Invicta Selects Clip to Manage Business Deposits

Rhea-AI Summary

BOSTON, Jan. 24, 2023 – Clip Money, Inc. (TSXV:CLIP) (OTCQB:CLPMF) has onboarded Invicta Stores, a prominent luxury timepiece retailer, to utilize its first-to-market cash deposit solution. Invicta will implement Clip across multiple locations, improving cash deposit efficiency directly at stores and at select Staples locations. This partnership positions Clip in over 300 U.S. sites across 34 states. Invicta aims to streamline operations, allowing staff to focus more on customer service by minimizing time spent on cash management tasks. Clip's technology provides real-time analytics and next business day credit for deposits, thus enhancing cash flow and operational effectiveness for Invicta.

Positive

• Onboarding Invicta Stores signifies a strategic partnership, enhancing Clip's market presence.
• Clip's solution is operational in over 300 U.S. locations, indicating strong business adoption.
• Invicta's use of Clip improves cash flow and operational efficiency, benefiting their retail strategy.

Negative

• None.

BOSTON, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Clip Money, Inc. (“Clip”) (TSXV:CLIP) (OTCQB: CLPMF), a first-to-market cash deposit solution that brings fast, convenient, cost-effective financial services transactions to business, has on-boarded Invicta Stores, a leading retailer of innovative, luxury, and accessible timepieces.

Invicta joins a number of other US retailers who have adopted the Clip solution. Presently, Clip is in over 300 US locations across 34 States, as the company reported last week.

Invicta is using the Clip solution across multiple store locations, with plans to roll out the solution to additional stores in Q1’23. Invicta stores utilizing the Clip solution can make cash deposits to their existing bank account at a convenient ClipDrop on shopping mall premise and at select Staples Store locations instead of going to their bank branch to manage cash. Deposits can be made any time during retail business hours by designated employees. As a Clip customer, Invicta has access to powerful technology through the ClipApp to manage their cash, assign employees to perform deposit transactions, track transaction history, and collect cash and payment analytics. They also receive next business day credit for their deposits which improves cash flow and saves precious employee time and resources. 

“Clip is a massive time-saver. Depositing cash at a ClipDrop on premise opposed to going to a bank branch means our staff can remain in-store to help Invicta customers select the best watches for themselves or loved ones,” explained Erik Cruz, Senior Field Operations & Implementation Manager for Invicta Stores. “Being able to track deposits streamlines our accounting efforts as well; having that time back to focus on our customers is a gift.”

Jewelry and accessory retailers are a category that Clip receives regular interest from as they tend to face unique challenges related to cash management. Many have shared that a significant percentage of their transactions are made in cash. To resolve the stresses that can come with leaving the mall to make cash deposits, stores like Invicta are embracing Clip as a refreshing way to deposit smarter and safer.

Joseph Arrage, Clip co-founder and CEO, discusses the frustration he hears from retailers in this space most often: “Retailers like Invicta generously share concerns with us from corporate offices and store management which inform Clip’s overall approach to cash management. Retailers in the jewelry and accessory space need staff to focus their time on customer service, but that’s impossible with an inefficient, outdated system that takes staff away from the customer for banking tasks. We are honored that a brand like Invicta, who has been trusted by consumers for nearly two centuries, has entrusted their cash management to Clip.”

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

Joseph Arrage
Chief Executive Officer

IR@clipmoney.com 
tel: 844-593-2547

FAQ

What is the recent partnership between Clip Money and Invicta Stores?

Clip Money has partnered with Invicta Stores to implement its cash deposit solution across multiple retail locations.

How does Clip Money's solution improve cash management for Invicta Stores?

The solution allows Invicta to deposit cash on-site, reducing the need for staff to visit bank branches, thus saving time and improving customer service.

In how many locations is Clip Money operating in the U.S.?

Clip Money is currently operating in over 300 locations across 34 states in the U.S.

What benefits does Invicta Stores receive from using Clip Money's services?

Invicta benefits from improved cash flow, streamlined operations, and access to powerful cash management analytics through Clip.

What date was the partnership between Clip Money and Invicta announced?

The partnership was announced on January 24, 2023.