NOWPayments Allows Employers to Pay Employees Salaries in Shib!

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NOWPayments allows employers to pay employees salaries in Shib! 

NOWPayments pointed out the following reasons why companies should pay salaries in Shib on their blog post.

Reason #1 is no strict KYC rules and no personal information required.

For companies that don’t want to waste time on filling out forms and stick to strict KYC rules, Shib payment is the solution. Traditional payroll systems require employers to send salaries to employees using banks or Paypal. Banks and Paypal require both employers and employees to provide a lot of information to these third party companies.  Even after providing all information required, both employers and employees need to be approved by these third parties before salaries can be paid.  This makes the whole process very slow.  As for paying salaries in Shib, all an employer needs to do is to get the employee’s Shib crypto address and send Shib to that address and done.

Reason #2 is faster transaction.

Shib transactions are fast; done within several minutes.  No traditional money transfer from an employer to an employee can be done within several minutes.   Usually, with banks, it takes a few business days for salary payments to show up in an employee’s bank account; and this is usually within the same country.  If an employer tries to  pay an employee who lives in another country, it will take even longer.  Worst, some countries have barriers that prevent transfer of payment from certain countries or simply do not have international transfers available. However, as with Shib, both employers and employees only need the internet to allow salary payments to be done regardless of where they are in the world.

Reason #3 is privacy

Many employers and employees would want their financial information private.  Employers might look to stop their competitors from knowing how much they spent on salary payments. Also, employees might not want their salary payments to be known. As with Shib salaries, both employers and employees don’t share any info with any third parties at all, so everything is pretty much anonymous.

Reason #4 is transparency in accounting.

With Shib transactions, they are recorded on the blockchain and employers can view them 24/7 online.  This is a great feature in accounting that allows transparency. Employers can easily track and see how much they spent on salary payments. This prevents embezzlement.

Reason #5 is security and ownership of your money

With salaries in Shib, employees can have sole control over their Shib/money if they store it in a non-custodial wallet.  With Shib in their non-custodial wallet, no one can touch their Shib/money.  Also, they don’t have to pay bank fees.  With traditional method of storing money in the bank, banks can go bankrupt or lock your employees' bank accounts for whatever reason. As with Shib, employees have the freedom to store and access their Shib/money without worrying about any third parties.

How to pay employees in Shib?

NOWPayments has the Mass Payments feature that allows employers to pay employees in Shib.

“Steps to start sending  Salaries in Shib:

1st .  Create a NOWPayments account.

2nd.  Go to the settings and generate an API key.

3rd.  Fill in a Survey for mass payouts requests

4th. Send a written request to activate mass payouts from your registered email to our email partners@nowpayments.io. Please note, that NOWPayments accepts all requests ONLY from your registration email for safety reasons

5th. After you set up Mass Payments, deposit Shib into your account.

6th. Go to the Balances section and click on “Create Mass payout” button

7th. Upload the .csv file with the Shib wallet addresses and the amount you want them [your employees]  to receive.

8th. Click “Proceed.”

9th. NOWPayments will send all these payments to the recipients automatically.” 

If you are an employer who would like to pay your employees in Shib, please visit NOWPayments link below.  https://account.nowpayments.io/create-account

Disclaimer: Our articles are for educational purposes only and NOT financial advice. For your own personal investment decisions, please do your own research and consult a financial advisor. Good luck investing.

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