Clip Money, Staples to Offer Business Cash Deposit

FinTech company Clip Money has partnered with Staples US Retail, the office supply retailer’s branch focused on small business resources, to add cash deposit tech to Staples’ retail locations, the companies announced Tuesday (June 14).

The new offering, called Clip Boxes, will make it possible for businesses to make cash deposits directly into their existing bank accounts at 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 U.S. in the near future,” Clip Money Chief Executive Officer Joseph Arrange said.

Additionally, Staples’ Director of New Services Patrick Wellen said, “this new, innovative, and first-to-market service allows business customers more flexibility of where and when to make deposits.”

Also read: Markdowns Drive Retailers to Reinvent Commerce’s Middle and Last Miles

The announcement of this collaboration comes at a time when retail businesses are looking for new ways to get consumers back in stores to sell their high inventories. As PYMNTS noted in an analysis published Tuesday, some retailers, like Target, have already announced plans to discount excess merchandise.

Meanwhile, other big box retailers with robust warehouse capacity, like Walmart, may be more likely to hold on to their excess inventory, analysts say.

But while some companies embrace deep discounts, higher operating costs are still looming — especially when it comes to accounting for higher wages to attract and keep workers.

In fact, some large retailers are incorporating advanced technologies to improve warehouse management, such as Walmart’s expansion of artificial intelligence (AI)-driven, robotic warehouse automation.