We are please to announce our partnership with XTM Inc, a leader in mobile banking and payment solutions. BlackFox and XTM are teaming up to bring cash-less tip distribution to the BlackFox cash-out system.
Historically, restaurants dealt in a lot of cash, and Servers and Bartenders have traditionally ended their shifts with a pocket full of paper money. Cash has been losing favour as a payment method for decades and the restaurant industry has slowly been transformed by this changing reality. COVID has accelerated this evolution and virtually eliminated cash overnight.
The movement to a cash-less world has put restaurants in an awkward position. Servers and Bartenders are owed their tips at the end of a shift, but there is no longer cash coming in. The available solutions are not attractive; we can add tips to the companies payroll process, a route that adds complexity and invites a very unwelcome tax man, or the restaurant must routinely withdrawal thousands in cash from the bank to pay-out their staff.
The XTM TipsToday system provides a new and better alternative; a digital gratuity payout. They issue restaurant staff with a plastic card which the business can load funds onto. The staff member can use it as a credit or bank card. There is no cost to either the restaurant or staff for the service, XTM makes their money through fees that retailers already pay for credit card processing. It’s a simple, convenient, low cost solution to the problem of a cash-less world.
The BlackFox cash-out system already saves restaurant owners and managers time and energy by simplifying the daily cash-out process. BlackFox is well received by restaurant staff because it manages staff tips with accuracy and transparency. We are excited to work with XTM to provide this new cashless method to issue tips to restaurant staff, furthering our mission to make running a successful restaurant just a little bit easier.Feb 08