Having launched its first payroll software product in June, Wagepoint is now gearing up to expand into the U.S. market.

It’s also moving to allow some clients to receive a portion of their paycheque in the online currency known as bitcoins.

Wagepoint is based in Halifax and Toronto. It offers an affordable solution to help businesses perform all the tasks associated with payroll through a single solution. That means small- and medium-sized businesses can use Wagepoint to pay employees, deduct taxes, keep records of their payments and similar functions.

One interesting note about the company is one of its most successful markets is agencies employing nannies.

The company launched its Canadian product in June and already administers 3,000 payrolls, and has processed a total of $40 million in paycheques.

CEO Shrad Rao, in an interview from Toronto on Tuesday, said the company, with no marketing budget, is finding 40 to 50 leads a month and is converting a substantial number into sales.

While it’s pleased with its Canadian sales, the company is now gearing up to launch in the U.S. in the new year and is already getting about an enquiry a day from south of the border.

“We’ve seen a very good amount of interest in the U.S.,” said Rao. “It’s all good because it opens up a market 10 times the market we have right now.”

Wagepoint began in Nova Scotia and grew into a far-flung operation. Its customer services office is in Amherst, and this office is targeted to grow as the company’s customer base expands.

The company has a remote development team located in several different countries, and the COO and CEO are both in the Greater Toronto Area.

Before it launches in the U.S., Wagepoint will introduce a new feature on Nov. 18 that Rao says is unique in the world. The new feature is an optional program that allows employees to take a small portion of their monthly pay in bitcoins, a type of currency that can only be used online.

“There are some people who really like this, especially in the digital industries,” said Rao. “They would take, say, $300 or $400 of their pay each month in bitcoins and invest it.”

Rao said Wagepoint previously raised a small amount of money from angel investors in Nova Scotia. It used those funds to build out its initial product. It began with a payroll product because paying employees is essential to the employer-employee relationship.

It plans on developing other products to bolt on to the core payroll solution. Eventually, it hopes to have a “cradle-to-grave” solution that will provide services for employees throughout their career.

The company is now working on a more substantial round of funding, and will likely target seven figures.

Rao said Wagepoint is considering what type of parties it hopes to raise money from, and whether it will try to raise money in the U.S. or Canada.