International Restaurant Management Group (IRMG) partners with Clip to manage business deposits
Rhea-AI Summary
Clip Money (TSXV:CLIP, OTCQB:CLPMF) has partnered with International Restaurant Management Group (IRMG), which operates over 200 restaurants including Starbucks, Burger King, and Popeyes locations. IRMG is currently using Clip's cash management services in over 50 locations with plans for expansion.
The partnership has resulted in approximately 60% monthly savings per location compared to previous cash management solutions. Clip's network allows businesses to make deposits to existing bank accounts via ClipDrop or ClipATM, with next-business-day credit and real-time transparency. The service is currently available in nearly 3,000 US locations across 34 States.
Positive
- 60% monthly cost reduction per location in cash management
- Service implemented in 50+ IRMG locations with expansion plans
- Next-business-day credit processing
- Network presence in 3,000 locations across 34 US states
Negative
- None.
News Market Reaction – CLPMF
In the trading session that priced this news, CLPMF gained 33.25%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
ATLANTA, Dec. 18, 2024 (GLOBE NEWSWIRE) -- Clip Money, Inc. (“Clip”) (TSXV:CLIP) (OTCQB: CLPMF), a leading fintech company that brings modern cash management services to businesses, has partnered with quick service restaurant group International Restaurant Management Group (IRMG), a mission-driven organization dedicated to bringing affordable, quality meals to the masses.
IRMG’s portfolio of over 200 restaurants includes brands such as Starbucks, Burger King, Popeyes, Firehouse Subs, and homegrown QSR concepts including Kelly’s Cajun Grill, Yeung’s Lotus Express, Suki Hana, and Wok A Holic. IRMG has been using Clip in over 50 locations with dozens more in the process of being added, aligning with their aggressive expansion goals. The company was awarded Popeye’s Developer of the Year at the 2022 and 2023 Annual Restaurant Brands International (RBI) Convention with the addition of 64 new stores and 2024 Burger King Developer of the Year as featured in Food Chain Magazine’s recent coverage: The Birth of a Restaurant Empire.
Anthony Napoliello, President and CEO at IRMG, shares his experience with Clip: “Switching to Clip has resulted in monthly savings of roughly
“In the restaurant business, every penny counts. Margins are tight, so cash flow and optimizing processes are critical to our operations,” says Kelly Yeung, Founder and Chairman of IRMG. “Clip has made it easier by helping our staff deposit cash quickly and having funds processed the next business day, keeping operations running smoothly on all fronts.”
The Clip network enables any business to make deposits to any existing bank account via ClipDrop or ClipATM which helps promote bank consolidation efforts. Deposits can be made at any time during store hours by designated employees, with next-business-day credit. Clip customers can also manage the full cash-handling process through the Clip Cashboard, including facilitating cash deposits and change orders, assigning employees to perform deposit transactions, and tracking transaction history.
Clip co-founder and CEO Joseph Arrage said “We are honored to have earned the privilege of serving IRMG’s iconic restaurant portfolio. Clip recognizes a significant growth opportunity within the QSR sector, given that cash constitutes a substantial portion of sales and QSR establishments face well-documented labor challenges. We take pride in offering IRMG a seamless, cost-efficient deposit solution through our expanding network.”
With plans to roll out the Clip solution to additional stores, IRMG joins a number of other multinational and independent retailers who have adopted Clip. Clip deposit locations are currently available in nearly 3,000 US locations across 34 States.
To learn more, please visit How IRMG Cut Cash Management Costs and Improved Operational Efficiency with Clip, and for a full list of locations, visit https://clipmoney.com/locations.
About Clip
Clip operates a multi-bank, self-service deposit system for businesses through its network of ClipDrop Boxes and Clip-enabled ATMs. Rather than going to their personal bank branch or using an armored carrier service, businesses can deposit their cash at any ClipDrop or ATM located nearby at top retailers and shopping malls. Deposited funds are automatically credited to the business’ bank account, usually within 1 business day. The company combines functional hardware, an intuitive mobile app, and an innovative cloud-based transaction engine that maximizes business banking transactions. Clip also facilitates mobile change orders, which are fully insured and shipped within 1-2 business days. Clip Money offers a cost-effective and convenient solution for business banking deposits across major markets in Canada and the United States. For more information about the Company, visit www.clipmoney.com.
For further information, please contact:
Joseph Arrage
Chief Executive Officer
tel: 844-593-2547
