With the new Hubstaff and Bitwage payroll integration, managers and payroll administrators can set up automatic employee payments using their credit/debit cards/bank accounts. Employers can pay their employees on an hourly basis based on their time tracked, or they could setup a weekly, bi-weekly or monthly fixed rate.
Fees and conversion rates: 3.5% + $0.30 for credit card transactions, 0.5% for ACH debits, 0% for ACH for credits, and fees starting at 1% for currency conversions.
Check out Bitwage’s blog post for more details on how payments are handled in Bitwage and the countries and currencies that they currently support.
To connect your Bitwage account with Hubstaff simply follow these steps:
- Set up an employer in Bitwage
- Set up profile accounts for your workers
- Link a credit/debit card (or bank account) to your Bitwage account
- Invite your employees to setup their Hubstaff and Bitwage accounts
- Connect your employees Bitwage accounts to Hubstaff
- Connect your Bitwage account with your Hubstaff account
The Bitwage payroll setup has several steps that you’ll need to complete. Your users that are receiving payments will also need Bitwage accounts (free for them to join). You’ll see how to invite them below.
Set up an employer in Bitwage
First, you’ll need to create a Bitwage account. In your Bitwage account, you’ll need to sign up as a Company. Once you complete your company set up, you will need to wait for Bitwage to approve your account.
After completing the initial form field, fill out the requested information and click Next entering in any other information until you reach the end.
Set up profile accounts for your workers
The next steps involve inviting your workers and setting up your profile and accounts.
1. Click on Profile & Accounts on the left hand menu underneath your employer you just set up.
2. Next, select a default payment method and default currency from the dropdown list at the bottom of that page.
3. Save your changes.
Link a credit/debit card (or bank account) to your Bitwage account
After setting your default payment method, you can enter your payment details (such as your credit card information). To do this, click on Linked Accounts towards the middle of the page, then select your payment method of choice and enter your details:
Invite your employees to set up their Bitwage accounts
Once your card is added, you will be all set to invite your workers (if you haven’t already).
1. Just click on the Add Workers link towards the middle of the page.
2. You can then enter their email addresses and click the Add button.
3. You can optionally enter multiple email addresses here or even bulk import them.
4. After you have added all the email addresses of the users you wish to invite, click the Invite All button below.
Connect your employees Bitwage accounts to Hubstaff
Your users will receive invites from Bitwage to create free accounts. You can direct them to this guide below for help in getting their accounts configured: https://support.hubstaff.com/connect-your-bitwage-account/
Connect your Bitwage account with your Hubstaff account
Once you’ve set up your employer account and invited your users, you’ll need to connect your Bitwage account to your Hubstaff payroll.
To get started with Payroll in your Hubstaff account, click on Financials on the sidebar, then Payroll. After that, click on the Add payment account button.
Select Bitwage from the list of payment processors.
Make sure the steps to set up your Bitwage account is complete, then click on Connect.
You’ll then just need to click Allow on the window you’re presented with at Bitwage. You’ll be sent back to Hubstaff and finished setting up the integration.
For frequently asked questions regarding our payroll feature, please refer here.
Bitwage restricts payments to 70 users per transaction.
Although Bitwage does seem to be able to handle bank deposits into employee’s accounts in different currencies, there is actually a limitation built into their API that requires the funds sent by the employer to be sent in USD. Because it’s built into their API, there isn’t anything we can do on our end to get around that. In order to use Bitwage for the payroll, you would need to change your organization’s currency to USD. Bitwage will convert that to the other currency when depositing the amount into the employee’s bank account, but the employer account needs to be funded with USD.