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“URocked” already provides the transparency and accounting requirements for tips, gratuities, and service charges, as soon to be required by law.
News provided by UR Payment Technologies Ltd on Wednesday 27th Dec 2023
The system introduced by
While the changes to tip accounting and payment regulations are currently in consultation with the hospitality sector, and scheduled to come into force on the 1st
of July 2024, "URocked”, the cashless tipping solution company, is already equipped to deliver all essential requirements. This capability increases income for workers and simplifies the daily tasks of employers.
Equivalent legislation has already been implemented in Ireland, ensuring that every worker directly receives their tips without employer involvement. The implementation of the "URocked" system, facilitating both bill payments and tip transactions through debit and credit cards, has demonstrated a notable increase in tips, up to fivefold in some places. This has led to a substantial increase in employee compensation as a way of acknowledging their hard work, providing welcome relief at a time of significant increase in cost of living and decreasing cash tips.
"We believe that the upcoming legislation in the UK will serve as a driving force for enhancing the performance of service personnel, ultimately leading to increased revenue and staff retention for employers," states David Dillon, CEO of "URocked".
The system introduced by "URocked" allows the bill and the tip to be paid in one transaction, with a choice of tip amount. However, in comparison to traditional payment devices, the bill payment is sent directly to the business, with the tip being sent separately to the worker directly or to a pool of workers, therefore, requiring no involvement from the employer and providing full transparency and accounting. “URocked” follows all HMRC guidelines and procedures, meaning that tips paid direct to workers are treated as effectively cash tips, therefore reducing the tax and administrative burden on the employer.
"We introduced this system because we realised that we needed to address the situation of customers often lacking cash” says Kay Allen, owner of London’s luxury Cat Cafe “Whiskers & Cream”. Kay adds that “the system brings satisfaction to customers who can express gratitude for the service, while simultaneously ensuring workers receive these payments directly into their accounts, eliminating the need for additional resources on our part”.
About URocked:
Founded by David Dillon in 2020, URocked is a complete digital tipping solution and integrated payment acceptance company. URocked platform seamlessly enables innovative pay at the table and mobile, card, and QR code tipping, directing 100% of tips to employees without employer payroll involvement. URocked solutions provide transparency, regulatory compliance with evolving regulations, and reduced administrative costs, while service employees benefit from receiving their tips directly in full.
Press release distributed by Pressat on behalf of UR Payment Technologies Ltd, on Wednesday 27 December, 2023. For more information subscribe and follow https://pressat.co.uk/
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0330 056 2270
media@urocked.com
https://urocked.com/ j.licis@paynt.com
d.dillon@urocked.com
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