World

The service industry has long been known for its hardworking and dedicated workforce. From restaurant servers to hotel staff, these workers form the backbone of many businesses that rely on their labor to provide exceptional customer experiences.

However, behind their cheerful and courteous demeanor, many service industry workers face significant work and financial challenges that can make it difficult to make ends meet. These are the challengesXTM Inc.XTMIF PAID , a fintech company in the cloud-banking space, has been striving to fix.

The Miami and Toronto-based fintech innovator in the neo-banking space, since 2005, has been helping businesses and service workers in thehospitalityand personal care space disseminate and access Earned Wages and Gratuities.

Established as a leader in on-demand pay with many large brands, including Earls, Maple Leaf Sports and Entertainment, Cactus Club, Marriott International Inc. MAR hotels and Live Nation Entertainment Inc. LYV , the company says it is continuously innovating to support businesses with its shift scheduling and call-outs, staff management, expense management, in-app health and financial wellness, and gamified loyalty programs.

Providing tailor-made solutions to the numerous challenges facing the service industry and its workers, who are most often overlooked from traditional benefits, can help improve the economic well-being of these essential workers while also boosting profit for the companies they work for. The U.S. Bureau of Labor Statisticsestimatesthe number of service industry workers in America to be about 126,457 in 2021, but the number is expected to be higher if undocumented workers are added.

For years, one of the sector's main challenges has been inconsistency in work schedules. Many workers receive only limited notice of their shifts, making planning for other commitments such as child care or education difficult. This can contribute to financial instability and difficulty making bills.

Additionally, workers who are not paid a regular salary may experience fluctuations in their income depending on the amount of work available, which can make it challenging to budget and manage their finances effectively.

Service industry workers often rely on tips to supplement their income, especially in jobs such as restaurant servers and bartenders. However, this reliance on tips leaves workers vulnerable to the whims of customers, who may decide to leave little or no gratuity for reasons beyond the worker's control. Apart from making it challenging to predict income, it can also negatively affect the financial stability of workers.

Solutions For Average Service Industry Workers

Serving as a partner for businesses and workers in the service industry, XTM aims to help disseminate and access earned wages and gratuities. The company says its primary goal is to deliver financial inclusion for the average service industry worker, providing a path for financial stability and accessibility.

XTM provides many services, including its much-lauded Today Financial solution. Composed of a mobile app and wallet paired with a Visa Inc. V or Mastercard Inc. MA debit card, this solution allows service industry workers to access their earned wages and gratuities immediately.

This platform provides many essential services to businesses and individuals, including paying bills, renting, and engaging in other standard financial activities with reduced banking fees or entirely cash-free transactions.

The unique aspect of XTM's solution is the ability that service workers have to access their wages on demand. Additionally, the ancillary benefits associated with the program benefit both the operator and the member, including POS and Payroll integration, budgeting tools, cashback rewards and virtual health care, soon to come. The member pays no monthly fee and XTM generates the main core of its revenue through an interchange share with the Network.Unique Features Of The Today Platform Today Payments (On-demand pay) Leading payroll integrations, real-time payments platform, compliant, secure, accessible, gamified bonuses and rewards. Today Tip Calculator Operational efficiency, transparency, reduced risk of litigation and improved morale. Today Timely (Staff management) Instant shift callout, increased reliability, improved recruitment, engagement and retention, seamless two-way live communication and equalizes worker control. Today Wellness (Employee benefits) Financial Wellness Bundle: budgeting/savings tool paired with virtual healthcare. Today Financial Cloud banking. 4.3 rated on App stores, lock funds with one-tap, cash back rewards and purchase protection. Keeping Workers Mind On Work, Not Their Wallet

XTM looks to have a unique approach that can help businesses by significantly reducingpayrolladministration time and costs, which can be particularly helpful for organizations with multiple payment locations.

The payroll solution allows businesses to pay their employees at any frequency. The app comes with a suite of standard and custom features ATM access, Bill Payment, Interac eTransfer, and more that can be added or removed to meet the needs of employees.Giving Employees Their Money Sooner

Using XTMsHospitalitysolution for instant gratuity disbursement, businesses can easily pay their employees tips and wages at the end of each shift. The company has bundled a card, mobile app and admin platform to make cashless staff payments seamless. Full POS integration also allows for an automated solution with reporting and reconciliation built-in.

In addition to providing financial services, XTM has also endeavored to improve the lives of service workers with programs such as its gift card incentive program. This program allows businesses to incentivize their workers through gift cards to purchase or pay bills like mobile phones and internet services, thereby reducing their costs and giving back to workers.

The company ensures that all transactions on its platform are performed in cloud-basedPCI-compliantarchitecture, which is the most secure and user-friendly manner possible, with ease of use being a top priority. Furthermore, the platform provides its users with detailed transaction histories, in-app customer support, and even financial counseling to maintain their financial health.

Image sourced from Shutterstock

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice

Articles You May Like

Trump suggests migrants murder as ‘it’s in their genes’
LinkedIn goes deeper into puzzle games with Tango, following success of Queens
Jets owner: Decision to fire Saleh ‘mine alone’
Indian tycoon and former chairman of Tata Group dies
Trump v Harris: A look at how their records compare