I don't know about you, but I don't miss the days of getting paid with an actual piece of paper, aka a check. After receiving my paycheck, I would have to visit my local bank, deposit the check, and wait for the funds to become available. I know. That's not the end of the world. But, what if I couldn't make it to bank in-time on a Friday night? Or, what if I deposited the check on Saturday morning, but a bill is due Monday morning? I would be in a bit of a bind. That's when a digital wallet comes in handy.
Thankfully, there are more than enough ways for me to receive and send funds digitally and remotely. Not only are these ways more convenient, they're also faster, cheaper, and better for the environment as opposed to writing out checks every week. And, in case you weren't aware, Millennials would rather be paid digitally as well.
With that in mind, here are 5 ways that you can pay your employees with a mobile digital wallet.
1. Built-In Platforms
Of course, Due isn't the only platform that allows you to directly pay employees payroll. PayPal, Quickbooks Payroll, and SurePayRoll also allow you to send funds to mobile wallets through the use of apps.
If you hire freelancers through platforms like Upwork, you should be able to pay those contractor directly from the platform by transferring money from your account to your freelancer's. So, if their account is synced to a mobile wallet then they should be able to receive and access funds from their phone.
2. Peer-to-Peer Payments
You'll have to manually input how much money you're sending, but overall this is a convenient, secure, and affordable method to pay employees. And, transactions usually occur in one business day.
3. Mobile Carrier Billing
Other companies like Boku, Fortumo and Zong also allow for purchases to be charged to your mobile carrier, although these may be better suited for online merchants selling products online, as opposed to payroll options.
PayPal, however, has also gotten in on the action by letting you send payments to a mobile phone number.
4. Direct Deposit to a Bank Account
Don't have an account with a traditional brick-and-mortar financial institutions? No problem. There are online options, such as Circle and Paytoo that allow you to transfer funds between mobile wallets.
5. Bitcoin Wallets
Some wallets, such as Bitwage, allow employers to pay employees in their respective currencies by using bitcoin as a middleman to transfer the funds. Other bitcoin wallets to consider for paying employees include Coinbase, Bitcoin Wallet, and Copay.
5 Ways to Pay Employees with a Mobile Digital Wallet was originally published on Due e-Cash Blog by Chalmers Brown.