First and foremost, it is for any licensed operator in a US state where cannabis has been legalized and has active seed to sale tracking. It is a best fit for operators who are tired of playing the “back up terminals for your back up terminals” game.
Customers may choose to pay a variety of ways - all in exact dollars and cents (eg., no rounding) - on our terminals. There is no ID scanning or text message involved.
YES. To provide a glimpse, on every transaction, we are performing a KYC, submitting two SAR reports, as well as OFAC and OCC filings. This is a high cost and has been an insurmountable price for every cannabis payment provider until now. With that said, there is a lot more to our compliance and we will not disclose this publicly. Book a meeting with us to learn more.
At an FDIC insured, US based bank.
It is a poor fit for merchants whose sole concern is how much of a kickback they will receive per transaction.
It is also a poor fit for merchants who feel they must have redundancies in place.
We require exclusivity.
The short version is that they mask the nature of the transaction from all necessary parties. Digital Wallet and P2P companies serve as a middle man between Financial Institutions and your business - an avoidable and unnecessary risk. When middle men are used to facilitate cannabis transactions, they always get caught, shut down, and you never receive the money owed to you. Considering the standard 3-5 days of arrears, you could lose hundreds of thousands of dollars.
It is a MYTH that workarounds like these are necessary for this industry.
There is a lot to unpack here. First, a gift card network gets audited by many regulatory parties when the network hits $10 million a month in processing. Gift card solutions lack the sophistication to obfuscate the nature of a transaction.
In the case of cannabis transactions, being that this is a schedule 1 narcotic, this is immediately recognized by regulators, the network shuts down, and all funds get seized and held.
These funds are also never FDIC insured.
They facilitate money laundering and fraud at many levels. The banks do not know nor consent to them running on their rails, the ATM networks do not know or consent to their use of their gateways, and the card brands do not know or consent to their cards being used to transact on a “money laundering device.”
With that said, Cashless ATMs have never had more issues than in this year.
Regulators are going after them in full force. More shutdowns are on their way.
High-risk payment processing refers to the handling of transactions for businesses classified as high-risk due to their industry, transaction volume, or history of chargebacks. This type of processing is crucial for businesses in risky sectors, such as CBD products and adult entertainment, as it provides tailored solutions to meet their unique needs.
When selecting a payment processor for a high-risk business, consider factors such as the provider's industry experience, customer support capabilities, transparent fee structures, and third-party reviews.
It's important to evaluate how well the provider's offerings align with your specific industry requirements.
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