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TORONTO & SEATTLE–(BUSINESS WIRE)–As the cannabis industry continues to struggle with cash or alternative – and often risky – payment options, POSaBIT, the premier cannabis sales and payment platform, continues to represent the leading POSaBIT payment platform. Using a compliant and highly resilient PIN debit system, POSaBIT payments take the risk out of other, less reliable payment platforms in the industry such as ATM, cumbersome ACH or expensive third-party ATMs.
Cashless ATM (also known as ATM) solutions, which were once seen as a digital solution to cannabis’ cash problem, were blocked from accessing traditional ATM networks in early December. POSaBIT has successfully worked to move the majority of its customers to PIN debit, accelerating the transition to a more reliable and compliant PIN debit in recent months. Unfortunately, many payment providers in the cannabis industry continued to rely on cashless ATMs as it became increasingly clear that this was a risk for retailers. As a result, the December shutdown left many retailers without a safe alternative to cash. For those retailers struggling with a cashless ATM, POSaBIT has offered a quick and cheap conversion to PIN debit. POSaBIT PIN Debit is available to all POSaBIT customers in the United States.
“As we’ve seen in many of the states where we do business, security is a top concern for our heavily cash-based industry.” By reducing the reliance on cash, we not only improve security, but also increase the average basket size and allow employees to do what they do best – help customers choose the best product to meet their needs, regardless of the amount of cash they brought into the store.” said POSaBIT VP of Product Christine Foss. “Our laser focus on cannabis retailers means we can address those issues in a way that helps normalize the cannabis experience for our customers and their customers.”
For retailers, POSaBIT works seamlessly with their existing infrastructure to enable PIN debit that simply works. The open infrastructure that supports POSaBIT means that retailers are not locked into a single solution, but can choose their preferred point of sale, loyalty, delivery or other system and easily integrate it into the POSaBIT platform. POSaBIT Point of Sale makes integration even easier while maintaining the open architecture and highly secure, compliant platform that POSaBIT is known for.
End users love the ease of use of the POSaBIT platform, which mimics many of their everyday retail experiences. While many cannabis users have come to expect ATM fees and careful cash budgeting, the POSaBIT platform provides partners with referrals and customer insights and ensures the customer experiences a seamless, cashless, friendly retail environment.
About POSaBIT
POSaBIT (CSE: PBIT) is a FinTech, operating exclusively in the cannabis industry. We provide a best-in-class point-of-sale solution and are the leading provider of cashless payments for cannabis retailers. We work tirelessly to build better financial services and transaction methods for merchants. We bring the latest software and technology to the cannabis industry so that all merchants can have a secure and compliant set of services to address the challenges of a cash-only industry. For additional information visit www.posabit.com.
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