Clip Money, a first-to-market cash deposit solution that brings convenient, cost-effective financial services to business customers, is rolling out its system to select BentallGreenOak retail properties in Canada.
“We are pleased to partner with BGO and offer their valued retail tenants the opportunity to save time and money with our technology-driven banking solutions,” said Joseph Arrage, Clip founder and CEO. “Cash deposits don’t have to be expensive and inconvenient for small and mid-sized businesses. At Clip, we’re lowering costs, expanding access, and simplifying banking for retail clients all across Canada.
“Partnering with a distinguished group like BentallGreenOak marks an important step as we continue to strategically expand the Clip network to a larger base of North American businesses. As such, we have the ability to enable retailers to get cash into their accounts faster and save employees time by eliminating the journey to a traditional bank branch.”
Clip Money describes itself as 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. It says it improves the business deposit experience through transformational digital and mobile enabled platform services.
Clip Money has set up a network of ClipDrops, which are free-standing, secure, self-service boxes located in malls and at large retailers where business customers can quickly and safely deposit cash revenue.
ClipDrops are currently located at Canadian mall locations within BGO-managed properties including:
● The Tenor (10 Dundas), Toronto
● The Pen Centre, St. Catharines
● White Oaks Mall, London
● Village Green, Vernon, British Columbia
● Eglinton Square, Scarborough
● Scottsdale Centre, Delta, British Columbia
Arrage said Clip Money has a number of other retail partnerships across North America including Simon Properties, Brookfield Properties, Oxford Properties, Cushman & Wakefield.
“Our platform enables businesses to be able to do deposits, cash deposits, right in the mall. So if you’re a business in a mall, as opposed to having to go to the bank branch to do this transaction during banking hours or getting an expensive armoured carrier service, you can do this in a self-service method any time you want to. We support all banks. It makes it really convenient,” said Arrage, adding that the value proposition for a business is really strong in saving them time and money to deposit their cash.
He said the company also has a partnership with retailer Staples with a launch in two markets in the US, Boston and New York, where businesses can go to Staples stores to make their deposits as opposed to going to a bank branch.
“The Clip solution is bank-agnostic, so businesses can make their everyday deposits to existing bank accounts in more convenient, accessible locations via a ClipDrop. Deposits can be made any time during extended retail hours by designated business employees. Clip customers are provided powerful technology through the ClipApp to manage their cash, assign employees to perform banking transactions, track transaction history, collect analytics, and manage personnel,” said the company.
“Customers also receive next business day credit for their deposits which improves cash flow. Existing customers have reported saving hundreds of dollars per month per store in staff costs related to the time it takes to travel and deposit at a bank, a savings which retailers admit is welcomed given current staffing and resource challenges that they are facing.”