FinTech News
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.
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