Hey everyone! We're the folks from Codelitt Incubator. We pay several of our employees either entirely or partially in BTC. This is a huge pain every month when we run payroll. Normally it consists of a wire to Bitstamp (which includes a steep fee), buying the BTC on Bitstamp, sending to our company wallet, collecting receiving addresses, and then paying our employees. Because of this we're building a dead simple BTC Payroll.<p>Our main goal is to make it easy for you to request that your employer pays you in BTC (partially or completely).<p>We don't hold any money nor Bitcoins. It all happens in real time. Security, simplicity, and user control are our main priorities.<p>Employers - Sign up, verify bank account, add employees/contractors name and email, and choose date to run payroll (if you opt in for automatic payroll. Also an option to run manually).<p>Employees/contractors - Receive email after your employer adds you, setup account with bank account/BTC receiving address, and how much of your paycheck you want in USD or BTC.<p>Incoin.io (that's us) - We ACH debit company bank account, purchase necessary BTC, then credit employees/contractors with USD or BTC depending on how they choose. We'll maintain records so that when tax season rolls around, you're all covered.<p>We would love some feedback.
What are your questions?
What are your concerns?
Are there any cryptocoins besides BTC that are of any interest?<p>We are very close to launching our beta. We're looking for some companies who would like to participate in our beta. You can sign up here for beta access or just to be alerted when we launch (very soon.) We'll open it up quickly though after that. You can sign up here: https://www.incoin.io/
How are you handling payroll withholding? Nearly every major nation has some equivalent of this. What about income tax withholding for cross border payments?<p>These are issues that even the most basic payroll services offer today (i.e., handling the actual withholding/deductions and remitting the proper amounts to the relevant tax authorities, not just keeping records). If you're not addressing the tax issues, you're product isn't dead simple--it actually increases the complexity of paying employees dramatically. Withholding taxes, for example, are due at least quarterly; payroll taxes are usually due at least monthly.
In finance, being subject to holding a currency you don't want to hold and prefer to change, is called Foreign Exchange Risk [1].<p>Why would a reasonable person want that ?
Even If I believe in Bitcoin, I'd prefer getting paid in USD and choose to invest in Bitcoin.<p>[1] <a href="http://en.wikipedia.org/wiki/Foreign_exchange_risk" rel="nofollow">http://en.wikipedia.org/wiki/Foreign_exchange_risk</a>
Congrats for given this a go, good job. The only hesitation is of course is payroll tax reporting. This is something you must be able to do for an employer or really your service is of little value, due to assessed penalties of non and/or late filings. I would suggest taking one State at time such as CA, as soon, it appears cryptos will be legal tender and figure out how to do all necessary payroll activities, such as tax reporting to State/Feds, wage garnishment, etc., once you have this, then you've got something. I wish you good luck in your endeavors!
Looks nice! I like the B logo.<p>I've also seen Bitwage [1] doing something similar to this and heard that people like them.<p>[1]: <a href="http://bitwage.co/" rel="nofollow">http://bitwage.co/</a>
Out of curiosity, what do your BTC-paid employees do with the BTC? Are there enough BTC-accepting merchants where you are that doing a significant portion of your spending in BTC is reasonable? Are they able to buy groceries, pay rent, etc in BTC? Or do they just hope that BTC will go up and they'll make money on the exchange?<p>This may come off as critical, but it's not intended that way. I'm genuinely curious as to how far BTC has come as a 'real currency'.
> <i>Normally it consists of a wire to Bitstamp (which includes a steep fee)</i><p>If you mean $30-40 for the wire and 0.2% for the trade, that's not steep at all.<p>Try sending money abroad any other way, and you're likely to pay around 3-8%. Or much more if the destination is one of the messed up African countries.