Clip Expands Secure Self-Serve Cash Deposit Boxes into Canada [Interview]

Retail industry news delivered directly to you. Subscribe to Retail-Insider.

About 90 per cent of businesses in North America go to a bank branch multiple times a week to deposit cash. This is happening at a time when banks are either reducing staff and branch hours or closing, costing businesses time and money. A company says that it has a solution.  

Clip Money (“Clip”) has become the cash solution of the future as more and more retailers and retail property owners see the benefits of the first-to-market cash deposit system that brings convenient, cost-effective financial services to business customers. 

Clip Money sets up networks 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. 

The company offers retail tenants the opportunity to save time and money with its technology-driven banking solutions. Clip Money already has partnerships with several retail property owners in North America. In 2022 alone, Clip announced strategic collaborations with Staples US Retail (“Staples”), Brookfield Properties, BentallGreenOak (BGO), Simon® (NYSE:SPG) with additional announcements pending. 

Image: Clip Money

“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,” said Joseph Arrage, Clip founder and CEO.

“You can do this in a self-service method anytime you want to. We support all banks. It makes it convenient. The value proposition for the businesses is really strong. Customers are reporting saving $300 to $600 a month, and in some cases up to 20 hours a month, which is really significant.”

ClipDrop is the fastest way to deposit cash to any business bank account and located right where a retailer is operating – an easy way to save time and money.

Image: Clip Money

Here’s why retailers are using Clip:

  • Save time: Businesses can deposit cash right on site;
  • Save money: Pay per deposit only. No fixed contracts or hidden fees;
  • Improve cash flow: Next business day credit;
  • Safer drops: Deposit onsite anytime during extended mall hours;
  • Simple Sign Up: Download Clip, register, start anytime; and 
  • Track Transactions: Deposit notifications, reconciliation reporting and rights management control

“Clip Money provides an incredible product in an industry where technology is lagging and cash couriers are unreliable. We’ve actually saved money switching. It is the cash solution of the future,” said Austin Harrison, Owner, Chick-Fil-A Yorkdale.

Image: Clip Money

The company was founded in 2018 but Arrage said it really got busy in 2019. The Canadian company is traded on the Toronto Venture Exchange under the stock symbol CLIP.

Arrage has been a leader in the Canadian Payments industry for 20 years. Prior to co-founding Clip Money, he was SVP of Cardtronics (Canada), the largest non-bank ATM operator of integrated ATM and financial kiosk products, where he led all commercial functions for the company’s $180 million Canadian business. 

The idea for Clip Money was born as Arrage noticed a problem with how businesses were making bank deposits. 

“Business owners are facing an unnecessary obstacle,” said Arrage. “What’s amazing to me is our largest market, which is the US, 29 per cent of all in-person payments are made in cash. It’s roughly the same size as the debit market. And of all that money that needs to be deposited, people need to go to their banking branch, which is rarely inside the mall, to do it. It’s a massive, massive problem, as well as a massive opportunity for a company like us to be first-to-market to make an impactful change. I built this to help businesses. Everything that we’re doing and the way we do it is with the business customer in mind. We feel we’re in a really good position to help businesses save a lot of time.”

Image: Clip Money

Clip Money is located in shopping centres across North America and select Staples stores in the U.S. and it is actively working on other growth opportunities and different locations that will help service other parts of the economy, providing it with even more access points across Canada and the US.

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 with powerful technology through the ClipApp to manage their cash, assign employees to perform banking transactions, track transaction history, collect analytics, and manage personnel. 

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 say is welcomed given current staffing and resource challenges that they are facing.

Article Author

Mario Toneguzzi
Mario Toneguzzi
Mario Toneguzzi, based in Calgary, has more than 40 years experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald covering sports, crime, politics, health, faith, city and breaking news, and business. He is the Senior News Editor with Retail Insider in addition to working as a freelance writer and consultant in communications and media relations/training. Mario was named as a RETHINK Retail Top Retail Expert in 2024.

More From The Author

Anatomy of a Leader: Ken Keelor, CEO of Calgary Co-op

After moving to Canada from India in 1995, Keelor began working at Save-on-Foods and then other major retailers as his career progressed upwards.

Modern Golf Opening Innovative Golf Social Experience in Downtown Toronto’s First...

The 8,500-square-foot Financial District space will feature multiple bays, bars, lounge areas, and partnerships with Food Dudes for food and beverage offerings, marking a significant shift in the company's growth strategy.



Please enter your comment!
Please enter your name here

- Advertisement -

Latest Stories

No posts to display

Follow us


all-time Popular