Everyone sells something. However, only that some sales are profit-driven. On the other hand, salespeople play a different game because selling is their only source of income. As a result, making a sale is only worthwhile if the commission is substantial.
I recently conducted a consulting and coaching program for small to medium-sized businesses involved in sales and marketing. So, while conducting an overall survey of the issues they face in the industry and how they affect their growth, most teams shared a clear pattern of challenges. Although each of them faces several other challenges, this problem has a significant impact on the finances of their businesses.
Most of these businesses sell physical products that require convincing their clients to make purchases. Therefore, many employ salespeople to persuade corporate clients and customers to buy products. As a result, the salesperson's value to their employer increases with the amount of product they can sell.
However, because a salesperson's worth is determined by the number of products they can sell, their pay is frequently in the form of performance-based compensation. This means they get a percentage of the total amount made from each sale as a commission.
Challenges With Paying Sales Commissions
Unfortunately, a survey of the present organizations revealed that these salespeople's employers need help paying their commissions. Especially those with a large number of salespeople on their radar. Even though each of these employers adopts different payment structures, such as weekly and monthly, their mode of payment affects their profitability.
However, in addition to the costs incurred by these employers when paying their salespeople, they also had to deal with calculating and withholding taxes when paying commissions. By adhering to the regular payroll system and its tax compliance, employers make commission-based payments like full-time employees are taxed.
On the one hand, commission-based payroll calculation can be tedious because employers are tasked with calculating based on the agreed percentage. Included in that are gross pay, taxes deductions, insurance premium, and other deductions before the final net income.
On the other hand, these employers adopt different payment methods to compensate their salespeople. But unfortunately, these payment methods are managed differently, and the costs they incur while using these payment methods have a significant impact on their finances. Among these payment methods are;
Direct deposit is the most common and convenient method of paying employees because it eliminates the need for their employer to physically handle commissions. Although, if you're using payroll software, direct deposit is one of the simplest ways to pay employees. However, setting up direct deposit takes time and involves additional costs, including a set-up fee, a monthly fee, and an expedited fee. Additionally, there is a monthly fee and a fee per check associated with making these direct payments and a transaction fee for each transaction that is executed. Unfortunately, one of the disadvantages of direct deposit is that it can take days to process, and a salesperson needs a bank account to get paid.
Paying commission with cash applies to small businesses with a handful of salespeople. Although this is the easiest and most cost-efficient payment method because no processing fee is required. But one of the most challenging things about paying in cash is that employers have to keep records all the time because the tax agency would be suspicious if they didn't file the proper tax records on commissions paid.
Paychecks are another dependable method employed by employers to pay sales commissions. So, depending on the processing method, it is a straightforward method. However, drafting checks for everyone takes time, which is a problem for businesses with many salespeople. On the other hand, employers who adopted payroll software to print these checks complained about the expense of setting it up.
Therefore, after discussing all the challenges they face in paying commissions to their salespeople, they began asking questions to find a cost-effective and dependable way to pay commissions. They asked questions like;
What payment method can I adopt to save cost?
How can I save money on taxes while paying salespeople?
Given the similar challenges these employers faced, there was only one solution I could propose to address the costs incurred while paying commissions and saving money on taxes. So, in addition to coaching them on how to increase their sales and compete effectively in the market, I introduced them to the use of cryptocurrency to settle commission payments.
Paying Sales Commission With Cryptocurrency
Expectedly, there were several questions on the benefits of paying commissions with cryptocurrency and how they are required to get started. So, among the many benefits of paying with cryptocurrency, I shared the following;
Payments with cryptocurrency are typically made almost instantly, if not on the same day. This eliminates the waiting period that traditional methods require. As a result, sales commissions are received immediately.
No transaction fee
The use of cryptocurrency eliminates the cost of processing payments. Also, a salesperson can withdraw their commission without getting charged for withdrawals.
Cryptocurrency technology is based on decentralized peer-to-peer networks that are not linked to any bank or governmental organization. As a result, employers don't need a third-party payment gateway, and payments are made without the involvement of financial institutions or governments, with commissions paid directly to salespeople.
By emphasizing the benefits of using cryptocurrency to pay commissions, all employers' interests were piqued, and they all wanted to know how to get started.
Processing Sales Commission With Cwallet
After much interest was shown by the employers, it was necessary to introduce them to the simplest way to get started using cryptocurrency. So, without requiring any technical knowledge, I recommend Cwallet to employers as the best platform for commission payment all at once without incurring any transaction costs.
Interestingly, creating a Cwallet account is straightforward; they have to link their mobile phone or third-party sites like Twitter, Telegram, Discord, and Reddit. There is no time-consuming sign-up, KYC, or other excessive verification procedures.
Therefore, employers can quickly pay their sales commissions with a Cwallet account by creating an address book to keep track of all their salespeople's wallet addresses.
Afterwards, commissions can be paid with Cwallet bulk payment at zero cost to the employer.
Using Cwallet bulk payment is simple and quick; choose the currency, confirm the transaction, and the payment is ready to go. That's it! It is straightforward, quick, and saves significant time.
So, you can enjoy the Cwallet bulk payments with 3 main steps;
- Find the Bulk Payment Tool in your Cwallet.
- Fill out the payment information for all salespeople. (Select the network and cryptocurrency, and fill out all the required information. You can also upload a CSV file for bulk payments, which is very convenient!)
- Pay for your bulk payment order. Done!
For a more detailed guide on setting up the bulk payment for your sales commission, you can follow this step-by-step process employed by other business employers to achieve maximum results.
Another feature of the Cwallet bulk payment tool is that it automatically checks for formatting errors in the uploaded CSV file and alerts you to the line where the error is found. Once all corrections and verification are completed, you can review the details on the final payment page. That's it! Super simple, super quick, and saved me a lot of time!
Why You Should Choose Cwallet
Cwallet is a one-of-a-kind cryptocurrency wallet that combines custodial and non-custodial functionality. With the help of this combined on-chain and off-chain wallet, you can manage and trade over 800 cryptocurrencies in a single spot, providing security, simplicity, and flexibility.
Cwallet meets the complex crypto needs of individuals and businesses through various features such as the tip code, airdrop game, giveaway tool, mobile refills, bulk payment, request invoice, payment button, and so on. It is more than just a bitcoin wallet where users can send and receive money, buy and sell cryptocurrency, or hold and swap it.
Cwallet lowers the barrier to crypto usage by allowing you to create a cwallet account instantly using your mobile number or third-party networks such as Twitter, Telegram, Discord, and Reddit.
You can't go wrong with paying sales commission with Cwallet. Cwallet does not charge a processing fee and accepts and processes payments immediately, unlike online merchants and payment gateways.
Cwallet does not charge any deposits, withdrawals, and token swap fees. Therefore, using Cwallet is absolutely FREE!
So, what are you waiting for?
Download the Cwallet NOW!