SAN FRANCISCO, March 27, 2013 /PRNewswire/ -- Expensify, the world's top SMB expense reporting application, brings Bitcoin to the forefront of the international business world today by adding a reimbursement option using the digital currency. Expensify has adopted Bitcoin reimbursement in order to take the cost and headache out of international employee reimbursement.
Bitcoin is a digital, decentralized, crypto-currency that operates without a central authority. Its value not tied to the economy of any one country, Bitcoin's popularity has soared in the past several years. Bitcoin enables secure instant payments to anyone, anywhere in the world.
"As our user base grows internationally, we're getting an increasing number of requests for cross-currency reimbursement, and Bitcoin is absolutely perfect for this," said David Barrett, founder and CEO of Expensify. "By supporting Bitcoin, Expensify hopes to highlight its incredibly valuable role as a tool for mainstream commerce."
"Businesses and consumers both have pain in financial transactions today. International payments are difficult, costly, and take several days. Bitcoin can solve the same problem in seconds, for little or no cost," said Bitpay CEO Tony Gallippi. "Once liquid markets for Bitcoin are established around the world, much like the ISP model of the mid-90s got people connected to the network, then the global adoption of Bitcoin will accelerate."
Expensify saves its users time and money by eliminating the paperwork from expense reports. Adopting Bitcoin reimbursement is the next logical step as it makes global reimbursement easy. With 1.4 million users across 210,000 companies, Expensify is extremely popular with SMB owners all over the world. Previously, reimbursement was limited to direct deposit or PayPal within the US. With Bitcoin, companies now have the option of reimbursing their international employees instantly.
About Expensify Inc.
Expensify does "expense reports that don't suck!" Users import expenses and receipts from their smartphones, 98% of US banks and credit cards, plus a wide array of international banks. Expensify's SmartScan technology will read receipts and automatically create expenses for them, or match them to expenses imported from a credit card. Create and submit your entire expense report online or from your smartphone to quickly get reimbursed directly to your checking account. Seamless QuickBooks integration, rich mobile apps to log expenses on the go, and integrated direct deposit make Expensify the clear choice for business expense reporting. Expensify is the largest SMB expense reporting service, used by over 200K companies and 1.4M users, processing over $2M in expense reports every day. Visit https://www.expensify.com to sign up or we.are.expensify.com for more company information.