Clip Money Launches Over-the-Counter Deposits With Green Dot

Green Dot has launched a partnership with self-service deposit network Clip Money.

The collaboration, announced Thursday (Jan. 30), is designed to expand Clip Money’s over-the-counter deposit service for businesses via Green Dot Network locations nationwide.

“Green Dot, in collaboration with its retail partners, will enable Clip Money’s over-the-counter cash deposit service at more than 4,000 locations across the U.S. to facilitate easier deposits for businesses,” the companies said in a news release.

“Local area business owners will now 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.”

The partnership uses Green Dot’s embedded finance platform Arc and money movement network, combined with Clip’s deposit platform, to give businesses an easier way to make cash deposits at “prominent national retail and grocery locations.”

The over-the-counter deposit service joins other Clip offerings such as its ClipDrop box network and its ATM locations.

“We are thrilled to partner with Clip Money to deliver more seamless and accessible financial services to businesses with a more expansive cash deposit network,” said Crystal Bryant-Minter, senior vice president of money movement at Green Dot.

“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.”

Her statement is borne out by PYMNTS Intelligence research, which shows that 70% of small and medium-sized businesses (SMBs) want cash management services.

“SMBs are experiencing financial strain from late payments, inflation, and antiquated payment systems — delayed payments average 29.1 days, exacerbating cash flow issues,” PYMNTS wrote last summer.

“With 76% of SMBs under $10 million in revenue facing inflationary pressures and 71% experiencing cash shortfalls, many resort to personal savings or loans to survive. Outdated manual processes, including paper payments, further complicate financial management and hinder efficiency, underscoring the need for digital solutions.”

Additional research found that 45% of SMB owners in the U.S. went without a paycheck due to cash flow shortfalls, while 22% struggled to stay on top of basic bills, spotlighting the need for small businesses to reconsider their cash flow strategies.