Clip Collaborates with Simon® as Mall Business Booms
BOSTON, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Clip Money, Inc. (“Clip”) (TSX-V:CLIP) (OTCQB:CLPMF), a first-to-market cash deposit solution that brings fast, convenient, cost-effective financial service transactions to business customers, today announced a strategic collaboration with Simon® (NYSE:SPG), the global leader in retail real estate development.
“Retailer businesses are the heartbeat of today’s economy, so providing access to convenient, affordable, and accessible financial solutions that simplify cash transactions is an absolute imperative,” said Joseph Arrage, Clip founder and CEO.
Under the agreement, Clip has set up a network of ClipDrops, which are free-standing, secure, self-service boxes located in malls and at large retailers where retail customers can quickly and safely deposit cash and coin. Clip is currently located in 130 Simon centers, with additional units to be installed this year, including premier properties such as King of Prussia, Sawgrass Mills, Del Amo Fashion Center, The Galleria and Roosevelt Field.
The Clip solution is bank-agnostic, so businesses can make their everyday deposits in more convenient, accessible locations via ClipDrop, directly to their existing bank account. Deposits can be made any time of day during extended retail hours by designated employees. Customers are provided powerful digital tools and technology through ClipApp to manage their cash, assign employees to perform financial transactions, track transaction history, collect revenue analytics, and manage personnel. Customers also receive next business day credit for their deposits, which can improve cash flow. Existing Clip customers have reported saving hundreds of dollars per month in staff costs related to the time it takes to travel and deposit at a bank, per store, a savings which retailers admit is a welcome relief given current staffing and resource challenges that they are facing, and the continued reduction of retail bank branches across the U.S.
Arrage continued: “This collaboration marks an important milestone for Clip in our mission to revolutionize the cash ecosystem to best serve the needs of businesses today and with our plans to expand Clip access to more than 160 of Simon locations, I am confident we will see that change realized.”
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.
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