Growing Hot Sauce Retailer Pepper Palace On-Boards Clip to Manage Business Deposits

Rhea-AI Summary

Clip Money, Inc. (TSXV:CLIP, OTCQB:CLPMF) has successfully implemented its cash deposit solution in nearly 400 retail locations, including stores of Pepper Palace, a growing specialty food retailer. Since adopting Clip's services in October 2022, Pepper Palace has reported substantial savings of about 10 hours and hundreds of dollars monthly per location, avoiding the need for staff to leave stores for bank deposits. The company emphasizes convenience with its bank-agnostic network, allowing businesses to deposit cash at any ClipDrop site. This solution has enhanced cash management efficiency and improved cash flow for participating retailers.

Positive

• Clip Money now serves nearly 400 retail locations, indicating growth in client adoption.
• Pepper Palace reports saving an average of 10 hours and hundreds of dollars monthly per location due to Clip's service.
• Next business day credit for deposits improves cash flow for retailers.

Negative

• None.

BOSTON, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Clip Money, Inc. (“Clip”) (TSXV:CLIP) (OTCQB: CLPMF), a first-to-market cash deposit solution that brings fast, convenient, cost-effective cash management for businesses, is now serving Pepper Palace, a niche and rapidly growing specialty food and hot sauce retailer with over 160 locations across the U.S. and Canada.

Pepper Palace joins hundreds of other retailers who are using the Clip solution. Presently, Clip is accessible in nearly 400 locations, as the company reported last month.

Since October 2022, Pepper Palace has been using Clip in numerous locations, and has reported that the innovative fintech has resolved their cash management challenges. “Implementing Clip was a no-brainer,” said Chris Horton, Facility Manager at Pepper Palace. “With nearly 70 stores using Clip and more to be added this year, Pepper Palace will be saving an average of 10 hours and hundreds of dollars per month in cash management costs per location. Not having to close store locations to make deposits has saved us a tremendous amount of time, money, and frustration. Because we use Clip, I no longer need to worry about staff leaving stores to travel to a bank branch which negatively impacts the retail experience for our customers. Staff can remain in the store to help our valued shoppers pick their pepper, so to speak!”

The Clip network is bank-agnostic, meaning any business can make deposits to any existing bank account in convenient, accessible locations via a ClipDrop. Deposits can be made at any time during store hours by designated business employees. Clip customers are also provided with powerful technology through the ClipApp to manage their cash, assign employees to perform deposit transactions, track transaction history, and collect cash and payment analytics. Retailers receive next business day credit for their deposits which improves cash flow.

Clip Founder and CEO Joseph Arrage said, “We consistently hear similar complaints from retailers who are frustrated with today’s challenges like overextended staff, how to identify missing cash, and more effectively reconcile and track deposits. It is an honor to be able to respond to retailers like Pepper Palace who choose to prioritize their staff, customers, while they expand and grow.”

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, Brookfield Properties, BentallGreenOak (BGO), Simon^®, and Invicta, with additional announcements pending.

Joseph Arrage
Chief Executive Officer
IR@clipmoney.com
tel: 844-593-2547

FAQ

What benefits does Clip Money's cash deposit solution offer to retailers like Pepper Palace?

Clip Money's solution allows retailers to save time and money on cash management, with Pepper Palace reporting an average savings of 10 hours and hundreds of dollars per month per store.

How many retail locations are currently using Clip Money's services?

Clip Money's cash deposit solution is now being used in nearly 400 retail locations.

What is the impact of Clip Money's cash deposit solution on cash flow for businesses?

Retailers using Clip Money receive next business day credit for deposits, which significantly enhances their cash flow.

When did Pepper Palace start using Clip Money's services?

Pepper Palace has been using Clip Money's services since October 2022.

What is Clip Money's ticker symbol?

Clip Money is traded under the ticker symbol CLPMF on the OTCQB and CLIP on the TSXV.