I've come to deeply appreciate the sense of accomplishment that comes from building a small business from scratch and seeing it blossom into a thriving enterprise.

Having witnessed the unwavering resilience of small business owners throughout my life, I’m inspired by their relentless pursuit fueled by passion and a commitment to serving their communities. These local heroes, the lifeblood of our economy, drive innovation and resilience. 

My journey in the world of entrepreneurship began at a young age, surrounded by the hustle of my immigrant family's convenience stores. Those early years, spent working alongside my family, managing responsibilities, laid the foundation for my understanding of the challenges inherent in running a small business.

Depositing the day’s cash earnings at the bank was a deeply ingrained part of my daily routine.

Cash flow dictated the frequency of these trips, and the faster we could get those deposits into our bank account, the smoother operations ran. This simple task underscored a crucial reality in the small business landscape: time is money.

Today, small businesses face a myriad of challenges, including managing inflationary pressures, trimming costs without compromising quality or customer loyalty, and juggling staffing shortages. Now, even depositing cash, a fundamental operation for most businesses, has become increasingly difficult and costly in time. 

Small business owners rely heavily on cash transactions to sustain operations, with nearly 30% of in-person sales involving cash.

To ease the cost burden of high card fees, many local businesses offer discounts for cash payments. This highlights the critical role they play in boosting our economic growth and the importance of cash transactions to their success.

Banks are rapidly shrinking their physical footprint, making it harder to find a nearby branch. This trend, which I expect to accelerate, disproportionately affects small businesses for whom proximity isn’t just about convenience – it’s about efficiency and security.

Even when they find a branch, the “modernized” experience can mean limited services. Cash deposits might not be accepted, forcing business owners to wait in long lines or seek out locations that still accept teller-based transactions. This time can be better spent with tending to customers, family, or other obligations.

As CEO of Clip Money Inc., I carry these lessons learned from my upbringing and experiences to navigate our company’s growth and impact. It's a reminder that time is both a precious commodity and a constant challenge, one that must be managed wisely to navigate the ever-changing landscape of entrepreneurship. 

Clip operates under a core principle: a thriving small business sector is the backbone of a healthy economy.

We aren’t just passionate about this belief, it's what motivates us. Every day, we’re driven to create products and solutions that remove obstacles, allowing small business owners to focus on growth, not operational complexities. By listening to their needs and challenges, we develop practical tools that offer real solutions, including ClipDrop, ClipATM, and ClipChange. 

In closing, I urge you to support small businesses in your community. Behind each storefront is a story of perseverance, innovation, and the relentless pursuit of the American dream. Together, let's celebrate the spirit of small business and honor the invaluable contributions they make to our society.

Joe Arrage
CEO, Clip Money Inc.

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