KickFin vs Slice: Which is a better fit?

Colin K.: My name is Colin. I'm the director of technology for Goliath Consulting Group. We have 200 plus employees currently using KickFin and we would rate it on a scale of one to five at a five. All right, in some of our accounts, before we implemented KickFin, we were paying cash out to employees and other accounts. We were paying employee tips out on paychecks biweekly or every week. We ran into issues on the cash side with restaurants having to maintain too much cash as guests started using more credit card payments instead of cash tendered payments. We found that the restaurants would have to have either multiple supplies of cash to pay out employees or start handing out paper checks, which then compromise the account and routing number of the restaurant. The employees that were getting paid out on weekly paychecks, when employment started to become an issue and staffing restaurants was a challenge to be maintaining competitiveness, those employees wanted to get paid out quicker and KickFin allows us to pay out employees within 24 hours of their shift and have them access their money instantly in their bank accounts. We chose KickFin mostly because of how the employees were going to react to it. Employees like to get paid instantly. It also allows us to pass on the transaction fee to the employees instead of eating it as an establishment. The employees pay such a small transaction fee at 75 cents that they're okay with that in exchange for instant access to their money in their bank account and it saves them the effort of having to run to the bank or risk losing cash that they've collected over the week. KickFin takes about four weeks to implement in a restaurant between signing the onboarding paperwork and sending over the retainer and waiting for that to process for KickFin. It takes about one week for the employees to get onboarded, get all their information up and then test it with them. After that, it's easy to train the management staff and the employees and troubleshooting is very quick. We were up and running in all locations no longer than four weeks after we signed the contract. All right, when starting with KickFin, I recommend being transparent with your employees about the transaction fee. You do have the option whether you as the employer want to absorb any of that fee or pass it all on to the employees. Most of the employees are very understanding when they consider the amount of effort it takes them to get their money to the bank when they're doing cash payments or when they're receiving their credit card payments once a week and not having it instantaneously. One of the things to consider is the amount of retainer that you want to put into your account is the amount that you're going to have to pay out your tips plus 10%. So when considering that for a weekly basis, we recommend that you add about five days worth of your average tips, thinking about your busiest days and then communicate with KickFin when you're going to see an increase of revenue or a large event that's going to bring high volume.