eTip announced it added instant cashless tip payouts for restaurant workers to its platform. With this new feature, eTip allows food service establishments to provide real-time, cashless tip payouts directly to their employees’ existing bank accounts.
U.S. diners are carrying less cash, which presents a dilemma for restaurants and food service businesses. While credit card transactions are more convenient for customers, with 75 percent of U.S. diners preferring to pay by card, tips made on credit cards are often a hassle to reconcile in internal accounting systems. The service workers receiving tips, often motivated to join the industry by 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.
Responding to these market shifts, eTip expanded 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 food service establishments. Its connected API integrates with a restaurant’s accounting system, making reconciling credit card transactions and tips secure.
The eTip Restaurant Tip Payout Platform includes:
- By facilitating same-day tip payouts, eTip can help facilitate employees’ financial well-being, positioning them in a tight labor market. Eighty-two percent of hospitality workers choose instant tip payouts when presented with them as an option.
- eTip optimizes financial operations by integrating with accounting systems, reducing administrative costs and errors.
- The platform automates tip distribution, saving time and effort while minimizing errors, and allowing businesses to focus on core operations.
- Eliminating the need for cash, eTip provides a safe 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, cashless tipping for hotel staff and instant tip payouts for restaurant workers are both available, tracking and managing the funds of all the 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.”