XTMIF - In The Post-COVID Workplace XTM Inc.’s Fintech Solutions Could Be A Game Changer For Employee Retention
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By Ernest Dela Aglanu, Benzinga
The service industry haslong been known for its hardworking and dedicated workforce. Fromrestaurant servers to hotel staff, these workers form the backbone ofmany businesses that rely on their labor to provide exceptionalcustomer experiences.
However, behind their cheerful and courteous demeanor, manyservice industry workers face significant work and financialchallenges that can make it difficult to make ends meet. These are thechallenges XTM Inc. (OTCQB: XTMIF | CSE: PAID), a fintechcompany in the cloud-banking space, has been striving to fix.
The Miami andToronto-based fintech innovator in the neo-banking space, since 2005,has been helping businesses and service workers in the hospitality andpersonal care space disseminate and access Earned Wages andGratuities.
Established as a leader in on-demand pay with many largebrands, including Earls, Maple Leaf Sports and Entertainment, CactusClub, Marriott International Inc. (NASDAQ: MAR) hotels and Live Nation Entertainment Inc. (NYSE: LYV), the company says itis continuously innovating to support businesses with its shiftscheduling and call-outs, staff management, expense management, in-apphealth and financial wellness, and gamified loyalty programs.
Providing tailor-madesolutions to the numerous challenges facing the service industry andits workers, who are most often overlooked from traditional benefits,can help improve the economic well-being of these essential workerswhile also boosting profit for the companies they work for. The U.S.Bureau of Labor Statistics estimates the number of service industry workers in America to be about 126,457in 2021, but the number is expected to be higher if undocumentedworkers are added.
For years, one of the sector's main challenges has beeninconsistency in work schedules. Many workers receive only limitednotice of their shifts, making planning for other commitments such aschild care or education difficult. This can contribute to financialinstability and difficulty making bills.
Additionally, workers who are not paid aregular salary may experience fluctuations in their income dependingon the amount of work available, which can make it challenging tobudget and manage their finances effectively.
Service industry workersoften rely on tips to supplement their income, especially in jobs suchas restaurant servers and bartenders. However, this reliance on tipsleaves workers vulnerable to the whims of customers, who may decide toleave little or no gratuity for reasons beyond the worker'scontrol. Apart from making it challenging to predict income, it canalso negatively affect the financial stability ofworkers.
Solutions For Average Service Industry Workers
Serving as a partner forbusinesses and workers in the service industry, XTM aims to help disseminateand access earned wages and gratuities. The company says its primarygoal is to deliver financial inclusion for the average serviceindustry worker, providing a path for financial stability andaccessibility.
XTMprovides many services, including its much-lauded Today Financial™ solution. Composed of a mobile app and wallet paired with a VisaInc. (NYSE: V) or Mastercard Inc. (NYSE: MA) debit card,this solution allows service industry workers to access their earnedwages and gratuities immediately.
This platform provides many essential services tobusinesses and individuals, including paying bills, renting, andengaging in other standard financial activities with reduced bankingfees or entirely cash-free transactions.
The unique aspect of XTM's solution is theability that service workers have to access their wages on demand.Additionally, the ancillary benefits associated with the programbenefit both the operator and the member, including POS and Payrollintegration, budgeting tools, cashback rewards and virtual healthcare, soon to come. The member pays no monthly fee and XTM generatesthe main core of its revenue through an interchange share with theNetwork.
Unique Features Of The Today Platform
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Today Payments (On-demand pay) — Leading payrollintegrations, real-time payments platform, compliant, secure,accessible, gamified bonuses and rewards.
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Today Tip Calculator — Operationalefficiency, transparency, reduced risk of litigation and improvedmorale.
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Today Timely (Staff management) — Instant shift callout, increased reliability,improved recruitment, engagement and retention, seamless two-way livecommunication and equalizes worker control.
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Today Wellness (Employee benefits)— Financial Wellness Bundle: budgeting/savings tool paired withvirtual healthcare.
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Today Financial — Cloud banking. 4.3 ratedon App stores, lock funds with one-tap, cash back rewards and purchaseprotection.
Keeping Workers’ Mind On Work, NotTheir Wallet
XTMlooks to have a unique approach that can help businesses bysignificantly reducing payroll administration time and costs, which can be particularly helpful fororganizations with multiple payment locations.
The payroll solutionallows businesses to pay their employees at any frequency. The appcomes with a suite of standard and custom features — ATM access,Bill Payment, Interac eTransfer, and more — that can be added orremoved to meet the needs of employees.
Giving Employees TheirMoney Sooner
Using XTM’s Hospitality solution for instant gratuity disbursement, businesses can easily paytheir employees tips and wages at the end of each shift. The companyhas bundled a card, mobile app and admin platform to make cashlessstaff payments seamless. Full POS integration also allows for anautomated solution with reporting and reconciliation built-in.
In addition to providingfinancial services, XTM has also endeavored to improve the lives ofservice workers with programs such as its gift card incentive program.This program allows businesses to incentivize their workers throughgift cards to purchase or pay bills like mobile phones and internetservices, thereby reducing their costs and giving back toworkers.
Thecompany ensures that all transactions on its platform are performed incloud-based PCI-compliant architecture, which is the most secure and user-friendly mannerpossible, with ease of use being a top priority. Furthermore, theplatform provides its users with detailed transaction histories,in-app customer support, and even financial counseling to maintaintheir financial health.
This article was originally published on Benzinga here .
XTM,www.xtminc.com, is a Miami and Toronto-based fintech innovator foundedin the cloud-banking space and further helping businesses inspiretheir workforce in the hospitality, personal care and servicesstaffing industries. Established as a leader in on-demand pay withmany leading brands including Earls, Maple Leaf Sports &Entertainment, Cactus Club, Marriott Hotels and Live Nation, XTMcontinues to innovate with further digital featurization to supportbusinesses to inspire workers to want to work more with shiftscheduling and call-outs, staff management, expense management, in-apphealth and financial wellness; and gamified loyalty programs.XTM's Today Financial™ is in use through POS and Payrollintegrations and directly through web-portals by thousands ofbusinesses and their workers across Canada and the UnitedStates.
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