You might raise a few questions when using this functionality.
Do I have to go through another signup and KYC?Yes, our vendor requires a separate on-boarding process. We have pre-filled the application with information already provided during Bitwage on-boarding for your convenience.
Is Bitwage giving me a bank account to store funds?
No, it's just a depository account. It's only for payment processing and you should only share with the employers or clients listed in your Bitwage platform. You cannot use it to receive payments from individuals.
What is this receipt I got over on email and why does it show a USDC Stellar transaction on it?
This vendor requires Bitwage to generate a receipt on the transaction that receives USD via ACH. Our vendor converts USD to USDC on Stellar Network and then deposits it to another Bitwage partner.
Bitwage ultimately pays out to your provided cryptocurrency wallets and bank accounts through a network of partners.
Are there any new fees or costs associated when I use an ACH account?
No. There's no extra cost associated to it. You should be subject to your fees that you can find here.
You can find more information on how to generate a new ACH account in this link. Or, if you have any other questions you can find us on support@bitwage.com or on our Slack.