Show HN: Incoin.io – Bitcoin and Distributed Payroll
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Re: Show HN: Incoin.io – Bitcoin and Distributed Payroll
#2It seems like this is solving the easy part of payroll. The actual "moving dollars between accounts" bit I just assume works fine with all payroll providers. It's getting taxes and deductions and bonuses and multiple states correct, and getting good reporting.
This product might be cheaper than what we do now, but the landing page does not convince me it's better.
(Disclaimer: HR & payroll is not my department.)
Re: Show HN: Incoin.io – Bitcoin and Distributed Payroll
#3It seems like this is solving the easy part of payroll. The actual "moving dollars between accounts" bit I just assume works fine with all payroll providers. It's getting taxes and deductions and bonuses and multiple states correct, and getting good reporting. This product might be cheaper than what we do now, but the landing page does not convince me it's better. (Disclaimer: HR & payroll is not my department.)
According to their faqs: http://blog.incoin.io/incoin-faqs/
Those are all problems that they have yet to solve.
They only support salaried employees (no hourly employees). Taxes should be done in 1.5 - 2 months, and bonuses are in their roadmap, but there is no timeline for that feature.
Re: Show HN: Incoin.io – Bitcoin and Distributed Payroll
#4It seems like this is solving the easy part of payroll. The actual "moving dollars between accounts" bit I just assume works fine with all payroll providers. It's getting taxes and deductions and bonuses and multiple states correct, and getting good reporting. This product might be cheaper than what we do now, but the landing page does not convince me it's better. (Disclaimer: HR & payroll is not my department.)
Hey! Tony here from Incoin. You're right in that taxes are the hardest part. We're only launching in California and are working hard in compliance for this state to get this working.
The biggest and newest part about Incoin, though, is payroll distribution. You can split your wages up amongst any of your savings, checkings, and bitcoin accounts for free.
Say you want 80% in checking, 10% in savings, and 10% in bitcoin — that's possible for you to configure as an employee. And the employer doesn't have to touch a thing; we handle the entire distribution and BTC aspect (and trust me, running BTC payroll manually is horrible).
We're hoping this is great for both increasing the amount of money that people save and increasing the uptake of BTC.
Re: Show HN: Incoin.io – Bitcoin and Distributed Payroll
#5It would be rad to be able to pay in Bitcoin as the employer. Any thoughts there? It would help your model as you'd get to save trade fees by having an internal trading desk essentially.
Re: Show HN: Incoin.io – Bitcoin and Distributed Payroll
#6It would be rad to be able to pay in Bitcoin as the employer. Any thoughts there? It would help your model as you'd get to save trade fees by having an internal trading desk essentially.
Hey! Cody from Incoin here. It would be rad and it's in our roadmap. Employers currently do fund payroll in USD, but we're working on adding the ability to fund payroll in BTC. And you're absolutely correct. We would save in fees in a number of places, namely avoiding using our ACH provider.
Re: Show HN: Incoin.io – Bitcoin and Distributed Payroll
#7It seems like this is solving the easy part of payroll. The actual "moving dollars between accounts" bit I just assume works fine with all payroll providers. It's getting taxes and deductions and bonuses and multiple states correct, and getting good reporting. This product might be cheaper than what we do now, but the landing page does not convince me it's better. (Disclaimer: HR & payroll is not my department.)
Hey! Tony here from Incoin. You're right in that taxes are the hardest part. We're only launching in California and are working hard in compliance for this state to get this working. The biggest and newest part about Incoin, though, is payroll distribution. You can split your wages up amongst any of your savings, checkings, and bitcoin accounts for free. Say you want 80% in checking, 10% in savings, and 10% in bitcoi…
Rather than having this tied to my employer, and requiring reconfiguring if I ever leave them, wouldn't it be a better idea to just get the money in one lump sum from my employer, and handle this kind of detail myself?
Re: Show HN: Incoin.io – Bitcoin and Distributed Payroll
#8So is this like http://wagepoint.com/ that does bitcoin too?
Re: Show HN: Incoin.io – Bitcoin and Distributed Payroll
#9How is this different than Bitwage.co?
Re: Show HN: Incoin.io – Bitcoin and Distributed Payroll
#10Earlier quoted context omitted.
Hey! Tony here from Incoin. You're right in that taxes are the hardest part. We're only launching in California and are working hard in compliance for this state to get this working. The biggest and newest part about Incoin, though, is payroll distribution. You can split your wages up amongst any of your savings, checkings, and bitcoin accounts for free. Say you want 80% in checking, 10% in savings, and 10% in bitcoi…
Rather than having this tied to my employer, and requiring reconfiguring if I ever leave them, wouldn't it be a better idea to just get the money in one lump sum from my employer, and handle this kind of detail myself?
We had exactly the same thought. We're working on a new feature so you can sign up independently from your employer, too. It's not quite ready and there's more legal matters to consider, though it's in the pipeline.