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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