Payroll Payment in Stablecoin

BlockPeer enables organizations to manage employee payroll and process payments in stablecoin through its integrated Employees & Payroll module. This feature allows payroll payments to be conducted using the Safe Multisig wallet.

Steps for Employee Payroll Payment in Stablecoin:

Prerequisite:

• Available on the Growth Subscription plan.

• Employee payroll must be set up in the Employees & Payroll module.

• The MPC Wallet must be connected.

• A Safe Multisig wallet must be created.

Add and Manage Employees:

• Navigate to Employees & Payroll → Employees.

• Add employees who are accepting crypto for payroll, ensuring their payment details include the blockchain address and preferred network for crypto payments.

Initiate Payroll Payment:

• Go to Employees & Payroll → Payroll Payment.

• Select employees from the list who accept crypto payments.

• The payroll details, including salary amount and payment period, will be auto-populated.

• Select the payment token (e.g., USDT, USDC) and provide any required additional details such as exchange rate and payment date.

• Choose the Safe Multisig wallet through which the payment will be processed, then click Review & Pay.

Multisig Approval Process:

• Once the payroll payment is initiated, it will enter the Safe Multisig approval flow.

• Navigate to Wallet → Safe Multisig → Safe Transactions to view and approve pending payroll transactions.

• Signers can review the transaction details, including employee names and payment amounts, and then approve the transaction.

• Multiple signers can approve the transaction based on the predefined threshold in the Safe Multisig wallet.

Execute Payment:

• After all necessary signers have approved, the payment transaction can be executed.

• The payroll journal entry is automatically recorded by BlockPeer once the payment is processed, ensuring the payroll records and accounting are updated in real-time.

Available Network:

• Employee payroll payments in crypto are currently available on the Polygon network. Future updates will expand this feature to other networks.