In today’s episode of π»ποΈ B2B Vault: The Payment Technology Podcast Allen & Justin dive into the world of ππ¨ cannabis payment π°π²πΈπ΅π€ solutions and the bumpy road ahead.
π Visa and it’s member banks have been sending out warning letters to π§ ATM Providers about Cashless ATMs.
π So we are going to dive into what is going on.
π Cannabis businesses – Dispensaries do not have a way to accept credit cards.
π So many have turned to Cashless π§ ATMs – now Visa is going after the providers and warning everyone that fines can be as high as $50,000 for each machine.
π I would say that everyone would LOVE It if Congress would address the SAFE Banking ACT and pass it, this is a can that has been kicked down the road.
π While cashless π§ ATMs have been around for quite a few years – it is apparent that Visa has had enough and the fines have started.
π In the last 12-18 months, we have heard about many providers being shut down.
π We discuss in the podcast today – what are the other options?
π You can always get a compliant π§ ATM solution in your cannabis business – these have restrictions but it is legal, and there will never be an issue. There have been quite a few. Work-around products over the last decade – all of them eventually get closed down.
π It’s probably time that the ππ¨ Cannabis associations start working with Visa and other card brands to come up with a solution and pressure congress into acting – maybe getting petitions going state by state and pressuring congress into helping a multi-billion dollar industry get banking and payments going!
The can has been kicked down the road for far too long.
Carpe Diem – Seize the Day!
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Other Episodes Youβll Enjoy
- Episode 126 – Financial Brand Forum 2022 in Las Vegas | Digitization in Banking
- Episode 61 – The Future of Payment Processing, FinTech & Business
- Episode 117 – Why did I get kicked off of Stripe, Square, PayPal etc.?
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