“We are so excited to be working with a team like Synctera. Every team member and interaction we have had has been productive and educational, and their team members are all delightful. We cannot wait to solve one of the biggest pain points for the largest workforce in America, and we fully believe that we have the partnerships to execute it perfectly to our vision.”
Leif Magnuson - TipHaus Founder/CEO
TipHaus: solving tip distribution for restaurant owners and managers
TipHaus is solving an important dilemma in the hospitality industry - how to make sure you can pay your employee’s tips on a daily basis. Not only is Tiphaus offering an amazing banking experience, it was developed with hospitality employees in mind from the features, design, to enabling employees to receive their money up to two weeks earlier at no cost.
In order to become the hospitality and service industry’s preferred banking platform, TipHaus realized it needed to help provide financial use cases beyond tip calculation software. The team has advanced plans to look at payments, transfers, and more, but connecting to financial rails with a bank partnership was proving to be a burdensome task.
“Even after a ton of meetings with banks on our own, no one felt like a true partner,” said Kirk Grogan, TipHaus COO. ”The economics were really skewed towards one party, not to mention all of the technology and compliance hookups we needed to truly connect and work with a bank to start helping service workers.”
With a consultative approach that helps banks and FinTechs alike in programs like Liftoff and Direct Bank Matching, Synctera is able to find the perfect bank partner to match with TipHaus and get them to market fast. On the other side, TipHaus’ bank partner can start earning interchange revenue under attractive revenue share terms.
“Synctera’s team did an exceptional job finding common terms, breaking down the offers between us and the bank and reconciling these offers to a common playing ground,” said Grogan. “The team at Synctera was like a Rosetta Stone for us, helping make sense of all the disparate banking and financial nomenclature to find a bank we felt like was there to help us succeed.”
From eliminating manual processes and needs of contracting and due diligence with a bank or counterparty, TipHaus found and connected to a banking partner faster than they anticipated. In addition, Synctera’s technology platform connected all of the dots for TipHaus, making card issuing, dealer application program interfaces (APIs), and banking operations easy to deploy and manage.
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TipHaus is the fastest growing tip distribution platform in the world, servicing the hospitality industry across North America. Since 2018, TipHaus has been streamlining finances for restaurant employees, helping managers and owners save tens of thousands of dollars, and eliminating costly legal liability and compliance that arise when distributing gratuities and tips amongst employees.
Founded by industry experts, TipHaus exists to simplify the lives of restaurant managers and workers. Whether tip sharing for a national chain or tip pooling for a first time restaurant owner, revolutionary, real time, automated tip distribution is a must have for successful restaurant operations.