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Global Payment and Compliance
As remote work, international partnerships, and global expansion become more prevalent, ensuring seamless and secure cross-border payments is important. Workpay...
Cross-border payment transfers wages, salaries, benefits, and other forms of compensation across international borders to employees in different countries.
As businesses and organizations expand globally, they often employ individuals working remotely in foreign countries. These employees could be remote workers, contractors, or individuals working in branch offices abroad.
There are many ways of facilitating cross-border payments, including direct bank transfers, international money transfer services, forex brokers, and cryptocurrency.
One of the top and most secure methods is using Africa's leading HR platform, Workpay. It ensures secure payments, seamless transactions, and compliance. Keep reading to learn how to facilitate cross-border payments using Workpay.
Cross-border payments can involve various elements, including:
Workpay is a Kenyan-born platform that helps employers handle HR, payroll, and compliance across multiple countries. The platform offers multiple services, including time tracking, EOR, perks and benefits administration, and managing leaves and time off.
Workpay helps fast-growing companies manage local and remote employees efficiently. They ensure employees receive timely payments through approved methods in the correct currency. In addition, Workpay ensures compliance with tax requirements within the country.
The best place to start with Workpay is through a demo request. Workpay offers a no-commitment call with a product specialist to review the business' payroll state.
The specialist provides information on the tools to advance it. The demo ends with a quote based on the company's unique HR needs. Should the manager or employer like what Workpay offers, they can create an account and let the specialists take over.
Steps to Creating a Workpay Account
Cross-border payment with Workpay is easy for employers. The first thing the overseer should do is add the employee to the work system.
Workpay allows employers to create a personal and employment profile and then add payment details. In the personal profile, managers include the employee's country of residence, thus allowing the platform to determine the correct currency and compliance requirements.
Paying employees from the payroll feature allows managers to view specific employees and their respective amounts. Therefore, before confirmation, the employer can confirm the correct amount after Workpay makes the necessary contributions and deductions.
Managers can set up and allow auto-running of payroll every week, month, or twice a week. The payroll feature under the account settings has an 'autorun' feature that managers can activate and set dates for to ensure timely payments.
Employers may also create allowance categories, indicating the type and value. In addition, they may also indicate if it is taxable, exempt, or partially taxable. With this information, Workpay can disseminate the allowances in the correct amounts and to the right employee.
Once the manager initiates the payment, Workpay sends instructions to the paying financial institution, initiating currency conversion and facilitating fund transfers. The recipient financial institution receives the payment and processes the incoming funds. After verification and clearing, the institution credits the funds to the employee's account.
As remote work, international partnerships, and global expansion become more prevalent, ensuring seamless and secure cross-border payments is important. Workpay is a powerful solution that streamlines the process and offers numerous advantages to employers and employees.
By leveraging the innovative platform, businesses can manage their cross-border payments effectively, ensuring that employees in different countries receive their compensation efficiently, accurately, and compliantly.
In addition, Workpay's comprehensive approach covers every aspect of the payment process, from secure data handling to real-time currency conversion and regulatory compliance.
As the global workforce keeps evolving and diversifying, using a robust platform like Workpay for cross-border payments is more than just a convenience; it's a strategic advantage. So get in touch to learn how we can help you contribute to the success and growth of your global ventures.
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