Answers you should have about Payroll and Payments
As you may know, questions about payroll and payments are very frequently not only at Ontop but most of the companies, especially startups. Ontop’s finance experts and HR crew gathered some very interesting questions and answers about this theme. I hope you are as excited about them as I am. It’s an honor to have you guys reading our blogs.
So have a seat, get yourself a cup of coffee or tea and enjoy!
How does ontop handle my remote team payments?
They have these questions because of the fear of messing up and having to give up their international dream team. There are qualified workers all over the globe but with quality international people, comes its regulamentations and laws for each country. So many times a company simply doesn't know where to start from. First of all, if you end up messing up on the regulations things can get messy, so you might be looking in the wrong places to manage your hiring and following up process.
What payment methods does On Top use?
So with all the global changes, it is positive that every company and worker had to adapt to the new ideal place of work and how things function. Changes that came with Covid does not mean you have to go over budget or lower the quality of your team.
We partner up with several payment agents in each country that enable us to move money fast and cost-efficiently. Also, we have options available for contractors such as Payoneer, Wise, Cryptocurrency, Paypal, and others.
How much does Ontop service cost?
Ontop is not any usual service, it covers everything, from paperwork, to compliance, hiring and much more. The company charges 29 USD / month + 1% Payment Commission for contracts managed on the platform, this can change if you want to have 10 or more contractors with us, we can make you a different offer.
How much are the wire costs?
Depending on which money routing we find most suitable for your case. Costs may vary between 0-45 USD depending on the service chosen and the banks involved in the transaction.
What is going to appear in the receipt or in the bank account of the contractors?
The name of ontop appears, and the fees are super low because we have different ways to pay them and also we can advise them to choose better for them.
How many days does it take from payment to contractors?
First, we identify the date of the payroll payment, for example, all the first of each month, then between 10 to 7 days before the invoice will appear to you and in the same platform you can make the payment through the ACH (bank transfer) this normally takes 3 to 5 days to activate, and then, for example, Payoneer takes 3 days so we send the money to the contractors 3 days before the 1st so the contractor will receive the money the exact day you choose to be paid.