The service industry has long been known for its hard-working and dedicated workforce. From restaurant servers to hotel staff, these workers form the backbone of many businesses that rely on their workforce to provide exceptional customer experiences.
But behind their cheerful and polite demeanor, many service industry employees face significant work and financial challenges that can make it difficult to make ends meet. These are the challenges XTM Inc. (OTCQB:XTMIF, CSE:PAID), a fintech company in the cloud banking space, has been trying to fix.
The Miami and Toronto-based fintech innovator in the new banking space has, since 2005, helped hospitality and personal care businesses and service workers spread and access earned wages and tips.
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Established as a leader in on-demand payroll with many major brands including Earls, Maple Leaf Sports and Entertainment, Cactus Club, Marriott International Inc. (NASDAQ:MAR) hotels and Live Nation Entertainment Inc. (NYSE:LYV), the company says it is continuously innovating to support businesses with shift planning and call-outs, people management, expense management, in-app health and financial wellness, and gamified loyalty programs.
Providing tailored solutions to the many challenges facing the service industry and its workers, which are often overlooked from traditional benefits, can help improve the financial well-being of these essential workers while increasing profits for the companies they work for. The US Bureau of Labor Statistics estimates the number of service industry workers in America to be around 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 plans. Many workers receive only limited notice of shifts, making planning for other commitments such as childcare or education difficult. This can contribute to financial instability and problems with making bills.
In addition, 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 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 tip 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 workers
XTM acts as a partner for companies and workers in the service industry, and aims to help spread and access earned wages and tips. The company says its primary goal is to deliver financial inclusion for the average service industry worker, providing a path to financial stability and affordability.
XTM provides many services, including the much acclaimed Today Financial™ solution. Consists of a mobile app and wallet along with a Visa Inc. (NYSE:V) or Mastercard Inc. (NYSE:MA) debit card, this solution gives service industry employees immediate access to earned wages and tips.
This platform provides many important services to businesses and individuals, including paying bills, renting and engaging in other standard financial activities with reduced bank fees or completely cashless transactions.
What is unique about XTM’s solution is the opportunity service workers have to access their salary on demand. In addition, the additional benefits associated with the program benefit both the operator and the member, including POS and payroll integration, budgeting tools, cashback rewards and virtual healthcare, which is coming soon. The member pays no monthly fee and XTM generates the main core of its income through an exchange share with the network.
Unique functions in today’s platform
- Today payments (On-demand payment) — Leading payroll integrations, real-time payment platform, compatible, secure, accessible, gamified bonuses and rewards.
- Today’s tip calculator — Operational efficiency, transparency, reduced risk of litigation and improved morale.
- Today is the time (Human resource management) — Instant shift reporting, increased reliability, improved recruitment, engagement and retention, seamless two-way direct communication and smooths worker control.
- Today wellness (Employee Benefits) — Financial Wellness Bundle: budgeting/savings tools along with virtual health care.
- Today financial — Cloudbank. 4.3 rated in App stores, lock funds with one tap, cashback rewards and purchase protection.
Keeping workers’ minds at work, not their wallets
XTM appears to have a unique approach that can help businesses by significantly reducing payroll administration time and costs, which can be particularly useful for organizations with multiple payment points.
The payroll solution allows companies 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.
Give employees their money earlier
By using XTM’s Hospitality instant tip payment solution, businesses can easily pay their employees tips and wages at the end of each shift. The company has brought together a card, a mobile app and a management platform to make cashless employee payments seamless. Full POS integration also allows for an automated solution with built-in reporting and reconciliation.
In addition to providing financial services, XTM has also sought to improve the lives of service workers with programs such as its gift card incentive program. This program allows companies to incentivize their workers through gift cards to purchase or pay bills such as cell phones and internet services, thereby reducing costs and giving back to workers.
The company ensures that all transactions on the platform are carried out in a cloud-based PCI compliant architecture, which is the most secure and user-friendly way possible, with ease of use as a top priority. Furthermore, the platform provides its users with detailed transaction histories, in-app customer support and even financial advice to maintain their financial health.
Image taken from Shutterstock
This post contains sponsored advertising content. This content is for informational purposes only and is not intended as investment advice
