eTip, the leading digital tipping and financial benefits platform tailored to service sector businesses, today announces its latest innovation – instant cashless tip payouts for restaurant workers. With this new feature, eTip empowers food service establishments to provide real-time, cashless tip payouts directly to their employees’ existing bank accounts. This capability not only enhances employee satisfaction and retention but also streamlines payroll administration.
Americans are carrying less cash, and that presents a dilemma for restaurants and food service businesses. While credit card transactions are more convenient for customers, with 75% of American diners preferring to pay by card, tips made on credit cards are often a hassle to reconcile in internal accounting systems. Worse yet, the service workers receiving tips, often motivated to join the industry with the promise of same-day pay, find themselves waiting hours or even days after their shift to receive the same funds to which they once had immediate access. With one out of four restaurant workers expecting to leave the industry within the next year, such a system that increases employee frustration is untenable.
Responding to these market shifts, eTip, the platform already modernizing tipping for some of the world’s largest hotel brands and third-party franchisees, is expanding its platform to power same-day cashless tip payouts via Visa Direct to food and beverage workers in restaurants, bars, QSRs (quick-service restaurants), and other foodservice establishments. Its connected API integrates seamlessly with a restaurant’s accounting system, making reconciling credit card transactions and tips frictionless and secure.
Major benefits of the eTip Restaurant Tip Payout Platform include:
- Improved Employee Retention and Satisfaction: By facilitating swift, same-day tip payouts, eTip empowers restaurants to enhance their employees’ financial well-being, positioning them competitively in a tight labor market. In fact, 82% of hospitality workers choose instant tip payouts when presented with them as an option.
- Cost-Effective Operations: eTip simplifies and optimizes financial operations by seamlessly integrating with accounting systems, reducing administrative costs and errors.
- Reduced Administrative Burden: The platform automates tip distribution, saving time and effort while minimizing errors, allowing businesses to focus on core operations.
- Enhanced Security: Eliminating the need for cash, eTip provides a safer way to deliver tips. Additionally, eTip prioritizes data security, safeguarding financial transactions and personal information, and protecting against data breaches and fraud.
For hotel businesses that want to add eTip’s new functionality to the restaurant on their location, the benefits are greater still. Hospitality businesses can seamlessly add eTip’s cashless tipping for hotel staff and instant tip payouts for restaurant workers, effortlessly tracking and managing the funds of all the critical workers on their teams who rely daily on tipped wages.
“We’ve closely listened to the market, as well as our existing and prospective customers,” says Nicolas Cassis, CEO and Co-Founder of eTip. “We’re proud to say that our latest Restaurant Tip Payout feature responds to the changing payment landscape and emphasizes our commitment to driving better outcomes for businesses while enhancing employee wellbeing. Our expansion into the restaurant sector builds upon our successful track record with leading hotel brands and reinforces our vision for a more efficient and employee-friendly future.”
About eTip
eTip is a digital tipping and financial benefits platform tailored to service sector businesses, including hotels, restaurants, gaming, and more. eTip is trusted by global hospitality, leisure, and retail brands to drive operational efficiency, foster customer loyalty, and engage workers with digital financial benefits. eTip leverages technology, payments innovations, and the power of gratitude to build solutions to solve customers’ service-level challenges and address industry-specific needs. eTip’s mission is to empower the services economy with a holistic platform that digitizes cash-heavy operations, centralizes on-bill and off-bill tipping, and offers workers financial wellness tools including emergency savings, credit building, and now, on-demand payout of tips to achieve their long-term financial goals.
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