Does anyone know how companies handle direct deposit for employees? What software they use and how it is processed?
The ultimate bump to Bitcoin would be if people start direct depositing their paychecks into their BTC wallets. This, in conjunction with some sort of BTC bill-pay would be great.
I am curious about if charge-backs are possible with company direct deposits, or what they would have to go through to make that happen.
We are certainly not at the point where companies would be willing to pay in BTC, but we could allow for the transition in the mean time.
Direct Deposit is essentially ACH. A flag is used in the NACHA file sent to the bank indicating the type of payment (recurring deposit) but other than that it is no different than any other ACH transaction. Chargeback risk is the same as any other ACH.