Payroll Payment in Crypto
Last updated
Last updated
BlockPeer enables organizations to manage employee payroll and process payments in cryptocurrency through its integrated Employees & Payroll module. This feature allows payroll payments to be conducted using the Safe Multisig wallet.
Prerequisite:
Available on Cruise 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.
