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Seattle, Wash.–(Newsfile Corp. – September 27, 2022) – TipHaus, a Seattle-based company, announced the launch of the Earned Tip Access digital banking platform and hausmoney digital app to simplify tip sharing and tips. payments in the service sector. TipHaus already has a software solution to automate tip calculation for the service industry, to create a greater level of transparency and employee engagement. The company is now launching this platform with the aim of ensuring that restaurant employees can leave each shift with the exact amount owed to them, after a transparent and fair distribution of tips.
During the last years, the pandemic accelerated the transition to a cashless and digital economy. In the past, when bills and tips were paid in cash, service workers could walk away with their earnings at the end of each shift. But that scenario has now changed. When payments are made digitally or by credit card, restaurants are unlikely to have enough cash to pay for tips when workers clock in.
The Earned Tip Access banking platform solves this problem with the simple and easy transfer of funds, after they have been properly distributed, to the individual hausmoney accounts of employees who have elected to use the service. The transaction can be completed with a single click and employees do not need to wait for the next pay period to receive the tips they have earned.
According to Kirk Grogan, COO of TipHaus, the free hausmoney app available to employees on their phones, is linked to both physical and digital debit cards. Employees receive payment for their tips the same day, directly to their bank account. They can also use the app to transfer money to other employees in case they swap shifts or leave early. All payments are fully automated, tracked and transparent, and no manual entry is required.
In order to provide this service, TipHaus has partnered with an FDIC (Federal Deposit Insurance Corporation) insured bank, Lineage Bank, which has the authority to issue accounts. Restaurant employees who have signed up for TipHaus can use their hausmoney app to make payments as they would with any other account. They can transfer money to and from their bank account.
Commenting on the ambitious plans for the Earned Tip Access banking platform and hausmoney app, Kirk Grogan, COO of TipHaus, said, “hausmoney essentially works as a digital wallet for service employees through which they get instant access to their salaries and tips. The best part is that hausmoney is free for restaurants, employees, and managers. We don’t charge any fees for setting up or issuing cards. It really does offer a one-of-a-kind banking experience. Currently we are working with a group of restaurants, a major New York based brunch chain, in the alpha testing phase, over the next month in the beta testing phase we will expand this to nine more restaurant groups for a total of ten restaurant groups across the country. We hope that by the end of this year, we will have all of our existing customers, about a thousand of them, on this banking app.
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]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138600