Bitwage Balance Setup Guide
Connect your bank, fund via FedNow or ACH, configure dual approval, and execute payroll in under a day.
Explore the Bitwage Balance pre-funded treasurySetting up Bitwage Balance involves four steps: connecting your US bank account for funding, making an initial deposit, configuring approval workflows, and running your first test payroll. Most companies complete initial setup in a few hours; the first live payroll run typically happens within 24 hours of account verification.
Bank connection uses Plaid for instant verification or micro-deposit verification for banks not on Plaid. Once connected, you can fund via ACH pull (Bitwage initiates), ACH push (you send from your bank), FedNow (seconds), or wire transfer. For first-time funding, wire transfer is the most reliable regardless of speed preference.
Approval workflow configuration is a critical setup step. Define who can approve payments, set approval thresholds (e.g., single approver under $5,000, dual approval above), and designate backup approvers. These controls are enforced on every payment run — including recurring ones — so getting them right at setup prevents authorization bottlenecks later.
What Bitwage Handles
- Contractor KYC and compliance verification
- W-8BEN and W-9 collection through self-service onboarding
- OFAC sanctions screening on every payment
- FX rate lock at payment approval
- Local rail routing and settlement tracking
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Frequently Asked Questions
Business verification requires EIN, business formation documents, and beneficial owner information (anyone with >25% ownership). This is standard KYC / AML compliance due diligence — typically completed within 1–2 business days.
ACH takes 1–2 business days. FedNow instant payment settles in seconds. Wire transfer settles same-day if initiated before your bank's wire cutoff. For initial setup, wire is most reliable to ensure timely first funding.
Bitwage Balance is a unified balance. All payment types (contractor payroll, vendor payments, one-offs) draw from the same balance. You can see allocation breakdowns by payment type in the reporting dashboard.
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