With the development of many technologies, employees’ expect to receive their payments through various methods that would ease their financial perspective. With cryptocurrencies booming in the market, funds transferred there would be helpful for employees’.
When it comes to employee payments, people were handed over cash payments in the early days, which were changed to bank transfers and at present since 90% of companies worldwide have shifted to a payroll software, salaries are transferred through online transfers and employees’ would be able to access them with bank cards like debit cards and much more.
Since there are chances of hackers and other miscreants to access your debit cards, stringent actions must be taken to protect employees’ from their money. At present, there are different types of currencies which include smart wallets to cryptocurrencies like Bitcoins, Ethereum’s and much more.
Here are a few advantages that could give employees’ a competitive edge of improving the way they access and spend their salaries.
-
The Future of Pay
Companies must focus on applying their payroll transfers to ensure mobile payments on the go. The payments section must be excellently foreseen by clients and employers to ensure a smooth transition is made.
When you can conceive the transition, you can ensure few categories when it comes to your online transfer like fast transfer, anywhere access of salary for employees’, effective handling of money from theft and other hazards and much more. When you have many advantages, there would be no need to worry about other outside threats.
-
Speed
Since many employees’ own a mobile phone in their hands, employer to employee, employee to other cash transfer would be very swift, and there would be a lot of privacy involved.
All the bank transfer can be seen easily with just a touch and can manage multiple accounts efficiently since all the accounts would be connected to a single mobile wallet. The chances for unaccounted currency or commonly called as black money from employers cannot be possible because every dollar is accounted and cannot be misrepresented.
-
Access
Companies that too huge ones have a lot to offer when it comes to finances for their employees’. This makes it difficult for the payroll department to transfer funds every month and track records when digital payrolls are not followed.
Smart currencies help you maintain a decent track of all your transfers, and every record is kept accurately. Since all transfers are automatic, the HR departments need not worry about transferring the wrong amount to its employees’.
-
Enhanced Security
Just by stealing a debit card before the employee notices, all the transfers can be acquired by thieves and hackers. When you own a smart wallet, chances for the account to be hacked are decidedly less because it is password protected and encrypted with a 128bit. All your money is completely safe from any hazards.
-
Lower fees
The maintenance fees for any banks could be alarming for employees’ when they see their monthly paychecks. When it comes to digital currency, they charge very much less when compared to credit card maintenance fees and charge some amount for every transfer. Since most digital currencies use a peer to peer system, transfers would be close to negligible or even nil.
-
Aids international transfers
If you have a freelancing company and paying your employees’ through international transfers like PayPal, Skill and much more, your transfers could be made quickly. International shipments cost a lot of transferring fees, but when it comes to cryptocurrency transfer, you could move quickly by paying reduced transfer fees.
With a lot of advantages provided by cryptocurrency, employees’ and employers can now do more with their money. With added security, no transaction fee, free international transferring and much more, your business would have a better edge because it does defeat all the disadvantages of the currencies used at present.
Remember to subscribe to our blog and follow our Facebook and LinkedIn page if you find our Blogs useful for your business.
HR2eazy HR Payroll Software is a leading payroll service provider in Malaysia. HR2eazy Payroll software comes with all the latest features and developed keeping an eye on the future.