Incoin, a payroll distribution company which allows employers to pay their employees and contractors in bitcoin, has launched its semi-public beta.
Founded by Tony Holdstock-Brown and Cody Littlewood, Incoin opened its beta on October 15th but is currently only available to businesses operating in the State of California. Incoin are focused on figuring out compliance issues before expanding their service to Washington, Nevada, Oregon and Utah.
The payroll software allows employees to split up their wage as they please. For example, employee A decides to receive 10% of his wage as bitcoin with the remaining 90% paid to his checking/saving account while employee B opts to receive 100% of his wage in bitcoin. If an employee changes his mind, he can login to the payroll system to make adjustments, removing the need for the employer to do so.
Pricing begins at $25/month with an additional cost of $4/month per employee. At this time, the platform only supports salaried employees and their post tax wage. Incoin hope to have payroll taxes and deductions complete within the next 2 months.
Incoin do not hold bitcoin and stated that it is purchased at the time payroll is ran at the current price. It's unknown whether Incoin uses a specific exchange or price average when converting dollars to bitcoin.