Crypto Payroll: How Request gets it done

July 6, 2020
Samantha Fields

You may have heard that more companies are paying their employees in crypto. Indeed, many countries have made it easier to pay salaries in crypto and file taxes from these salaries, (please note: we don’t give out tax advice at Multis). What’s more, stablecoins or crypto currencies backed by traditional monetary assets, minimize price volatility and any tax risk for employees. What was once seen as an esoteric way of getting paid is slowly entering the mainstream.

There are many advantages to crypto payroll: the cost of transactions are near zero, crypto payments are borderless, meaning employees can seamlessly exchange payments into any traditional currency, and crypto payments can provide investment opportunities for employees (a major perk in a competitive tech job market). Yet despite the clear advantages of earning some (or all) of your paycheck in crypto, paying out in crypto can be a hassle, especially for SMBs.

We spoke to Christophe Lassuyt, Co-Founder and CFO of Request, a company that provides open standards and infrastructure for Decentralized Finance (DeFi) invoicing (and one of our technical partners), about this very issue. As a DeFi native business, paying employees in crypto was no-brainer, but going through payroll quickly became a nightmare.

“I was spending twice as much time making payments, especially running payroll in crypto with Metamask, than I ever was at past companies.”

“As a CFO I was surprised at how time consuming crypto payments were. I was spending twice as much time making payments, especially running payroll in crypto with Metamask, than I ever was at past companies,” Christophe explained. This set-up was not sustainable: having to copy-paste the individual addresses of each team member for the Metamask payment was time consuming. When Christophe decided to delegate crypto payroll to their HR manager, he knew the company needed a solution that was easier to understand for someone not familiar with crypto and would allow for automated payments.

“We hired an HR manager to handle {crypto payroll} and we wanted something with a better UX that would be easier to use.”

With UX as a top criteria, they searched for a solution and found Multis to be the best in terms of UX and UI. Their HR manager has been able to handle crypto payroll for the team using Multis, and Christophe has been able to devote his time and energy to running a growing business.

“We love the attention to an excellent UX. Generally in this space UX and UI are no good. We really believe in Multis’ potential and the fact that they’re constantly adding new functionalities advancing what can be done in this space. We get things done with Multis. “

So how can you run crypto payroll from your Multis account? It’s simple:

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If you’re paying employees, then make sure that they have been added as Users to your Multis account. To do this:

  1. Go to your account settings on the upper left-hand corner of the dashboard
  2. Click on “Users Settings” and invite employees with emails
  3. Employees will log on to Multis through their Web3 account and can link their ethereum address to the account
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If you’re paying freelancers, then make sure they have been added as external counterparties to your Multis account. To do this:

  1. Go to the “Counterparties” section on the upper level of the dashboard
  2. Click on “Add External Counterparty”
  3. Enter their wallet address or their ENS address
  4. Click on “Save”
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In order to pay out from your Multis account, simply:

  1. Click on the “Send” button on the upper right hand side of the dashboard
  2. Search “counterparties”-and select the person you wish to pay from the menu
  3. Choose the asset you wish to pay in and enter the amount.
  4. For accounting purposes, add a #tag that tells you and your team that the payment is for #payroll
  5. Hit Send
  6. Portis will pop-up asking you to approve the transaction
  7. This transaction is a message saying “Please transfer x amount of {currency} to y”
  8. Click on confirm, and depending on your spending policies preferences, your message will be broadcasted to appropriate team members who will approve the transaction from their interface

And you’re done!

Paying in Crypto has clear advantages

We know that running a payroll in crypto has some great advantages including free and instant cross-border payments (ideal for remote and distributed companies), and can be an added perk for employees — especially those located in countries with volatile local currencies.

Multis alleviates some of the thorniest pain points in payroll:

  • Consolidated accounts that save time on accounting and reconciliation (we’ll be writing more on this, soon 😊)
  • An address book for all employees and contractors where payments can be made in one click. You don’t have to enter in long addresses manually and double-check for errors.
  • Approval workflows ensure transparency and peace of mind when sending large sums, instead of using multiple wallets.

Get the Guide!
Breaking Legacy: A CFO's Guide to DeFi & Digital Assets
Decentralized Finance (or DeFi) and digital assets aren't just a fad or a bubble. They have the potential to provide value to people typically underserved by traditional banking systems, in particular small and medium sized enterprises. Learn how SMEs can leverage decentralized financial services including:
High interest savings accounts that earn more than traditional bank accounts
Accepting payments in digital assets before incorporation
Receiving instant loans
Invoice financing solutions
Paying salaries instantly in digital assets with no cross-border payment fees
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