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Clip Money and Staples US Retail Partner to Bring Retail Cash Deposit Solution to Businesses

Clip Money and Staples US Retail Partner to Bring Retail Cash Deposit Solution to Businesses
Deployment of Clip Money’s smart drop solution in strategic Staples locations across the US
Clip Money’s convenient, retail-based cash deposit access expands Staples one stop experience for small businesses.
Clip Money’s Bank agnostic deposit network supports all small business deposits while accelerating the digital and branch transformation of leading Financial Institutions

Clip Money, Inc. announces a transformative distribution and marketing partnership with Staples US Retail (“Staples”), a leading US retailer providing innovative products, services, and inspiration essential to the new ways of working and learning. The partnership will initially see 31 Clip smart drop solutions deployed within Staples stores in Massachusetts (26), Rhode Island (2), New Hampshire (1), and the newly reimagined Staples Connect stores in Los Angeles, CA and Auburn, Maine. Clip Money will also be deploying additional boxes in the New York Metro and North Carolina markets beginning in Q3’22.

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Joseph Arrage, CEO of Clip Money, stated, “The deployment of our Clip solution by Staples fills a very important void left by the increasing bank branch closures in the US. Businesses can make necessary cash deposits directly to their existing bank accounts at conveniently located Staples locations. Our partnership with Staples represents an important step in our growth as a company and we look forward to expanding the number of Clip Boxes at additional Staples locations across the greater US in the near future.”

Cash remains a vibrant retail payment instrument, while retail banking distribution and access prepares for a digital future for both consumers and business through rationalized branch networks. These initiatives are often at odds with the need for convenient and routine banking services like cash deposits for businesses. The Clip service provides increased access for businesses to perform basic cash deposit transactions that are fully compatible with all financial institutions through an intuitive app driven experience. This fast, convenient, and secure deposit method will now be available to Staples customers within its stores.

“Clip is driving the connection between the physical and digital worlds of banking services for business. As Staples evolves to a leader in working and learning, providing innovative products and services to customers, Clip Money’s first-to-market business banking deposit solution can accelerate and diversify Staples’ innovative offerings, creating greater loyalty with its customers,” added Joseph Arrage.

“Staples Connect, the working and learning store, will now include the ability for business customers to make cash deposits to any existing bank account. This new, innovative, and first-to-market service allows business customers more flexibility of where and when to make deposits.” said Patrick Wellen, Director of New Services for Staples.

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