- Cannabis
enters the mainstream as California and Canada legalize adult use
- Cannabis
retail sector flourishes to satisfy demand
- Bespoke
payment platform provides compliant payment processing to cannabis
retailers
Now that Canada, Uruguay, the District of Columbia and nine
U.S. states have legalized cannabis for recreational use, if cannabis still
cannot be considered to be in the mainstream, there is no doubt that it soon
will be. Apart from the jurisdictions that allow adult use in 30 countries
around the world, medical marijuana is legally available. This is in addition
to the 30 U.S. states and DC that have laws permitting the use of cannabis for
medicinal purposes. These legal developments have, naturally, given rise to a
flourishing cannabis retail sector, which Net Element, Inc. (NASDAQ: NETE) is
supporting with novel payments infrastructure. The global fintech provider has
launched a secure and compliant payment-processing platform aimed at the legal
cannabis industry (http://ibn.fm/EpYHA).
Products containing cannabinoids, particularly cannabidiol
(CBD), which is not usually subject to the same restrictions as
delta-9-tetrahydrocannabinol (THC), are now increasingly found in retail
outlets other than pot shops or cannabis dispensaries. Availability has spread
to natural food stores, beauty salons, cafes and doctors’ offices. Many of
these establishments may encounter difficulties because of their involvement
with cannabis. Payment processing and compliance for the legal cannabis
industry has become increasingly complex. The payment solution from Net Element
is designed to alleviate those troubles. Developed by Unified Payments – a Net
Element subsidiary – the platform addresses the challenges by offering a
compliant, seamlessly integrated payment solution that makes transacting
simple.
Unified Payments is one of the leading providers of bankcard
payment processing services and value-add solutions in the United States. The
company’s technology enables small and medium-sized merchants to accept
cashless transactions for their merchandise and services by providing
point-of-sale equipment and transaction processing. These services come bundled
with merchant business analytics, risk management, fraud detection,
24-hour/seven-day-a-week merchant assistance and support and chargeback
management services.
Unified Payments has also developed a gift card application
for smart payment terminals. First launched on POYNT, the omni-channel gift and
loyalty platform lets small and medium-sized enterprises (SMEs) issue new
cards, add value, transfer value between cards, accept payment utilizing
physical or virtual cards, void payment, check the card balance and replace the
card if needed. Merchants can access transactions via POYNT’s smart payment
terminal, as well as online on Net Element’s SalesCentral reporting system.
Through a recent deal with Payment Club, Inc., Unified
Payments launched subscription-based payment processing services (http://ibn.fm/mdDPi). Unified
Payments’ newly created subscription-based billing engine allows Payment Club
and many Independent Software Vendors (ISVs), Value Added Resellers (VARS) and
Independent Sales Organizations (ISOs) to bill and manage any payment services
and software licenses in a convenient and transparent way. The turnkey solution
includes everything needed for businesses to accept payments in a multi-channel
environment, including smart point-of-sale devices for card present
transactions, fully integrated point-of-sale systems and online and mobile
solutions developed exclusively for Payment Club by Net Element.
For more information, visit the company’s website at www.NetElement.com
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