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Author Topic: Direct Deposit?  (Read 1149 times)
Elwar
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July 13, 2012, 06:02:49 PM
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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.

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unclemantis
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July 13, 2012, 06:05:56 PM
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The bad thing about this is if the market tanks before people withdraw and convert to USD... well you get the idea.

But if the market skyrockets then WHOOO!!! No complaints here Smiley

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July 13, 2012, 06:47:27 PM
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The bad thing about this is if the market tanks before people withdraw and convert to USD... well you get the idea.

But if the market skyrockets then WHOOO!!! No complaints here Smiley

Fortunately there has not been that huge of a fluctuation over the span of a month for quite a while. But the price fluctuations would not be too big of a deal as most of the money spent will be within days or weeks or receiving it in your account. As most people live paycheck to paycheck.

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July 13, 2012, 06:52:18 PM
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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.
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July 13, 2012, 08:49:25 PM
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pretty much any bank that offers accounts for businesses can offer a payroll service through the bank.  It's not that hard to setup. 

Each employee needs to provide their banking information, and the business loads this into a template file.  Each week, the amounts are updated if needed and a new batch of payroll payments can go out.  Its an ACH credit (push) from the businesses account to the employees bank account.

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Does your website accept bitcoins?
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July 14, 2012, 12:20:16 AM
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Putting Bitcoin on the payroll brings the IRS into the picture.

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blakdawg
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July 16, 2012, 12:58:11 AM
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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.

Yes, the direct deposit form typically includes language to the effect of "if we screw up and put too much money in your account, you give us permission to take it back whenever we want, including immediately."
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