Who knew that sunny Naples, Florida is home to an innovative financial tech company Gratuity Solutions, the creator and leader of pay data platforms? This company was inspired after a long night out on 3rd Street and has grown from a fledgling idea to a national powerhouse encompassing much more than its name implies.

Initially, Gratuity Solutions was created as an automated method of computing tip distribution at the end of shift for any tipped em- ployee. Traditionally tip distribution was calculated manually. This method can be prone to error, intentional or otherwise, and miscal- culations can lead to significant legal actions for restaurants found guilty of withholding pay, including penalties for punitive damages.

Innovators, Aleksandar Stepanovich and Monika Stepanovich sought to change the way calculations were handled – not only to help restaurants; but also, to help the average employee obtain his or her hard-earned wages. It was an inherent and added benefit that the automated software also helped restaurants save time, comply with newly enacted labor laws, and prevent miscalculations.

At the time of creation, there was nothing similar on the market. Monika’s financial background and Hospitality back-office manage- ment paired well with Aleksandar technical background who had previously worked with the U.S. Department of Commerce for over a decade. The duo collaborated with Jovan Sankovic, Point of Sale system developer, who is now the company’s Lead Solution Software Architect, to take the initial beta version and polish it into the revolutionary SAAS platform that has changed the entire hospitality industry.

Thereafter, Aleksandar sought the expertise of local Naples attorney Carlo F. Zampogna, who is skilled in strategizing start-up business ventures and introducing them to market. Carlo advised them on how to navigate legal and compliance related matters and also directed initial business planning, development and executing the go-to-market strategy. It took just over three years to build the first cloud-based calculation and payout platform of its kind. The product was publicly released in 2014. After the filing of its patent applica- tions, it became the only platform in the world capable of fully auto- mating the calculation, allocation and distribution of TIPS, service charges and hourly Wages and Sales Commissions instantly onto an employee’s pay card or digital wallet. This enabled employers to offer same day pay and eliminate the risks associated with handling cash. (Patent Nos.# 9,741,050 and #10,726,436).

The team hit the ground running and quickly began meeting with national hospitality chains while continuing to expand the scope of their product. In the first year they provided services for over 150 restaurants across the country.

This immediate success is thanks, in part, to introductions from Aleksandar mentor and former prominent Washington, D.C. banker Robert Pincus.

Now Gratuity Solutions is not only a recognized innovator of the tip distribution platform; but also, has expanded to create a comprehen- sive Pay Data Platform which offers Same Day Pay of tips, gratuities, service charges, commissions, and wages for employees of hospitali- ty and retail chains throughout the United States.

Gratuity Solutions has grown from a single idea into a privately held hypergrowth company that has managed over $3.5 billion in tips to date.

In the initial year of business, Gratuity Solutions serviced 150 contracted restaurants, 10 years later the company now provides services for more than 14,000 hospitality and retail locations nationwide. Gratuity Solutions is part of the remote work culture. With a growing register of 35 employees in multiple locations, our team works seamlessly from the headquarters in Naples, FL to the Serbian-based development office to the satellite office in Washington, D.C.

Clients of Gratuity Solutions receive immediate precise same-day payout calculations of tips, service charges, wages and report an ROI of 6.5 times the cost of the services provided. This not only saves an immeasurable amount of time and money, but also pro- vides access to all collected daily data which enables them to make informed and strategic business decisions.

Chef and Founder of World Central Kitchen, Jose Andres’ Think- FoodGroup explains this technology “makes us far and way more efficient; it provides safety for our employees and bottom line it is ‘win-win’ for everybody.”

Gratuity Solutions recently released the newest version of its PayDayPortal application. This gives employers total oversight and control through one simple solution. The platform is unique within the retail and hospitality industry because it cohesively binds all the countless data endpoints and software applications that a business may use and translates that data into useful information. Features like bi-directional communication between Point of Sale (POS) and payroll systems provides businesses with unprecedented data integ- rity and agility.

The company even has a convenient app to track sales and time clock data for both employee and employer. For example, the manager of a restaurant dictates the calculation percentages for each employee (waitstaff, cook, bartender, busser, etc.), so the manager remains in charge, and works with Gratuity Solutions to provide the method of distributing those accurate percentages.

The AI future is big for Gratuity Solutions

The resulting growth of Artificial Intelligence (AI) in this industry continues to improve. Companies may have used AI in the past to predict future business behavior, but even the best of those predictions were flawed because they were based on estimates and historical data. Now Gratuity Solutions can provide AI powered by vast, real-time data which is the ultimate game changer.

Now Company Chief Technology Officer, Aleksandar Stepanovich explains, “Our solution accurately maps system endpoints creating a path to precise machine learning (AI) based on real-time data, as opposed to predictable machine learning (AI) based on the use of historical data.”

The precision and power of a fluid partnership between real-time data and advanced AI will dramatically impact the way business is conducted. This is the biggest area to follow with Gratuity Solutions.

It is quite remarkable to learn that this innovative and cutting-edge financial tech company is head-quartered in our former “fishing village” of Naples, FL and that latest technology is not only discovered and developed in Silicon Valley.

Learn more about this Company at http://gratuitysolutions.com.

Sources: Gulfshore Life