Clip Collaborates with Simon® as Mall Business Booms

Rhea-AI Summary

Clip Money, Inc. (TSX-V:CLIP, OTCQB:CLPMF) announced a strategic collaboration with Simon® to enhance cash deposit solutions for businesses. This partnership introduces ClipDrops, secure self-service boxes located in 130 Simon malls, enabling retailers to deposit cash easily. The solution is bank-agnostic, allowing deposits to existing bank accounts at extended hours. Customers benefit from next business day credit and advanced tools via ClipApp. Clip aims to expand to over 160 Simon locations, addressing the challenges posed by reduced retail bank branches.

Positive

• Strategic collaboration with Simon® expands Clip's cash deposit solution.
• Introduction of ClipDrops in 130 Simon malls enhances convenience for businesses.
• Bank-agnostic solution allows retail customers to deposit cash safely and easily.
• Next business day credit improves cash flow for retailers.
• Existing customers report saving hundreds of dollars monthly in staff costs.

Negative

• None.

BOSTON, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Clip Money, Inc. (“Clip”) (TSX-V:CLIP) (OTCQB:CLPMF), a first-to-market cash deposit solution that brings fast, convenient, cost-effective financial service transactions to business customers, today announced a strategic collaboration with Simon® (NYSE:SPG), the global leader in retail real estate development.

“Retailer businesses are the heartbeat of today’s economy, so providing access to convenient, affordable, and accessible financial solutions that simplify cash transactions is an absolute imperative,” said Joseph Arrage, Clip founder and CEO.

Under the agreement, Clip has set up a network of ClipDrops, which are free-standing, secure, self-service boxes located in malls and at large retailers where retail customers can quickly and safely deposit cash and coin. Clip is currently located in 130 Simon centers, with additional units to be installed this year, including premier properties such as King of Prussia, Sawgrass Mills, Del Amo Fashion Center, The Galleria and Roosevelt Field.

The Clip solution is bank-agnostic, so businesses can make their everyday deposits in more convenient, accessible locations via ClipDrop, directly to their existing bank account. Deposits can be made any time of day during extended retail hours by designated employees. Customers are provided powerful digital tools and technology through ClipApp to manage their cash, assign employees to perform financial transactions, track transaction history, collect revenue analytics, and manage personnel. Customers also receive next business day credit for their deposits, which can improve cash flow. Existing Clip customers have reported saving hundreds of dollars per month in staff costs related to the time it takes to travel and deposit at a bank, per store, a savings which retailers admit is a welcome relief given current staffing and resource challenges that they are facing, and the continued reduction of retail bank branches across the U.S.

Arrage continued: “This collaboration marks an important milestone for Clip in our mission to revolutionize the cash ecosystem to best serve the needs of businesses today and with our plans to expand Clip access to more than 160 of Simon locations, I am confident we will see that change realized.”

To learn more, please visit www.clipmoney.com, and for a full list of locations, visit https://clipmoney.com/locations.   

ABOUT CLIP

Clip Money, Inc. (TSXV:CLIP) (OTCQB:CLPMF) is an infrastructure enabled Fintech that provides the fastest and easiest way for businesses to make deposits securely to their current business bank account through a national network of smart drop box locations in malls, big box stores, and grocery chains. Clip Money, Inc. improves the business deposit experience through transformational digital and mobile enabled platform services.

For further information, please contact:

Joseph Arrage
Chief Executive Officer

IR@clipmoney.com
tel: 844-593-2547

FAQ

What is the partnership between Clip Money and Simon® about?

Clip Money and Simon® have partnered to provide innovative cash deposit solutions through self-service ClipDrops in Simon malls.

What are ClipDrops and where are they located?

ClipDrops are secure, self-service boxes for cash deposits, currently located in 130 Simon mall properties.

How does Clip's solution benefit retail businesses?

Clip's solution allows businesses to make deposits conveniently, receive next business day credit, and save on staffing costs.

How many Simon locations will Clip expand to?

Clip plans to expand its services to over 160 Simon locations.

What type of financial technology does Clip Money provide?

Clip Money offers a bank-agnostic platform enabling businesses to deposit cash securely and conveniently through a network of smart drop boxes.