Clip Money, Inc. announced a strategic collaboration with Simon®, the global leader in retail real estate development. Under the agreement, Clip has set up a network of ClipDrops, which are free-standing, secure, self-service boxes located in malls and at large retailers where retail customers can quickly and safely deposit cash and coin. Clip is currently located in 130 Simon centers, with additional units to be installed this year, including premier properties such as King of Prussia, Sawgrass Mills, Del Amo Fashion Center, The Galleria and Roosevelt Field.

The Clip solution is bank-agnostic, so businesses can make their everyday deposits in more convenient, accessible locations via ClipDrop, directly to their existing bank account. Deposits can be made any time of day during extended retail hours by designated employees. Customers are provided powerful digital tools and technology through ClipApp to manage their cash, assign employees to perform financial transactions, track transaction history, collect revenue analytics, and manage personnel.

Customers also receive next business day credit for their deposits, which can improve cash flow. Existing Clip customers have reported saving hundreds of dollars per month in staff costs related to the time it takes to travel and deposit at a bank, per store, a savings which retailers admit is a welcome relief given current staffing and resource challenges that they are facing, and the continued reduction of retail bank branches across the U.S.