Guide to Manage Crypto Payroll using Rover Finance

February 28, 2024

It's 2024, and web3 jobs are in demand. Teams are remote, and with remote work comes different payment currencies. The current difficulty is paying employees in cryptocurrency and manually copying their wallet addresses, the amount, the kind of token, and the blockchain network. This approach is tedious and error-prone and might cause delays in receiving payment in cryptocurrency while managing fiat.

As a web3 company, this doesn't suit well, right? A system that can handle this function is important.

Rover’s payroll management feature offers a solution that simplifies this complex process, allowing you to focus on what matters most: your business.

But how does Rover address these challenges?

It is Cost-Efficient: The number one pain point that we solve is that international payments are pretty expensive. Different countries, different taxation. On top of it when it comes to crypto, currency conversion is not cheap either it acts as a layer and makes it complex.

Compliance: Rest assured, Rover Finance operates in compliance with relevant financial regulations, providing you with a trustworthy and legal platform.

Customizable Payroll: With Rover, you can tailor your payment schedules, frequencies, and currency options to your business's unique needs.

Automation: You can automate repetitive financial tasks with Rover, saving time and reducing the risk of errors in payment processing.

Now that you understand why Rover is the answer to your payroll needs, let's explore how you can use Rover Finance to set up and manage payroll for your business and automate finance tasks with just one click, be it crypto or fiat, in very simple steps.

Steps for Payroll Management

Step 1: Dashboard Overview

Upon logging into your Rover account, you're greeted with a dashboard. It keeps tabs on employee numbers, withdrawals, and the countdown to payday, providing a comprehensive payroll snapshot.

Step 2: Employee Onboarding

Adding a new member to the team is easy. The platform allows adding single or bulk files along with the ability to attach important documents. This helps create detailed user profiles effortlessly.

Step 3:  Payment Setup

With the basics in place, it's time to configure the payroll details. Here, Rover allows you to select the preferred currency type, ensuring that each team member is paid accurately and on time, in the currency that suits them best.

For Setup in Crypto

  • You’ll only require a Wallet Address and Base Salary for seamless crypto payments using USDT/USDC.
  • Currently, the preferred chain on our platform are Ethereum, Polygon, Arbitrum, Binance Smart Chain(BSC), and Nordek.

For Setup in Fiat

  • Opt for the Standard Bank method. For the latter, input basic bank details, with the Base Salary conveniently in USD.

Take note: alignment of the Employee’s Address and Beneficiary Bank Address enhances KYC Verification.

Step 4: Managing Allowances and Deductions

Here's a detailed interface for setting up allowances and deductions, an important part of payroll accuracy. You can tailor these financial adjustments for every employee.

Step 5: Running Payroll

Once you've entered the user details. Finalizing the payroll process is simple. Jump to the 'Payroll' section where you can view all employee details. With everything in place, simply click 'Run Payroll' to process payments—whether in crypto or fiat—quickly and efficiently!

This one-click feature not only saves time but also minimizes the risk of errors, ensuring that your team gets paid accurately and on schedule.

Ready to change your payroll process?

Book for a personalized demo and explore how our system can be tailored to your business needs: