TipHaus Launches Banking Platform and hausmoney App to Simplify Tip Sharing and Payouts in Service Sector

September 27, 2022 2:15 PM EDT | Source: Pathos Communications

Seattle, Washington--(Newsfile Corp. - September 27, 2022) - TipHaus, a Seattle based company, has announced the launch of the Earned Tip Access digital banking platform and hausmoney digital app to simplify tip sharing and payouts in the service industry. TipHaus already has a software solution to automate tip calculation for the service industry, in order to create a greater level of transparency and employee engagement. The company is now launching this platform with the goal of ensuring that restaurant employees are able to leave every shift with the exact amount that they are due, after transparent and equitable distribution of tips.

In recent years, the pandemic accelerated the shift to a cashless and digital economy. In the past, when the bills and tips were paid in cash, workers in the service industry were able to leave with their earnings at the end of every shift. But this scenario has now changed. When payments are made digitally or through credit cards, restaurants are unlikely to have enough cash on hand to pay out the tips when workers clock out. 

The Earned Tip Access banking platform solves this problem with the simple and easy transfer of funds, after they have been correctly distributed, into the individual hausmoney accounts of employees who have opted to use the service. The transaction can be carried out with just one click and there is no need for employees to wait until the next pay period to receive the tips they have earned.

According to Kirk Grogan, the COO of TipHaus, the free hausmoney app that can be accessed by employees on their phones, is linked to both physical and digital debit cards. Employees get payouts of their tips on the same day, directly into their bank accounts. They can also use the app to transfer money to other employees in the event that they swap shifts or clock out early. All payments are completely automated, tracked and transparent, and there is no manual entry involved. 

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. Employees of restaurants that have signed up for TipHaus can use their hausmoney app to make payments just as they would with any other account. They can transfer money into and out of 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 functions as a digital wallet for service employees through which they get instant access to their wages and tips. The best part is that hausmoney is free for restaurants, employees and the managers to use. We don't charge any fees for setup or for getting the cards issued. It truly offers a banking experience that is the first of its kind. Currently, we are working with one restaurant group, a prominent New York based brunch chain, as part of the alpha testing phase. Within the next month, as part of the beta testing phase, we will expand this to nine other restaurant groups for a total of ten restaurant groups across the nation. We are hoping that by the end of this year, we will have all of our existing customers, about one thousand of them, on this banking app."

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 addresskirk@tiphaus.com

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