Tipsy is easy and fun. But at the same time, it is a FinTech platform which means lots of complexity related to banking regulations are applicable on the backstage. So, we try to make Tipsy as easy as possible but still, we should make a secure platform compatible with the legal requirements.
Yes. If you are using Tipsy just for collecting tips and donations, there is no need to have a credit card on your profile. Instead, you must provide a payout solution which we will use to transfer your funds to it. This solution could be a simple bank account (IBAN) or a Revolut Account (Mobile No.).
Tipsy is a FinTech app and hence, we need to be transparent. Especially when you want to tip a person in public, it’s a must to recognize the exact staff in the restaurant. On the other hand, the staff needs to know which customer expressed generosity.
If you receive tips through your employer, then he is obliged to pay social security and income taxes for your tips. Due to this, you receive less than half of the tip. However, if you use Tipsy to collect tips, your employer is no longer responsible for the funds you receive directly from the customers. Therefore, it is not necessary he pays social security tax, and in this way, you will get full amount (less our fees) directly to your account. For more accurate information about income tax you better consult with tax authority. Also, you can pay attention to the explanation of Lithuanian tax authority about the direct tipping.
According to the regulations set out by our Payment Provider, 10 percent of your fund will be reserved for a duration of six months to ensure the customers’ right in case of fraudulent use of credit cards. This amount will be released automatically and pays to your account after the mentioned duration.