Comparing 2024 Crypto Payroll Solutions
Managing payroll can be complex, especially for businesses operating in the crypto space. This article compares the top crypto payroll providers of 2024, focusing on features, W2 employee support and pricing to help you make an informed decision. Our detailed comparison table includes Franklin, Request Finance, Bitwage, Rise Works, and Deel, highlighting their strengths and costs.
Franklin: A Comprehensive All-in-One Solution
Summary: A comprehensive all-in-one solution for managing payroll both onchain and in USD, ensuring compliance with federal, state, and local regulations. Further, they support healthcare and financial benefits with automated deductions. In addition to payroll, Franklin provides global contractor payments, expense reimbursement management, accounts receivable for customer invoicing, and accounts payable for paying vendor invoices.
W2 Employee Support: Yes. Franklin automates tax withholdings, IRS filings and IRS payments. Their onboarding process supports tax form collection & distribution as well as benefits setup & corporate registrations.
USD Payments Support: Yes. Payroll & payments can be distributed in both crypto and USD.
Onchain Transaction Fees: Franklin is a gasless platform and covers all onchain transaction costs for customers.
Off-Ramping: Franklin supports stablecoin off-ramping allowing customers to fund USD payroll and payments with stablecoins
Pricing:
Contractors: $10 per contractor per month.
Employees: $15 per employee per month.
Platform Fee: Starter plan at $30/month for teams of 3 or fewer increasing to $45/month for teams of 4 or more.
Request Finance: Simplified Invoicing with Low Fees
Summary: A long time player in the crypto payments space, Request Finance is primarily focused on sending and receiving invoices but doesn't support payroll features such as tax withholdings and filings, benefits, or deductions.
W2 Employee Support: No. Request Finance is focused on sending and receiving invoices.
USD Payments Support: Yes. You can pay invoices in USD by using their off-ramping feature which allows you to fund USD payments using crypto; however, you can not connect your company's bank account to make USD -> USD payments.
Onchain Transaction Fees: The payer pays the Ethereum gas fee or other network fees.
Off-Ramping: Request Finance supports crypto to USD off-ramping, allowing users to fund their USD payments with their crypto.
Pricing:
Transaction Fees: A tiered transaction fee once a processing limit has been hit, starting at 1% of transaction volume
Platform Fee: Request has tiered solutions with increasing platform fees providing more features and an increased processing limit, starting at $100 after the free tier
Bitwage: Flexibility and Integration
Summary: Bitwage provides flexibility by integrating with existing payroll systems instead of providing the payroll services themselves. Employers can connect Bitwage to their existing Payroll Provider (such as ADP) and route payments through Bitwage which allows them to convert payroll into other currencies including crypto.
W2 Employee Support: Yes. Bitwage leverages the W2 employee support of the employer's existing payroll provider and Bitwage handles the payment processing.
USD Payments Support: Yes. Because Bitwage is connected to other payroll providers it can process payments in USD in addition to crypto.
Off-Ramping: Bitwage doesn't explicitly support off-ramping for employers, but because employers are funding all payments in USD through their primary payroll provider, Bitwage is functionally providing off-ramping services.
Pricing:
Employees: $7.99 per employee per month
ACH Debit Fees: 0.5% of transaction volume plus $0.50 per payroll funded with ACH Debit
Credit Card Fees: 3.5% of transaction volume plus $0.3 per payroll funded with credit card
Stablecoin Fees: 2% of transaction volume on payroll in stablecoins
Riseworks: Hybrid Payroll Solutions
Summary: Rises offers hybrid payroll solutions that support both fiat and crypto payments, focused on global contractor payments. They focus heavily on compliance for onboarding global contractors but don't presently support US based crypto payroll.
W2 Employee Support: Not Yet. Rise currently doesn't support US based payroll, but they do note that they are working on an Employer of Record solution: "Everything your offshore business needs to hire, onboard and pay US employees compliantly, across all 52 states."
USD Payments Support: Yes. Rise provides a financial network that allows users to pay in both crypto as well as in fiat currencies.
Off-Ramping: Yes, USDC to fiat currencies. Rise provides USD conversion to several fiat currencies including USD, CAD, and EURO.
Pricing:
Rise offers several pricing models
contractors: $50 per contractor per month
OR a 3% of payment volume plan
Deel: Comprehensive Global Payroll
Summary: Deel is a comprehensive solution for global payroll that added support for payouts in crypto by partnering with Coinbase. Deel is an EOR that comes at a hefty price tag but provides an all encompassing employment solution for global teams.
W2 Employee Support: Yes. Deel is an EOR that provides global employment solutions including in the US.
USD Payments Support: Yes. Deel's primary business is in USD based payroll and eventually expanded to crypto payroll.
Off-Ramping: Yes, through Coinbase partnership. For employees accepting part of their paycheck in crypto, they receive their crypto payroll in their connected Coinbase account.
Pricing:
Contractors: $49 per contractor per month
EOR: $599 per employee for EOR services
Crypto Transaction Fees: Standard 1.5% Coinbase fees apply when the USD payroll is traded for crypto.
Conclusion
Choosing the right crypto payroll provider depends on your business's specific needs. Franklin offers a competitive and comprehensive solution for companies needing both onchain and USD payments with full compliance. Request Finance is highly focused on invoicing, while Bitwage offers flexibility and integration with existing systems. Rise Works provides a global contractor focused solution, and Deel excels in managing global payrolls with robust compliance and tax handling.
By comparing these providers based on pricing, features, and transaction fees, you can select the best fit for your organization, ensuring efficient and compliant payroll management in the evolving crypto landscape.
