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Why businesses need to be offering cryptocurrency payments

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In recent years, Bitcoin and other cryptocurrencies have emerged from the underground and have found their place in the mainstream worlds of finance, eCommerce, and business. But as a business owner, should you consider offering cryptocurrency payments? There are plenty of big names that already do and many benefits for you.

Big companies that use cryptocurrency

The widespread adoption of cryptocurrency has been driven in part by major retailers and service providers opting to offer cryptocurrency payment methods. Some of the world’s biggest companies offer payments in bitcoin, ether, and some other currencies.

For example, Microsoft, Overstock, Twitch, and AT&T all accept crypto payments. You can even pay for your Starbucks, Burger King, or KFC with Bitcoin if you so wish. For the adventurous amongst us, space travel via Virgin Galactic can be paid for with crypto, or you could just fly to Norway with Norwegian Airlines. Asides from the big names, it’s estimated that 36% of SMEs in the US, accept Bitcoin with some accepting other virtual currencies as well.

Why business should use cryptocurrency

There are several reasons why cryptocurrency payments are beneficial for businesses. Some of them will depend on the nature of the particular industry, but others are more general. Firstly, cryptocurrency is huge, and offering this service gives you a competitive edge over other businesses, as well as plenty of cool points. Furthermore, there are some 1.7 billion people across the world that do not have access to a bank account, let alone a card for online shopping. Providing crypto payments allows unbanked individuals to pay for goods and services online.

There is a global shift away from a cash-based economy and to a digital- economy. People are preferring to use electronic payments and, increasingly, digital currencies to transact online. Cryptocurrency payments, for example, are more secure than regular payments as they do not use personal details, and once the transaction is made on the blockchain, it is immutable. This means it cannot be changed, reversed, or tampered with in any way.

How to use crypto for business safely

The key to effective cryptocurrency payment integration is risk analysis and taking steps to protect yourself and your clients. One of the first things you should do is consider taking out insurance such as professional liability insurance. This will provide financial support for you in the case where you may have to defend yourself against a negligence claim made by a customer. This kind of insurance can be required by law in some jurisdictions or areas, but even if it’s not, it’s still worth getting as you never know what could happen.

Other ways to use crypto safely include onboarding a crypto payment processor. This will securely take care of all payments to and from your company and it will ‘lock-in’ rates at the value they were when the transaction was made. This will ensure you are protected should the value of the coin drop after the purchase has been made.

Integrating cryptocurrency payments into your business is something you will have to consider sooner rather than later. Why not take the plunge now and join the ranks of some of the most forward-thinking companies in the world.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

Why Multi-Province Payroll Compliance Is the Hidden Challenge Canadian SMBs Face and How Folks Solves It

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Photo courtesy of: Folks

Byline: Shem Albert

Running payroll in Canada can feel like crossing a country stitched from many different fabrics. Each province weaves its own pattern of tax rules, leave policies, and benefit requirements, creating a landscape where a single misstep can ripple through every paycheck. For small and mid-sized businesses, the challenge often remains hidden until growth pushes hiring beyond provincial borders or brings remote workers into the fold. What seems like a routine back-office task quickly becomes a test of accuracy, timing, and local knowledge. This is the gap that Folks set out to close, offering a way for employers to navigate Canada’s regulatory patchwork without slowing their momentum.

Provincial Rules Add Complexity

Canada’s payroll environment varies sharply by province. Federal rules set the foundation, but provincial tax rates, deductions, statutory leave entitlements, and benefit premiums add layers of complexity that employers must monitor carefully. Small and mid-sized businesses with staff across provinces or remote employees face different tax tables, reporting deadlines, and leave calculations that directly affect pay accuracy and remittance schedules.

Folks built its payroll module to address these differences. The platform calculates the correct provincial tax rates and deductions for each employee, applying updates automatically so employers avoid misapplied withholdings or late filings. Multi-location tax management allows a company with workers in Ontario, Quebec, or several other provinces to process payroll without creating separate accounts for each jurisdiction. Bilingual functionality in English and French and secure Canadian data hosting support compliance while keeping employee records accessible across language and regional boundaries.

Unified Records Improve Accuracy

Payroll errors often stem from mismatched employee data. Changes in pay rates, banking details, or benefits eligibility may not align between HR and finance systems, creating incorrect deductions or delayed payments. Smaller teams juggling separate platforms spend valuable hours reconciling information instead of focusing on strategic work.

Folks resolves these issues by combining HR and payroll in one platform. Updates to wages, hours, or tax information entered on the HR side flow directly into payroll without re-entry. This single, verified record strengthens the accuracy of every payroll run and ensures employees receive the correct pay and deductions. By removing the need for repetitive administrative work, HR staff can redirect their time to tasks that support growth and employee engagement.

Automation Keeps Provinces in Step

Each province sets its own requirements for holiday pay, pay frequency, and statutory benefits, making manual calculations both time-consuming and error-prone. Businesses that expand or hire remote employees must keep pace with shifting provincial regulations or risk penalties and audit issues.

Folks address these demands with automation designed for Canada’s regulatory landscape. Pay statements, deduction calculations, and custom pay schedules follow the applicable provincial rules without extra configuration. The system’s automated updates mean that a company hiring staff in British Columbia or Quebec can meet local payroll standards without adding new layers of setup or monitoring. Employers gain the ability to expand into new regions while maintaining accurate, on-time pay.

Reporting Strengthens Compliance

Changing tax rates and reporting requirements require ongoing attention from HR and finance teams. Companies that rely on disconnected systems risk missing a provincial update or submitting incorrect remittances, which can lead to fines and interest charges.

Folks provides detailed reporting tools that compile payroll, deductions, and benefits information across all locations. Employers can generate clear remittance and deduction summaries, simplifying the process of meeting provincial filing requirements. For organizations that want additional guidance, Folks also offers a payroll management service that brings in-house specialists to assist with configuration, compliance, and regular updates. These reporting features help companies stay audit-ready and avoid costly compliance gaps.

Scalable Payroll for Expanding Businesses

Many small businesses begin in a single province, where local tax and payroll demands can be learned over time. Growth into new provinces or the decision to hire remote staff adds a level of complexity that manual processes cannot handle efficiently. Errors multiply, compliance risks rise, and payroll teams spend more time correcting mistakes than supporting expansion plans.

Folks provides payroll that scales with company growth. Provincial tax logic, automated deductions, bilingual support, and secure Canadian data storage are built directly into the platform. By maintaining an accurate employee record and applying province-specific rules automatically, the system allows Canadian SMBs to expand with fewer administrative surprises and more predictable payroll operations. Companies gain the stability of compliant payroll across provinces while controlling the time and costs that typically accompany multi-jurisdiction growth.

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