Account types
Bitwage Business
A company account that invites users as “Workers” to receive payroll or invoice payments. Requires KYC for the business entity and business admins only.Bitwage Individual
A user account where the user adds their employers or clients by providing Bitwage’s banking details to them. Requires KYC for the user.Bitwage Worker
A user account created when a user is invited to join a Business account as a “Worker” to receive payroll or send invoices. Does not require KYC.Bitwage Business Admin
A user who manages a Business Account. Can also receive payroll or send invoices to the Business Account. Requires KYC.Key concepts
Distribution
A distribution defines how a user receives their payment. It specifies the ratio of different output currencies. For example, a user could set up a distribution of 50% Bitcoin and 50% USD. Users can have up to 3 distributions, and the total allocation across all distributions must equal 100%.Payer (External Company)
A payer represents an employer or client that sends payments to a Bitwage Individual user. Each payer has a currency (USD or EUR) and is associated with a funding account (virtual bank account) that receives deposits.Funding Account
A virtual bank account assigned to a user for receiving payments from a specific payer. The account details (account number, routing number, IBAN, etc.) are provided to the payer so they can deposit funds.Payroll (Payment Batch)
A payroll is a batch of payments created by a Business account to pay one or more workers or vendors. Payrolls progress through these statuses:pending → received → released → fulfilled
KYC / KYB
- KYC (Know Your Customer): Identity verification for individual users.
- KYB (Know Your Business): Verification for company entities, including UBO (Ultimate Beneficial Owner) verification.