Frequently Asked Questions About POSaBIT Cannabis Payment Processing
How do you pronounce POSaBIT?
While the “POS” does indeed stand for “point-of-sale” system, we like to pronounce the company name as POZZA-bit.
How does POSaBIT payment processing work for merchants?
POSaBIT sells cryptocurrency to customers through our POS system via cashless debit or credit. This transaction is completely independent from any following purchases in your store, which is why this model works -- and is compliant -- for high-risk processing such as legal recreational cannabis.
Think of POSaBIT as similar to an ATM. Customers can withdraw money from your ATM and take it with them, but in most cases, they will turn around and use it to purchase product in your store.
Merchants receive U.S. Dollars from POSaBIT (deposited into their bank account via ACH) once the funds have settled.
What is the customer experience if one of my customers wants to pay by card?
Your employee rings up the sale on your point-of-sale system.
Your employee enters the sale amount into the POSaBIT terminal.
Your employee scans the customer’s ID to verify age.
Your employee swipes the customer’s card. Upon approved payment, POSaBIT funds a digital wallet.
The customer signs to accept terms of sale and complete the purchase.
Your employee gives the customer their paper wallet loaded with the cryptocurrency.
The customer spends the paper wallet in your store or leaves with it.
What are the major benefits of using this system?
POSaBIT sales are double the average cash-only purchase
Less cash on hand = safer environment
You save money on armored-car pickups
Customers love the convenience!
How is POSaBIT different from other payment processors offering the same thing?
We are a registered Money Services Business (MSB) and have Money Transmitter Licenses (MTLs) in every state that requires one. With 50+ merchant stores in Washington state alone, POSaBIT is the established and trustworthy choice.
We can integrate with any point-of-sale system, creating a seamless checkout experience with minimal fees -- no need to download a third-party application.
We offer robust reporting with real-time transaction history and advanced auditing, and are always innovating new tools to help you better manage your business.
Our office is staffed with experienced, responsive account managers that are always just a phone call away at 855-POSABIT.
Where is POSaBIT available?
POSaBIT is currently doing business in Washington, Colorado, California, and Nevada. Schedule a demo.
Do you operate a dispensary in a different state?
Get in touch if you’d like to be one of the first shops to offer our payment options. We're growing fast and we'd love to give you a competitive advantage.
How does POSaBIT prevent money laundering?
POSaBIT is KYC, AML, and OFAC compliant. KYC (Know Your Customer) is the process of a business identifying and verifying the identity of its clients. AML (Anti-Money-Laundering) refers to regulations designed to stop the practice of generating income through illegal actions. The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury enforces economic and trade sanctions based on foreign policy and national security goals.
Additionally, we set limits on how much cryptocurrency customers can purchase.