Our team has been in the MSB (Money Service Business) space for 20+ years. Until cannabis businesses began to scale, we’ve always focused on check cashing stores, payday lenders, car title loan operators… even flower shops, rental car agencies, vitamin online & offline merchants, auto repair shops… in other words, some of the most controversial industries on the planet.
We are VERY familiar with PIN based “point of banking systems” – “Cashless ATM’s – and believe this platform may offer a solution for cannabis oriented B2B and B2C cannabis players. We invite you to explore the possibilities.
Our PC / Terminal Pin based solution enables our B2B and B2C merchants to enable their customers to “pull” money from government issued debit cards, social security cards, H & R Block and other similar tax refund company’s cards, and any prepaid card while charging the cardholder/customer a small transaction fee.
And, if your customer’s existing card does not allow them access to ATM’s, our product enables you to have the ability to “pull” any amount of the funds available on their card that they may want.
Our system is a Pin-based system that looks and feels like a Point of Sale (POS) terminal but gives customers access to their bank accounts, as opposed to just making purchases via POS.
“Old school” PIN based debit transactions have always forced merchants to pay the debit card issuers processing fees for the “convenience” of allowing these merchants to enable their customer to pay for products and services with a payment card.
There’s a fixed fee component based on the merchant’s industry segment (payday loan store, car title lender, flower shop, gardening center, check casher, auto mechanic, tire store…) as well as a variable fee component based on average ticket value and calculated as a percentage based “merchant discount.” In total, fees for each transaction can be expensive.
Our solution employs a different approach. The card fee structure is based on a single, fixed, transaction fee; just like an ATM withdrawal. These transactions enable a merchant to charge a “convenience or surcharge fee” to be paid by the consumer for using their debit card rather than cash.
How our solution works:
Customer’s card is swiped by the customer representative at the counter.
Customer representative enters the withdrawal amount requested by the customer.
Customer representative requests the customer enter their 4-digit PIN number on the encrypted PIN pad.
If the PIN number entered by your customer is correct and sufficient funds are available in the account, the transaction is approved.
The bank immediately deducts the funds from the customer’s account.
The customer representative gives the customer the dollar amount according to the printed receipt.
The funds, according to the printed receipt, are deposited into the merchant’s bank account in 1-3 days. Exact timing depends on bank cut-off time at end of day, weekends and holidays.
The transaction fees described above and earned by the merchant accumulate for 30 days. These transaction fees are credited to the merchant’s bank account on the 15th of the following month.
For more details and costs: online form.