Clip Money, a Canada-based company operating a multi-bank, self-service deposit network for North American businesses, is expanding its over-the-counter deposit service for businesses in partnership with fintech platform and bank holding company Green Dot.
By leveraging Arc, Green Dot’s embedded finance platform, as well as the money movement network, the Green Dot Network, Clip Money is aiming to offer businesses a more efficient way to handle cash deposits at prominent national retail and grocery locations.
Through the partnership, Clip Money has added over-the-counter business deposit service to its existing network of ClipDrop boxes and ClipATM locations, cementing itself as the operator of the largest non-bank business deposit network in the US.
In collaboration with its retail partners, Green Dot will enable Clip Money’s over-the-counter cash deposit service at more than 4,000 locations across the US. Local area business owners will be able to visit convenient retail locations in the Green Dot Network to deposit cash directly into their existing bank account, supported by the Clip Money network, without having to visit a traditional bank branch during banking hours.
“We are excited to partner with Green Dot on this transformative collaboration, which delivers an essential service that empowers businesses to reduce operating costs and dedicate more time to their customers,” explained Joe Arrage, CEO of Clip Money. “This partnership strengthens our value proposition for financial institutions and fintechs seeking to better service the small and medium-sized business market by partnering with Clip Money.”
This partnership creates an omnichannel network through both self-service and full-service deposit options and locations, including ClipDrop boxes, ClipATMs and in-person over-the-counter service, enabling businesses greater flexibility and choice of locations.
Supporting underbanked communities
“The vast majority of small and medium-sized businesses want better cash management services at their disposal, and we are proud to support these business owners with tools that simplify their financial lives and empower them to focus on growing their business,” added Crystal Bryant-Minter, SVP of money movement at Green Dot.
As traditional banks continue to close their physical branches, many underbanked communities are becoming less able to access cash services. In a move to address this issue, the Green Dot Network has expanded to over 95,000 retail locations throughout the US, offering cash-in and cash-out capabilities in stores including Walmart, Walgreens, 7-Eleven, and CVS. Now, around 96 per cent of the US population live within three miles of a Green Dot Network location.
As Green Dot continues to expand access to modern banking and payment tools for consumers and businesses, its money movement capabilities also enable partners to offer their customers the ability to move funds digitally between bank accounts.
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