Cash vs Contactless Tipping | Which is The Better Way to Manage Tips at Your Business?
We all love going to restaurants. There is something about it; great food, the chats with the wine connoisseur, the smiling wait-staff that's always there to make you feel at home. This is why you want to reward great service when possible. This takes us to our million-dollar debate with relation to tipping. Cash versus Contactless tipping, which is better?
The real problem with Cash Tipping
You know the drill with cash tipping. It is a fancy restaurant and you typically carry cash beforehand to tip the wait-staff. But what about all the other workers who rely on tips as a source of income. Food delivery drivers, Buskers, Taxi drivers, Valets, Tour guides etc. all miss out on tips because people don’t have cash in hand.
It is estimated that a large chunk of workers miss out on tips these days because close to 60 % millennials do not carry cash.
- Cash is slowly losing it’s lustre with investments in cashless payments solutions and crypto-currency on the rise. Tech pioneers like Elon Musk investing billions in bitcoins is definitely a sign of things to change rapidly.
- Customer confidence in tipping is at an all-time low with allegations of large corporations using service charges for their own benefit.
- Hospitality sector workers prefer that the tip money goes directly in their bank account.
- Business owners constantly struggle with the admin burden, tax compliance and time required to manage tips at a facility.
A Case for Contactless Tipping
We all know about contactless payment via credit cards which literally has become a life-line amidst the pandemic. The demand and adoption of contactless payment solutions is growing at an unprecedented pace.
Moreover a rapid rise in millennials favoring mobile phones payments over credit cards makes a strong case for Contactless Tipping in the hospitality sector.
How does an ideal Contactless Tipping solution work ?
An ideal cashless tipping solution should allow instant, contactless transfer of gratuity directly to a beneficiary’s bank account. This should enable a customer to tip a wait staff, hairdresser, delivery driver etc. without even having to go through a sign-up process.
Benefits of Contactless Tipping over Cash Tipping
- It offers socially distanced tipping; keep your staff and customers safe by avoiding contact and reducing the touch points with cash.
- The money goes straight into the worker’s bank account this ensures the staff get’s paid on a daily basis.
- Boost your staff morale and improve their work ethic.
- Distribute tips in a large group, this ensures back of the house staff also get a share of tips.
- Offers advanced data analytics and performance tracking. Employees get an idea how much money they make from tips and Employers can assess who are their best performing staff members.
- Build reputation of being a fair employer.
QuikTipz is the best contactless tipping solution in the market which offers tipping in Three easy steps.
Scan the QR code, Select an amount and Confirm payment.
Rounding it off.
Contactless tipping is a clear winner!!
Feel free to comment and share your views on the topic.
We are offering our cashless tipping solution to all businesses in the hospitality sector for free to battle the economic impact of Covid 19.
Find out more: www.QuikTipz.com
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