11–20 of 44 posts
So is this like http://wagepoint.com/ that does bitcoin too?
This is of course empty until it's fulfilled, but for what it's worth - we have a lot in our roadmap that will also set this apart in a lot of ways.
It 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…
How is this different than Bitwage.co?
Well there are a few differences currently, and even more coming over the next month - 2 months. But the ones that are currently available:
1. Interface. If you use the two product side by side, I think you'll see the difference.
2. Automation. Currently Bitwage (as I understand it. I could be wrong) handles ACH and Bitcoin transactions manually. Our platform is a little further along. Although they did get their MVP out before ours because of this so props to them!
3. Employee control. Our platform relies on employees to control the majority of their information which provides several benefits but mostly ease of use for the employer and freedom for the employee to update their settings and how they're paid right up to the moment that the distribution daemon fires up.
4. Wage splitting. Employees can get their paycheck into several checking accounts, savings accounts, investment accounts, and Bitcoin wallets.
5. Reporting. Our reporting for both an employer and employee is a bit more robust in our minds and takes into account that people getting paid in BTC will now have capital gains considerations.
There are Bitcoin related startups which are run by people with no experience in either finance, cryptography, or security. Hopefully you guys are very strong in this background. I don't see any personal profiles on the site. Codelitt Incubator has no names either which is even more concerning.
RE security - we don't actually hold any bitcoin and our ACH provider handles transactions; we're trying to steer clear of all major security issues by avoidance. We've put a lot of effort into securing any data we do have, though, and we've also got a great compliance and legal team working with us for the finance issues
Earlier 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…
The distribution sounds like a genuinely cool feature so I don't want to take away from that... but it seems one must buy payroll as a complete package. We couldn't even consider a solution that isn't able to do all our taxes and bonus payments.
How is this different than Bitwage.co?
We've chatted with the Bitwage guys. Good guys. We respect what they're doing. Well there are a few differences currently, and even more coming over the next month - 2 months. But the ones that are currently available: 1. Interface. If you use the two product side by side, I think you'll see the difference. 2. Automation. Currently Bitwage (as I understand it. I could be wrong) handles ACH and Bitcoin transactions ma…
It 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.
It 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.
Wouldn't it be an accounting nightmare for both employer and employee to pay with property instead of currency? I think the IRS declared that Bitcoin is property.
I noticed you chose ZenPayroll's pricing model, without having all the features of ZenPayroll. The most important ZP features are automating tax filings, both quarterly and yearly. Also, contractor payments and integration to FreshBooks. These are all the essential ingredients of a payroll solution- the bitcoin aspect is cool but I don't really care much about it.