eTip Introduces Instant Restaurant Tip Payouts to Platform
eTip laptop and app screenshots

eTip Introduces Instant Restaurant Tip Payouts to Platform

A FinTech service that specializes in cashless tipping is now looking to help waitstaff retrieve their gratuity more quickly.

About the new tool:

This week, eTip announced that it was introducing a new restaurant tip payout platform. With this option, locations will be able to offer instant payouts to their workers, with funds going directly into their bank accounts.

As eTip notes, 71% of American diners use a credit card to pay for meals rather than cash. Because of this, servers and other restaurant employees may need to wait in order to receive their tips, which can be frustrating. In turn, according to the company, this new instant payout feature could help improve employee retention and morale as well as better streamline payroll procedures.

About eTip:

eTip is a FinTech that’s sought to bring better digital tipping to the service sector. The company has already been working with large hotel brands as well as franchisees to offer digital tipping options for housekeeping employees and other hotel workers. Among the brands currently using eTip in some capacity are Best Western, Hilton, Marriott, and more.

What they’re saying:

Announcing the latest feature, eTip CEO and co-founder Nicolas Cassis said, “We’ve closely listened to the market, as well as our existing and prospective customers. 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.” Cassis continued, “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.”

My thoughts:

Recent years have seen a number of startups try to tackle the problem of giving employees faster access to their earned wages. Now, this feature from eTip takes on a similar situation, albeit an even more specific one. Yet, I think this tipping payout option makes a ton of sense and could be truly useful for employees. While I’ve never worked in hostility personally, I can imagine that those workers would want access to their money as soon as possible — and definitely could see multiple reasons why deposits to a banking account would be preferable to receiving an envelope of cash.

Meanwhile, although consumers may be frustrated with current tip culture (namely how prevalent it is), restaurants have long established a standard for tipping. Thus, it also seems smart on eTip’s part to create products that make the process of tipping more effective for employees in addition to bringing gratuity into other sectors. All in all, this strikes me as a strong expansion for eTip as the company continues to grow.

Author

Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

2 Qatar Airways Privilege Club Credit Cards

Cardless Launches Two Qatar Airways Co-Branded Credit Cards

The FinTech startup Cardless is partnering with Qatar Airways to offer two new co-branded cards to the American market. About the cards: Recently, Cardless introduced its two latest rewards credit cards: The Qatar Airways Privilege Club Signature Card and the Qatar Airways Privilege Club Infinite Card. Starting with the Signature card, it earns 4x Avios on Qatar Airways purchases plus 2x Avios on dining purchases, and 1x Avios on all...
Yendo logo and credit card

Vehicle-Secured Credit Card Company Yendo Raises $165 Million

A FinTech that offers the first-ever credit card secured by a customer's vehicle has announced its latest round of funding. About the round: This week, Yendo announced that it had raised $165 million. However, this includes $150 million in debt financing and $15 million in equity. The debt portion was led by i80 group, while the strategic investors that participated in the equity round were not disclosed. Yendo previously raised...
woman holding her hands to her temple thinking

Lessons From a First-Time Home Buyer: Worst Time to Buy a House? There Are Always Exceptions

If you've been thinking about buying a house, looking at the news lately has likely disheartened you. As CNN reports, a recent Gallup poll found that 76% of Americans believe it's a bad time to buy — with only 21% saying it's a good time. There are several reasons for that sentiment, with the top two being the combination of high interest rates and high home prices. So, are you...
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...