Netspend Tip NetworkTM allows restaurants to track employees’ tips, calculate tip sharing and pooling amounts, and distribute tips electronically at the end of a shift
Expanding its commitment to delivering superior technology and service solutions to help restaurants across the U.S. better manage payroll and HR obligations, Paychex, Inc., a leading provider of integrated human capital management solutions, today announced its offering of Netspend’s Tip Network, streamlining the process for paying tipped employees.
In conjunction with a paycard, Tip Network allows restaurants to track employees’ tips, calculate tip sharing and pooling amounts, and distribute tips electronically at the end of a shift, helping to manage tips more efficiently and accurately than ever before.
As restaurant owners work to manage the front-end, kitchen, and back-office elements of their establishments, Tip Network allows for increased cash flow with no prefunding required, helps cash management by eliminating the need for mid-shift bank trips to get cash for tip distribution, and provides customer reports with business insights, including earnings and payouts through a central dashboard.
Restaurant employees reap the benefits of the Tip Network as well, with earned tips available via a paycard at the end of each shift, resulting in safer money handling, time saved in tip tracking and tip distribution, and the ability to track past and forecasted earnings and shifts through the employee dashboard. The system also allows for easy tip pooling among employees as necessary.
“We chose Paychex because we felt it would be like having a partner in our business,” said Mike Galderio, Sr., owner of Balagio Ristorante, a family-run restaurant offering homemade Italian food with two locations in Illinois. “We use Paychex for payroll, reporting, and direct deposit – and our service has been wonderful. It takes a lot of pressure off, as it’s another aspect of the business that you don’t have to worry about. They help me achieve my goals every week.”
To learn more about Balagio Ristorante’s experience with Paychex solutions, watch the full video here.
“Serving more than 19,000 restaurants across the U.S., Paychex understands the challenges of this fast-paced industry, where there’s often not a moment to spare. The complications that come with managing tips represent a significant burden,” said Tom Hammond, vice president of corporate strategy and product management at Paychex. “Tip Network is the latest solution Paychex is offering to clients to help restaurant employers and employees manage the administrative challenges unique to the restaurant industry.”
In addition to Tip Network, Paychex offers a full range of business services for restaurants, including comprehensive payroll and HR solutions, time and attendance scheduling capabilities, tax offerings for tipped wages, FICA tip credit, credit card processing, and point of sales solutions.
For more information on Tip Network, visit paychex.com/tip-network.html.
Paychex, Inc. (NASDAQ: PAYX) is a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by 45 years of industry expertise, Paychex serves approximately 605,000 payroll clients as of May 31, 2017, across more than 100 locations and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting www.paychex.com, and stay connected on Twitter and LinkedIn.
About Netspend, a TSYS Company
Netspend is the prepaid provider of choice to self-banked consumers and the brands that serve them. With a mission to empower consumers with the convenience, security and freedom to be self-banked, Netspend’s products have helped over 10 million consumers spend, budget and pay bills since 1999. Consumers can reload and find Netspend Prepaid Cards at convenient locations nationwide through Netspend’s extensive network of 130,000 reload points and over 115,000 distributing locations and employers, including check cashers, convenience stores, grocers, pharmacies, insurance providers and tax preparers. Headquartered in Austin, Texas, Netspend is a wholly owned subsidiary of TSYS (NYSE: TSS). For more information, please visit www.netspend.com.