Fourth announced that its Fuego™ on-demand pay system had introduced an automatic tip payout feature. With the new feature, employees may access their tips online and take a percentage of their earned cash before payday. The payout system is perfectly integrated with HotSchedules®, the company's scheduling software.
The tip payout system helps employers decrease their reliance on cash, the expenses of cash collection, transport, and insurance, as well as security costs and the likelihood of theft or fraud.
"We are excited to expand our earned wage access offering with tip pay out," said Clinton Anderson, CEO, Fourth. "Businesses today face unprecedented challenges attracting and retaining employees. As the only on-demand pay app fully integrated with the industry’s #1 scheduling app, HotSchedules, customers experience more than 20% employee adoption, making it the best choice for retention."
Tip Payout Systems
Fourth Expands Its Wage Access with a New Tip Pay Out System for Employees
Trend Themes
1. Tip Payout Automation - The introduction of automatic tip payout feature creates opportunities for businesses to streamline the process of paying out employee tips, increasing efficiency and eliminating possible human error.
2. On-demand Pay Systems - The integration of an on-demand pay system helps attract and retain employees by providing them with more financial flexibility and control.
3. Cashless Payment Systems - The move towards a cashless payment system in the workplace removes the need for cash handling, reducing associated expenses and security risks.
Industry Implications
1. Hospitality - The integration of a tip payout system creates a disruptive innovation opportunity in the hospitality industry by improving the payment process for restaurant and hotel staff.
2. Retail - On-demand pay systems can benefit the retail industry by providing a flexible payment option for employees who may need access to their paychecks earlier than payday.
3. Security - The implementation of cashless payment systems can disrupt the security industry, as it may reduce the need for traditional cash handling services and increase the demand for secure digital payments.