Papaya Global simplifies integration of virtual currencies as part of employee benefit plan
TEL AVIV, Israel, December 12, 2017 /PRNewswire/ --
Papaya Global, the rising Global HRIS startup, is proud to announce the latest update to their global workforce management solution; integration of virtual currencies as supported payment method for global employees.
With the new support of cryptocurrencies, companies can now offer partial salary payment (up to 30%) of net salary in BitCoin, Ethereum and other leading Cryptocurrencies.
The addition of such a supported payment method is a huge employee benefit as cryptocurrency popularity and value continues to rise. Companies looking to improve talent acquisition can offer the unique payment alternative thanks to Papaya Global. Employees in areas where the local currency fluctuates rapidly, such as Turkey, China, Russia, Brazil and more, particularly benefit from the new payment model and it may ease global expansion plans for companies into those countries.
While the popularity of cryptocurrencies continues to rise, few companies have offered cryptocurrency as a payment method due to regulation and compliance concerns. Papaya is able to solve this issue by limiting the Cryptocurrency payment to 30% of the employee's net salary. In doing so, Papaya is able to ensure that organizations stay compliant with local tax and reporting regulation while also regulating employee's salary allocation to such a volatile and new currency.
The addition of cryptocurrency payments improves the already robust Papaya Global solution which simplifies and enhances transparency between companies, global employees and local providers. Letting companies pay their employees using cryptocurrency is groundbreaking news for employers and employees alike.
"We are excited to introduce such a revolutionary payment model to the already rapidly changing global HRIS industry. We continually seek new ways to empower our customers in their ability to connect with their remote employees," says Eynat Guez, Co-Founder and CEO of the fast growing startup "We believe that this could be a tremendous savings channel and employee benefit option for companies. We see ourself as the gateway between employers and their global employees, and by enabling partial virtual payment, we are able to keep our client's compliant within their global operation while creating added benefits for their employees."
ABOUT PAPAYA GLOBAL
Papaya strives to simplify the perplexing global payroll process from paperwork, spreadsheets, confusion, and non-compliance risk into one automated global platform. By harnessing technologies such as cloud management, artificial intelligence and business intelligence, Papaya is able to seamlessly automate the entire payroll lifecycle for salaries and PEO managed employees, all while ensuring full compliance with local regulations. The company's global workforce management platform provides a quick-to-launch and customized payroll management experience in over 90 countries. Papaya also offers seamless integration with existing VMS, MSP & HRIS solution, providing an added layer of real-time intelligence.