New Digital Tipping Solution and Banking Platform from TipHaus Helps Service Providers to Optimize Financial and Operational Efficiency

Seattle, Washington--(Newsfile Corp. - September 29, 2022) - TipHaus has launched a digital tipping solution, banking platform and app that helps service providers optimize their financial and operational efficiency. By providing the maximum possible transparency through the entire process of tip calculation and distribution, the platform also facilitates a greater level of employee engagement and trust.

From the financial and accounting perspective, managers end up saving a lot of time and money when they use the tipping solutions from TipHaus. The average customer saves at least 20 managerial hours and a minimum of $1000 on a monthly basis. The automated tip calculations are synced with the outlet's POS and Time and attendance software. They are updated automatically every 15 minutes, and the real time reports from TipHaus can be imported with a single click into the payroll. Hence, the payroll process becomes significantly easier, less time consuming and more accurate. There is less scope for error and no need for manual entry.

Said Kirk Grogan, COO of TipHaus, "Using our tipping solutions means that managers never need to double check or input tip sharing information. They can tweak the tip rules to give a more fairly distributed percentage of tips to the employees who play a greater role in the success of the outlet. There is no more need for managers to waste time making bank runs to pay out tips in cash at the end of the shift."

The Earned Tip Access banking platform and hausmoney app is an industry-first solution that makes it possible for employees to receive their tips in their bank account on the very same day. They can see exactly how much they have earned in tips every single shift, how much is distributed to other employees and how much is deposited into their accounts. In the event that they clock out early or get another employee to fill in for them, they can easily pay each other through the hausmoney app. Part of TipHaus's core beliefs is that they believe employees of restaurants should be able to gain instant access to their tips, which is why they have made their application free for restaurants, employees and the managers to make use of.

Studies have found that employees who work in high-trust organizations have 50% higher productivity, 13% fewer sick days, 76% more engagement and 40% less burnout. With burnout and lack of engagement being two main reasons why employees switch jobs, transparent and ontime payment of tips can serve as a key tool for attracting and retaining employees.

The level of financial transparency that tipping solutions from TipHaus offers also helps restaurants stay legally compliant as they are liable in the event of underpayment. To avoid this, restaurants prefer to err on the side of caution and, in many cases, end up overpaying. The automated payment and reconciliation solution that TipHaus offers minimizes the chances of this occurring.

Concluded Kirk Grogan, "With TipHaus on their side, both managers and employees have a greater level of control over their money. Employees are happier as 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 rules or have them take effect retroactively. Customer refunds and clocking out early become simple one click transactions. The clear dashboard and the dynamic nature of the entire process means that the data is transparent and constantly updated. This has a great impact on the workforce. In a scenario, where the restaurant industry is struggling 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 from paycheck to paycheck, we want people in the service industry to budget and own their finances. Our goal is to provide restaurant owners, managers and employees with an end-to-end automated tipping solution which can empower tip earners and help them take control over their money."

About TipHaus

TipHaus is a personalized SaaS platform for automating tip and wage distribution to employees in the service industry. The software is highly customizable, user-friendly and is updated every 15 minutes for equitable and transparent tip sharing and tip pooling. This helps managers to stay legally compliant, save money, reduce scope for error and save the time spent on making manual entries and calculations.

Media Contact:
Name: Kirk Grogan
Email address: kirk@tiphaus.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138851