ABOUT THIS EPISODE
In today's episode of 📻🎙️ B2B Vault: The Payment Technology Podcast Allen & Justin dive into the world of 🍃💨 cannabis payment 💰💲💸💵🤑 solutions and the bumpy road ahead.
🚀 Visa and it's member banks have been sending out warning letters to 🏧 ATM Providers about Cashless ATMs.
🚀 So we are going to dive into what is going on.
🚀 Cannabis businesses - Dispensaries do not have a way to accept credit cards.
🚀 So many have turned to Cashless 🏧 ATMs - now Visa is going after the providers and warning everyone that fines can be as high as $50,000 for each machine.
🚀 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.
🚀 While cashless 🏧 ATMs have been around for quite a few years - it is apparent that Visa has had enough and the fines have started.
🚀 In the last 12-18 months, we have heard about many providers being shut down.
🚀 We discuss in the podcast today - what are the other options?
🚀 You can always get a compliant 🏧 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.
🚀 It's probably time that the 🍃💨 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 You’ll 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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