Jewelry Franchisee The Michaels Group Chooses Clip for Secure, Cost-Effective Cash Management

Rhea-AI Summary

Clip Money, Inc. announced a partnership with The Michaels Group, a franchise owner of Pandora Jewelry, to implement a cost-effective cash management platform. The Michaels Group chose Clip's innovative solution to reduce monthly costs by 45%, saving $2,500 per store annually. This partnership aims to streamline cash handling processes and improve operational efficiency.

Positive

• The partnership between Clip Money, Inc. and The Michaels Group aims to achieve a 45% reduction in monthly costs, resulting in significant savings for each store.

• Clip's innovative cash management platform offers a modern and flexible approach to deposit cash and receive change orders on location, enhancing operational efficiency for businesses.

• The collaboration between Clip and The Michaels Group highlights the value of adopting advanced solutions for cash management to drive cost savings and improve user experiences.

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• None.

BOSTON, May 08, 2024 (GLOBE NEWSWIRE) -- Clip Money, Inc. (“Clip”) (TSXV:CLIP) (OTCQB:CLPMF), a leading provider of end-to-end cash management for businesses, today announced a partnership with The Michaels Group (“company”), a prominent franchise owner group of Pandora Jewelry with locations across Connecticut, New York, New Jersey, Arizona, and New Mexico.

The Michaels Group boasts a five-generation legacy in the jewelry industry. Seeking a more efficient management platform, the Michaels Group selected Clip’s innovative cash platform to achieve a 45% reduction in monthly costs, which is projected to amount to $2,500 in savings per year for each store.

“We were faced with several challenges with our legacy armored carrier process including rising annual fees, long-term contracts and a degradation of reliability,” said Jackie Cassidy, Controller at The Michaels Group. “We wanted a modern, flexible approach to deposit cash and receive change orders on location that helped our associates remain onsite servicing customers while achieving our cost reduction goals. Clip was able to help us accomplish both objectives.”

"Through Clip’s innovative solutions, we deliver tangible advantages over antiquated systems and service options for cash management. With the rising costs and declining reliability of armored carrier services, coupled with the shrinking access of bank branch cash services, our value proposition becomes even more compelling. Clip’s aim is clear: to partner with companies like the Michaels Group, propelling efficiency with our modern solutions while dramatically improving user experiences,” said Joseph Arrage, CEO and co-founder of Clip.

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 partnership announced in the press release?

Clip Money, Inc. announced a partnership with The Michaels Group, a franchise owner of Pandora Jewelry, to implement a cost-effective cash management platform.

What cost-saving benefits does The Michaels Group expect from the partnership?

The Michaels Group anticipates a 45% reduction in monthly costs, amounting to $2,500 in savings per year for each store.

What challenges did The Michaels Group face with its previous cash management process?

The Michaels Group encountered rising annual fees, long-term contracts, and a decline in reliability with its legacy armored carrier process.

How does Clip's cash management platform help improve operational efficiency?

Clip's innovative solution enables businesses to deposit cash and receive change orders on location, allowing associates to focus on customer service while achieving cost reduction goals.

Who is the CEO and co-founder of Clip Money, Inc.?

Joseph Arrage is the CEO and co-founder of Clip Money, Inc., the leading provider of end-to-end cash management solutions.