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

Rhea-AI Summary

BOSTON, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Clip Money, Inc. (TSXV:CLIP) (OTCQB: CLPMF) announced its partnership with Pepper Palace, enhancing cash management solutions across nearly 400 retail locations. Since adopting Clip's service in October 2022, Pepper Palace has reported significant savings, including up to 10 hours of labor and hundreds of dollars monthly per store. Clip's bank-agnostic platform allows businesses to deposit cash easily and improves cash flow with same-day credits. CEO Joseph Arrage emphasizes the company's commitment to improving retailer experiences and resolving common cash management issues.

Positive

• Partnership with Pepper Palace increases Clip's retail footprint to nearly 400 locations.
• Pepper Palace reports significant time and cost savings, with 10 hours and hundreds of dollars saved per month per store.
• Clip's bank-agnostic solution provides flexibility and improves cash flow via next-day deposit credit.

Negative

• None.

BOSTON, Feb. 16, 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 co-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 is Clip Money's stock symbol?

Clip Money trades under the stock symbols TSXV:CLIP and OTCQB:CLPMF.

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

Pepper Palace began using Clip Money's services in October 2022.

How many locations is Clip Money serving?

As of now, Clip Money is serving nearly 400 retail locations.

What savings has Pepper Palace reported from using Clip Money?

Pepper Palace has reported saving an average of 10 hours and hundreds of dollars per month per location.

How does Clip Money help businesses with cash management?

Clip Money allows businesses to make cash deposits easily at various locations, improving cash flow and reducing staff time away from stores.