UK hospitality businesses face new legislation on tip accounting and payment regulations in July 2024, but cashless tipping solution company URocked are already fully prepared to deliver the necessary requirements.
The implementation of the URocked system, which facilitates bill payments and tip transactions through debit and credit cards, has seen increases in tips of up to fivefold in some places. This has led to a substantial increase in employee compensation, providing welcome relief at a time of increasing cost of living and decreasing cash tips.
Founder and CEO of URocked, David Dillon, commented: “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.”
The system allows customers to pay both the bill and tip in a single transaction, and the tip is sent directly to the worker or pool of workers, with no involvement from the employer. URocked follows HMRC guidelines and procedures, meaning that tips paid to workers are treated as cash tips and the employer has a reduced tax and administrative burden.
Kay Allen, owner of London’s luxury Cat Cafe “Whiskers & Cream”, has been using the URocked system. She said: “We introduced this system because we realised that we needed to address the situation of customers often lacking cash. 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.”
URocked, founded in 2020, is a digital tipping solution and integrated payment acceptance company. Their platform enables pay at the table, mobile, card, and QR code tipping, ensuring 100% of tips go to employees without employer payroll involvement. URocked solutions provide transparency, compliance with regulations, and reduced administrative costs, while service employees benefit from receiving their tips directly in full.
