Clip Money Partners with International Fuel Distributor and Retailer to Offer 24/7 Business Deposit Solution

Rhea-AI Summary

Clip Money, Inc. (TSXV:CLIP, OTCQB:CLPMF) has announced a partnership with an international fuel distributor to enhance cash management solutions for retailers in Ontario. The company has introduced secure, self-service cash deposit boxes known as ClipDrops, available 24/7 at select locations. This innovative approach allows businesses to conveniently deposit cash at their preferred banks without the limitations of traditional bank hours. Customers can benefit from significant cost savings, with some retailers reporting hundreds of dollars saved monthly in related expenses. The ClipApp also provides advanced cash management features to streamline operations.

Positive

• Established partnership with an international fuel distributor to expand service reach.
• Introduction of ClipDrops allows businesses to deposit cash 24/7, improving accessibility.
• Customers report significant savings on staff costs related to bank deposits.

Negative

• None.

TORONTO, March 02, 2023 (GLOBE NEWSWIRE) -- Clip Money, Inc. (“Clip”) (TSXV:CLIP) (OTCQB:CLPMF), a first-to-market fintech that brings convenient, cost-effective cash management services to retailers, announced a partnership agreement with an international fuel distributor and retailer.

Clip has set up a network of ClipDrops, which are secure, self-service boxes where businesses can quickly and safely deposit cash at select retail stores in Ontario that are open 24 hours, 7 days a week.

“Cost savings are important, and we are delighted the Clip solution will afford local businesses close to these locations that benefit. Convenient, accessible deposit options are paramount for all retailers especially those who operate during extended business hours,” said Joseph Arrage, Clip co-founder and CEO. “Participating retailers will no longer be limited by bank branch hours to manage their cash deposits. I am eager to see how Clip improves this essential process for businesses near these locations.”

The Clip solution is bank-agnostic, meaning any business can make deposits to any bank account they use in more convenient, accessible locations via a ClipDrop. Additionally, deposits can be made at any time of the day by designated business employees. Clip customers are provided with powerful technology through the ClipApp to manage their cash, assign employees to perform banking transactions, track transaction history, collect analytics, and manage personnel. Customers also receive next business day credit for their deposits which improves cash flow.

Existing customers have reported saving hundreds of dollars per month per store in staff costs related to the time it takes to travel and deposit at a bank, a savings which retailers admit is welcomed given the current staffing and resource challenges they are facing.

Chris Horton of Pepper Palace discussed their experience using Clip: “Clip has made making cash deposits so easy and convenient. Not having to travel to the bank branch during their limited hours of operation is a relief.”

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. In 2022, Clip announced strategic collaborations with Staples US Retail (“Staples”), Brookfield Properties, BentallGreenOak (BGO), Simon® (NYSE:SPG), Invicta Stores, with additional announcements pending.

Joseph Arrage

Chief Executive Officer

IR@clipmoney.com

tel: 844-593-2547

FAQ

What is the significance of Clip Money's partnership with an international fuel distributor?

The partnership enhances Clip Money’s cash management solutions, allowing for greater convenience and accessibility for retailers.

How do ClipDrops improve cash management for businesses?

ClipDrops enable businesses to deposit cash securely at any time, removing the constraints of traditional bank hours.

What savings can businesses expect using Clip Money's services?

Businesses report saving hundreds of dollars per month in staff costs by reducing travel time to banks.

What technology supports Clip Money's cash management services?

Clip customers utilize the ClipApp for advanced cash management, transaction tracking, and analytics.

How does Clip Money ensure next business day credit for deposits?

ClipMoney provides next business day credit to customers for deposits made through their network, enhancing cash flow.