Clip Money & Green Dot Expand Business Deposit Network
Hey Payments Fanatic!
Clip Money and Green Dot have announced a partnership that will expand Clip Money's deposit network by 4,000 retail locations across the U.S. The collaboration enables businesses to make over-the-counter cash deposits at major retailers including Walmart, Walgreens, and CVS.
Joseph Arrage, CEO of Clip Money, stated: "Achieving our mission to build the largest and most convenient business deposit network in the U.S. marks a significant milestone." The network leverages Green Dot's infrastructure, which places deposit locations within three miles of 96% of the U.S. population.
Crystal Bryant-Minter, SVP of Money Movement at Green Dot, added: "We are thrilled to partner with Clip Money to deliver more seamless and accessible financial services to businesses." The partnership aims to provide an alternative solution for businesses as traditional bank branches continue to close nationwide.
If you’re interested in reading more about what’s been happening in Payments, keep scrolling!
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GOLDEN NUGGET
How does ‘Scan to Pay’ work (for PayPal, Cash App, Venmo, Paytm)?
Let’s break it down:
To understand the process involved, we need to divide the “scan to pay” process into two sub-processes:
► Merchant generates a QR code and displays it on the screen
► Consumer scans the QR code and pays
Here are the steps for generating the QR code:
1️⃣ When you want to pay for your shopping, the cashier tallies up all the goods and calculates the total amount due, for example $123.45. The checkout has an order ID of SN129803. The cashier clicks the “checkout” button.
2️⃣ The cashier’s computer sends the order ID and the amount to PSP.
3️⃣ The PSP saves this information to the database and generates a QR code URL.
4️⃣ PSP’s Payment Gateway service reads the QR code URL.
5️⃣ The payment gateway returns the QR code URL to the merchant’s computer.
6️⃣ The merchant’s computer sends the QR code URL (or image) to the checkout counter.
7️⃣ The checkout counter displays the QR code.
These 7 steps complete in less than a second. Now it’s the consumer’s turn to pay from their digital wallet by scanning the QR code:
1. The consumer opens their digital wallet app to scan the QR code.
2. After confirming the amount is correct, the client clicks the “pay” button.
3. The digital wallet App notifies the PSP that the consumer has paid the given QR code.
4. The PSP payment gateway marks this QR code as paid and returns a success message to the consumer’s digital wallet App.
5. The PSP payment gateway notifies the merchant that the consumer has paid the given QR code.
Sources: ByteByteGo
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