Clip Partners with Leading ATM Operator for Expanded Cash Deposit Pilot with Nationwide Convenience Retailer

Rhea-AI Summary

Clip Money has announced an expansion of its pilot partnership with a leading ATM operator.

The initiative will expand Clip's in-store ATM deposit functionality to 50 additional ATMs in convenience stores across Florida, Texas, and Virginia.

This follows a successful pilot in 5 stores in Dallas, Texas.

The ClipATM technology allows businesses to deposit funds directly into their commercial treasury accounts without needing traditional cash deposit methods.

The platform offers a digital experience, enhanced transaction visibility, improved security, and faster fund access.

CEO Joseph Arrage highlights the opportunity to modernize cash management for businesses through this partnership.

Positive

• Expansion to 50 additional ATMs in Florida, Texas, and Virginia highlights growth.
• Successful pilot in Dallas indicates market acceptance and potential scalability.
• ClipATM technology offers a modern, cardless cash deposit solution, reducing the need for bank visits and armored services.
• Enhanced digital experience and improved transaction visibility provide added value for business users.
• Faster access to deposited funds can improve liquidity for businesses.

Negative

• The expansion is still in the pilot phase, indicating potential for future unproven success.
• No specific financial metrics or revenue projections were provided.

BOSTON, May 29, 2024 (GLOBE NEWSWIRE) -- Clip Money, Inc. (“Clip” or “company”) (TSXV:CLIP) (OTCQB:CLPMF), a leading provider of end-to-end cash management solutions for businesses, today announced an expanded pilot partnership with a prominent ATM operator in the United States. This expansion will bring Clip’s in-store ATM deposit functionality to 50 additional ATMs deployed in convenience stores located in Florida, Texas and Virginia.

Expanding from a successful pilot of 5 stores in Dallas, Texas, the US-based convenience store operator can now utilize ATMs enabled with Clip’s technology to deposit funds directly to their commercial treasury account. ClipATM, Clip’s secure, cardless ATM deposit solution, eliminates the need for traditional cash deposit methods like daily bank branch visits, armored service, and expensive smart safes.

Clip’s platform offers a host of cash management improvements for participating retailers, including an upgraded digital experience, enhanced transaction visibility, improved security management, and faster access to deposited funds. Clip is actively improving ATM deposit solutions for the specific needs of business, starting with locations where those ATMs are deployed.

“We are excited to partner with the ATM operator and their extensive network to modernize cash access for their customers,” says Joseph Arrage, CEO and co-founder of Clip. “For too long, this industry has lacked significant innovation, and we believe there is a big opportunity to modernize cash management for businesses. We’re thrilled to support them and their retail partner on an expanded pilot, paving the way for a broader rollout in the future.”

About Clip Money Inc.
Clip operates a multi-bank, self-service deposit system for businesses through its network of ClipDrop Boxes and Clip-enabled ATMs. Rather than going to their personal bank branch or using an armored carrier service, businesses can deposit their cash at any ClipDrop or ATM located nearby at top retailers and shopping malls. Deposited funds are automatically credited to the business’ bank account, usually within 1 business day. The company combines functional hardware, an intuitive mobile app, and an innovative cloud-based transaction engine that maximizes business banking transactions. Clip also facilitates mobile change orders, which are fully-insured and shipped within 1-2 business days. Clip Money offers a cost-effective and convenient solution for business banking deposits across major markets in Canada and the United States. For more information about the Company, visit www.clipmoney.com.

Website: www.clipmoney.com
LinkedIn: https://www.linkedin.com/company/clipmoney

For further information, please contact:

Joseph Arrage
Chief Executive Officer
tel: 844-593-2547

 

FAQ

What is the recent partnership announced by Clip Money?

Clip Money has expanded its pilot partnership with a leading ATM operator, adding 50 new ATMs in convenience stores across Florida, Texas, and Virginia.

What is the technology behind Clip Money's ATM deposit solution?

ClipATM is a secure, cardless ATM deposit solution that allows businesses to deposit funds directly into their commercial treasury accounts.

What are the benefits of ClipATM for businesses?

ClipATM offers a digital experience, enhanced transaction visibility, improved security, and faster access to deposited funds.

Where is Clip Money's expanded pilot being deployed?

The expanded pilot is being deployed in convenience stores across Florida, Texas, and Virginia.

What was the outcome of Clip Money's initial pilot in Dallas, Texas?

The initial pilot in 5 Dallas stores was successful, leading to the current expansion.