A Win-Win Cash Deposit Option for Banks and Their Retail Merchant Clients
Abstract
Retail merchants still accept cash payments and need convenient options to deposit currency and centralize those funds. Banks are hungry for those deposits, but wish they didn't need to service them in the branch network. Historically, banks have had but a single option, remote cash capture (RCC). But, RCC isn't for every bank. Now there is another option in Clip Money. Clip Money, Inc. is an infrastructure-driven, early-stage fintech that enables businesses to make cash deposits quickly, easily, and securely to any business bank account. With a nationwide network of secure intelligent safes and deposit-taking ATMs located in malls, pharmacies, and convenience retailers, Clip improves the business deposit experience for business through locational convenience and digital-enabled services.
In this solution brief, we unpack Clip Money, compare it to remote cash capture and show how banks can capture deposits while reducing reliance on branch channel operations in the process.