XTM Helps Businesses Automate And Expedite Worker Payouts And Eliminate The Use Of Cash

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Below is our recent interview with Keeya Nunes, VP, Brand Marketing at XTM Inc.:

Q: Could you provide our readers with a brief introduction to XTM Inc.?

A: XTM, is a fintech innovator in the neo-banking space. We are a global card issuer and real-time payment specialist providing our technology to businesses to automate and expedite worker payouts and eliminate the use of cash. XTM integrates businesses to a payment ecosystem that is coupled with a free mobile app, loaded with banking features, and a Mastercard or Visa card. Our goal is to help make money move.

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Q: What are main benefits of XTM’s Today™ Mobile App and Prepaid Card employee instant payout solution?

A: The business

Businesses are looking for ways to cut costs, save time and reduce the health risks of handling cash. Today is a digital solution for paying out staff tips. It all gets loaded to a prepaid card, paired with an app. Using a simple online portal, managers can pay their whole team in minutes. With a single file upload your staff get their gratuities in unison! Bing. No more trips to the bank. No more stuffing envelopes. They just click send and they can get back to business.

• Secure cashless payouts between management & staff
• Seamless tips distribution backed by unparalleled customer support
• Easy record keeping, reports available at your finger tips

The staff

Instant pay means better cash flow for everyday and unexpected expenses. When they’re manager does a payout they instantly get a text message about the funds they’ve been sent. They can pop over to the app and it will be updated with their new balance. Right away they will be able to use their money in-store or online with the card, and send an e-transfer or pay a bill from the app. They’re money is as good as cash and can be used everywhere that Mastercard is accepted, even internationally.

• Faster access to pay
• Banking features with no monthly or annual fees
• Avoid the health and safety risks of handling cash

Q: Who is your ideal client and why?

A: Our business model is B2B, so businesses are our clients. We look for businesses because they have many staff members who become our cardholders. Our ideal clients are in unique communities like the Hospitality Industry, where we can provide a solution that solves a problem for the whole industry, and word of mouth carries our name to other businesses. This is what’s happening in Canada right now with restaurants. We regularly get inquiries on our website from new restaurants who want to join our program because they heard about it from another restaurant. We’re especially interested in corporate entities or large restaurant groups who mandate our products across all their locations and to all staff. In this way we can gain hundreds of users with just one sale.

Q: Why employers love the Today program?

A: We save them time and money. We’re not talking a few minutes here or a few cents there. Restaurants, for example, spend on average 4-6 hours on admin tasks related to paying out staff in cash. This time includes, the run to bank, counting out cash, stuffing envelopes, going back and forth to the safe to hand out envelopes as staff come in to pick up their tips, etc. Our system lets them pay their entire team in 5 minutes or less. Even if they did it everyday, that would still be less than 1 hour a week. Multiply the labour costs and they’re saving $216-$360/month or over $4300 a year just on admin time. That’s real time and money that can be better invested on things that actually contribute to the growth of the business.

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Q: What can we expect from XTM in next 6 months? What are your plans?

A: We plan to further our product offering by introducing new features for our cardholders. Two that we’re looking at are a rewards program that will offer either discounts or cash back on purchases, and we’re also looking at offering micro credit, allowing them more spending flexibility. We’re also expanding our user base into the US with some strategic clients already lined up.