POSaBIT Expands Cannabis Payment Processing into Colorado, California, and Nevada
With over 50 Washington stores and growing, POSaBIT recently debuted its successful, fully compliant payment service in three more legal states with a collection of high-end, high-volume dispensaries in Las Vegas, San Bernardino, and Denver.
Legal cannabis retailers face a host of industry-specific challenges, as regulatory legislation moves slowly and nervous banking institutions and credit card brands hesitate to risk running afoul of federal prohibitions. As industry lobbyists point out, these store owners want to run compliant businesses, and they struggle with the real security risks of cash-only operations.
Fortunately, accepting card payments has become possible with POSaBIT’s innovative financial technology solution. POSaBIT uses a unique approach – enabling customers to purchase cryptocurrency through a dedicated console, and then subsequently spend it in any store POSaBIT is installed. This system benefits store ownership, their employees, and the customers they serve in many ways.
For example, cannabis store owners frequently double their sales numbers by accepting card payments through POSaBIT. They also report reduced costs (like armored car pickups), and increased safety due to less cash on hand. Employees enjoy significantly higher tips from these transactions, and happy customers reward these establishments further by return visits.
“We focused solely on the State of Washington for last year’s launch,” said Jon Baugher, Chief Revenue Officer and co-founder of POSaBIT. “Now that we’ve proven the concept and established clear benefits, we will continue to aggressively expand in new states as they legalize. Colorado, California, and Nevada are just the beginning.”
Beyond payment processing, POSaBIT is poised to launch a suite of additional high value products and services this year, continuing its proven ability to anticipate unique industry needs and deliver scalable, efficient, and elegant solutions.