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Nautilus Launches the World's First Gratuity Card for Paying Tips Only
By: Nautilus International, Inc.
The IRS has updated a fact sheet that explains the differences between tips and service charges [Fact Sheet 2017-8, 4/25/2017].
In general, the following factors characterize a payment as a tip:
Absent these factors, the payment is likely a service charge.
About Richard H. Davis
Richard H. Davis is a prolific inventor and entrepreneur and a United States Merchant Marine and combat veteran. As a yacht-delivery skipper during the United States Invasion of Panama, Davis ended up in the crossfire and tells his story in his unpublished manuscript "Sailor of Fortune", that chronicles his adventures at sea and land on the Motor Vessel Kamillian. In addition Davis is a photojournalist for Soft Drinks International Magazine in Britain. Davis has appeared on such national and regional media broadcasts including CBS News, NBC News, Fox News, and ABC News, and in The New York Times, and many others.
*Nautilus International, Inc., is a financial technology company, not a bank. TIP-branded credit products are issued by First National Bank of Omaha, pursuant to a license from Visa U.S.A. Inc. Visa and Visa Signature are registered trademarks of Visa International Service Association and used under license.
Editor's Note: In 2012 Attorney Evan Spencer filed a $5.5 billion dollar class action against New York City restaurants, bars, and nightclubs that violated consumer protection laws by charging automatic gratuities. The case received national media attention, advised the public of this unlawful practice, and stopped most businesses from continuing the illegal policy.