TipHaus’ New Digital Tipping Solution and Banking Platform Helps Service Providers Optimize Financial and Operational Efficiency
Seattle, Wash.–(Newsfile Corp. – September 29, 2022) – TipHaus has launched a digital tipping solution, banking platform and app that helps service providers optimize financial and operational efficiency. By providing the maximum possible transparency throughout the tip calculation and distribution process, the platform also facilitates a greater level of employee engagement and trust.
From a finance and accounting perspective, managers end up saving a lot of time and money when using TipHaus’ tipping solutions. The average customer saves at least 20 management hours and a minimum of $1,000 per month. Automated tip calculations are synchronized with POS and POS time and attendance software. They are updated automatically every 15 minutes and real-time reports from TipHaus can be imported into payroll with just one click. As a result, the payroll process becomes much simpler, less time consuming and more accurate. There are fewer opportunities for error and no manual input is required.
According to TipHaus COO Kirk Grogan, “Using our tipping solutions means managers never need to double-check or enter tip-sharing information. They can change tipping rules to give a fairer percentage of tips to employees who play a bigger role in the success of the outlet.Managers no longer need to waste time running bank errands to pay tips in cash at the end of the shift.
The Earned Tip Access banking platform and hausmoney app is an industry-first solution that allows employees to receive their tips in their bank account the same day. They can see exactly how much they’ve earned in tips each shift, how much is distributed to other employees, and how much is deposited into their accounts. In case they clock in early or ask another employee to replace them, they can easily pay themselves via the hausmoney app. Part of TipHaus’ core beliefs is that they believe restaurant employees should be able to instantly access their tips, which is why they’ve made their app free for restaurants, employees, and managers.
Studies found that employees who work in trusted organizations have 50% higher productivity, 13% fewer sick days, 76% more engagement, and 40% less burnout. With burnout and lack of commitment being the top two reasons employees change jobs, transparent and timely payment of tips can be a key tool in attracting and retaining employees.
The level of financial transparency offered by TipHaus’ tipping solutions also helps restaurants stay compliant with the law as they are responsible for underpayment. To avoid this, restaurants prefer to err on the side of caution and, in many cases, end up paying too much. The automated payment and reconciliation solution offered by TipHaus minimizes the risk of this happening.
Kirk Grogan concluded, “With TipHaus on their side, managers and employees have a greater level of control over their money. Employees are happier because there is a greater level of transparency and they have instant access to their money. For owners and managers, the system offers great flexibility as you can easily adjust the rules or have them take effect retroactively. Customer refunds and early departures become simple one-click transactions. The Dashboard clear and dynamic nature of the whole process means that the data is transparent and constantly updated This has a significant impact on the workforce In a scenario where the the restaurant industry is grappling with unprecedented levels of staffing challenges, we believe that TipHaus can play an important role in increasing staff engagement and retention levels. Instead of living paycheck to paycheck, we want people in the service industry to budget and own their finances. Our goal is to provide restaurateurs, managers and employees with an end-to-end automated tipping solution that can empower tip earners and help them take control of their money.”
TipHaus is a custom SaaS platform for automating the distribution of tips and wages to employees in the service industry. The software is highly customizable, user friendly and is updated every 15 minutes for fair and transparent tip sharing and pooling. This helps managers stay compliant with the law, save money, reduce the risk of error, and save time on manual entries and calculations.
Last name: Kirk Grogan
E-mail address: [email protected]
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