having the best crypto payroll software not only makes the process fast but secure and accurate, too. If you’re planning to embrace crypto payroll software, this guide will help you choose the best.
Benefits of crypto payroll software
Best crypto payroll software integrates cryptocurrency payments into businesses' accounting processes, automating invoicing management and settlement. Here are some benefits of using best crypto payroll software:
1. Low cost
Crypto payroll solutions can be cheaper than traditional remittance and payout solutions, as they often have lower transaction fees.
2. Increased efficiency, accuracy, and cost savings
Crypto payroll software can help streamline the payroll process, reducing the time and resources needed to manage employee payments. This can increase efficiency and accuracy, along with cost savings.
3. Enhanced security and privacy
Crypto transactions take place on a peer-to-peer network. No intervention of an intermediary financial institution or government organization occurs here. Best crypto payroll software enhances security and privacy, for example, by keeping the employee data safe.
4. Global accessibility
Crypto payroll can be particularly beneficial for companies with global workforces, as cryptocurrency transactions are near-instant and have low transaction fees.
5. Flexibility
Best crypto payroll software can offer greater flexibility in payment options, allowing employees to receive payments in various cryptocurrencies.
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Top 5 crypto payroll software
There are many crypto payroll software to consider. Here are some of the best ones.
1. Gloroots
Gloroots solves the hiring needs of global teams. Gloroots is an all-in-all employment stack to hire anyone, anywhere. With its global payroll, employers can clear payrolls in a timely manner, irrespective of the currency type. Apart from allowing employers to pay in multiple currencies, Gloroots also lets employees to get paid in cryptocurrency. Gloroots is a great choice for EOR and global payroll for companies looking to expand beyond boundaries.
Key features
- Crypto pay-in and payouts
- Single-click payroll with multi-currency payment feature
- Single dashboard view to track onboarding progress
- Customize frequency of bonuses and variable payouts
- Track leaves and reimbursements
- 100% compliance with local laws
- Customize benefits for each employee
- Monthly reports detailing EOR fee breakdown, FX rates used, etc.
Pricing
- For paying contractors the pricing starts at USD 29/contractor/month
- For hiring employees the price starts at USD 299 / employee/ month.
Customer review
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2. Papaya Global
Papaya Global is a complete solution for managing the global workforce, including benefits and payroll.
Key features
- It can process payroll for 100+ countries in various currencies, including crypto.
- Strong data protection, workforce management, and HR solutions.
- The tool is compliant with all the standard workflow across the countries.
- Easy integration with existing tools.
Pricing
Contractor management - USD 2 per month.
Full service payroll - USD 12 per month per employee.
Payments-as-a-Service - USD 3 per month per employee.
Customer review
3. Deel
Through its independent contractor and EOR model, Deel simplifies the payroll solution for companies. It supports crypto and fiat payouts.
Key Features
- Make payroll entries, direct depositions, and expense reimbursements.
- Document management and invoicing features.
- Compliant with local tax filings
- Manage real-time fiat payments, contracts, and benefits
Pricing
Hire contractors - USD 49 per month
Hire full-time employees - USD 599 per month
Customer review
4. Bitwage
Bitwage is a crypto payroll software that processes Bitcoin, stablecoins, other cryptocurrency payroll solutions, and traditional currencies.
Key features
- Enables paying a portion of the salary in traditional currency and the rest in cryptocurrency
- Works well for both domestic and international workforce
- Integrates with your payroll service
- Compliant with FLSA regulations
- Synchronize reporting with ERP and accounting system
Pricing
- Free plan with limited features
- The pricing starts at USD 7.99 per month per employee for additional features.
Customer review
5. OnTop
It’s a lean HR payroll software that offers performance management, feedback, crypto payment, one-on-one surveys, and more.
Key features
- Employee surveys and forming action plans.
- Run recognition programs for employees.
- Conducting performance reviews, and peer and manager feedback.
Pricing
On Top has three product pricing tiers. For contractors, the starter pack is USD 29, and for employee EOR, the pricing starts at USD 299.
Customer review
12 Factors to consider in a crypto payroll software
1. Tax compliance
Ensure that the software is tax-compliant and can handle cryptocurrency payments. If you are specifically looking for crypto payroll software, consider factors such as the taxability of crypto and the risks and rewards of accepting crypto payments.
2. Data security
This is a crucial factor when selecting crypto payroll software. Ensure the software has strong security features and can protect sensitive employee data.
3. Cryptocurrency support
Ensure the software supports major cryptocurrencies like Bitcoin, Ethereum, USDC, etc. It should also allow seamless integration along with custom blockchain token integration.
4. Customer service
Efficient payroll software should meet and exceed customers' expectations. Ensure the software has an exemplary customer service system to serve each customer efficiently. Look into review sites to see what other customers are saying about it.
5. Cost
Businesses want affordable yet efficient software to get the job done quickly. Check for hidden charges associated with the software before purchasing.
6. Automated payroll and tax calculation
Choose a solution that automates the payroll calculation, adheres to tax compliance, converts currency, takes care of withholdings, deductions, etc.
7. Reporting and analytics
Invest in crypto payroll software with a robust reporting system to gain insight into employee payroll.
8. Integration
Ensure that the software integrates with the other systems you use in your business, such as enterprise resource planning, HR management, and biometric devices for time and attendance.
9. Ease of use
The software should be user-friendly and easy to navigate, even for non-payroll professionals. This will ensure quicker adoption of the tool.
10. Scalability
If you have a large organization, ensure that the software can handle your payroll needs and is scalable.
11. Reliability
Go for a reputed software provider. Look up on review sites for their customer reviews. Check with your peers in the industry, too.
12. Training and support
Ensure that the software provider offers adequate training and support to help you get started and troubleshoot any issues that may arise.
Conclusion
The best crypto payroll software should be easy to use, solve complex multi-country transactions easily, ensure accuracy, and offer the benefits of cryptocurrency payroll.
If you’re looking for trustworthy crypto payroll software, choose Gloroots. We offer payment through cryptocurrency and ensure all your payroll needs are taken care of.
If you’re looking for a reliable employee EOR that helps in contractor onboarding compliantly, payroll for international contractors, tax split according to the countries in the contractor payroll, and managing payroll through crypto, check out Gloroots.
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