With the ease of communication developed through the advent of the internet, we are seeing a growth in distributed workforces. Yet, if you look at the current workforce payment solutions, such as ADP or Gusto, most of the focus in on domestic employee payments. Instead, companies are now using traditional payment methods such as international bank wires and paypal. However, none of the solutions out there focus on the contractor or freelancer, who are left with the bulk of the costs. On average, we’re talking up to 5 days and 8% in fees for cross border payments.
At bitwage, they combine blockchain technology with a frictionless invoicing system designed specifically for international contractors and freelancers. Their system enables us to receive wages for workers without their employers signing up. By leveraging the blockchain, they are able to get the funds into employee bank accounts abroad as fast as next day with incredibly competitive exchange rates. Because thier system is so frictionless, Bitwage process payroll on the behalf of companies such as Google, Facebook, Upwork, the U.S. Navy, and the U.N. Food & Agriculture Organization.