Effortlessly Pay Your International Teams with Crypto Corporate Cards
The way we work has changed in the past 3-4 years, especially for web3 teams. We are for the most part remote and spread out across the globe. Collaborative tools have become native to our organizations to design new products, attend virtual events and have meetings wherever you are in the world.
The struggle of payroll with newly organized global teams
Because of the quick shift in remote policy and the development of new ways of working, new issues are now to be dealt with.
- Tools to pay international teams haven't kept up. With confusing local laws, complicated taxes and hefty fines if you don't get it right, the process has become a nightmare for international teams.
- When reaching a certain size, team payroll management can become a struggle. At that point, it becomes increasingly interesting and convenient to go through payroll platforms to deal with compliance and legal issues in multiple countries and states.
- Tracking and categorizing spend and cash flow can sometimes be a hassle because of the different means of payment used. It's recommended to use the same type of payment method for all of your recurring expenses, and one of the easiest ways to do that is through card payment.
The viable solution is payroll with web3 corporate cards
Fortunately, there are answers to all of these problems — and some are more obvious than you might think.
New software solutions have recently been emerging to answer those issues. Companies like Deel have been doing a great job at it, and really help to streamline payroll by providing countless payment methods.
Also, most web3 companies being very early and having scattered needs, hiring isn't always seen as the first option. Going through freelancers is therefore the most suited option to lend a helping hand to current projects.
In the same manner as payroll platforms, we've seen freelancer platforms emerge everywhere, with the biggest names being Fiverr and Upwork.
These platforms offer many different means of payment, but one is always preferred by both freelancers and recruits: card payment. Card payments are still known to be the quickest payment method, but are only rarely used for freelancing — and even less on payroll.
Although the process seems cumbersome, it can be made very easy. At the end of each month, you'd be able to make instant card payments (bye-bye to timely ACH transfers), which will satisfy your workforce while providing you with the necessary tools to track and categorize your payments for bookkeeping.
Multis allows you to open a crypto bank account, exchange your crypto to dollars and pay your employees and contractors in seconds — otherwise said, frictionless.
We recently partnered up with Deel to offer a 20% discount on payroll to your employees and contractors when using Multis' Corporate Card.
Bonus: Cryptocurrency payroll and streamline financial reporting
Fiat payroll is the most popular way to pay employees for the years to come. We do think crypto will eat the world and become one day unavoidable. That's why many options have been emerging for crypto payroll.
The benefits of getting a paycheck (or part of a paycheck) in crypto are many: funds hit your account instantaneously, payments aren't mediated by banks, and exposure to digital assets can be an interesting investment opportunity. Paying salaries in crypto is of course perfect for companies with distributed, international teams.
It used to be tormenting to go through such a process for payout, but we've managed to make crypto payroll as easy (if not easier) as fiat payroll. With Multis' mass payouts service, you're now able to send payroll to up to 80 people at once.
Interested in the future of corporate banking? Try our crypto corporate account and web3 cards out here. You can open an account in less than ten minutes here and join 200+ leading companies using our product!