- Cannabis enters the mainstream as California and Canada legalize adult use
- Cannabis retail sector flourishes to satisfy demand
- Bespoke payment platform provides compliant payment processing to cannabis retailers
Now that Canada, Uruguay, the District of Columbia and nine U.S. states have legalized cannabis for recreational use, if cannabis still cannot be considered to be in the mainstream, there is no doubt that it soon will be. Apart from the jurisdictions that allow adult use in 30 countries around the world, medical marijuana is legally available. This is in addition to the 30 U.S. states and DC that have laws permitting the use of cannabis for medicinal purposes. These legal developments have, naturally, given rise to a flourishing cannabis retail sector, which Net Element, Inc. (NASDAQ: NETE) is supporting with novel payments infrastructure. The global fintech provider has launched a secure and compliant payment-processing platform aimed at the legal cannabis industry (http://nnw.fm/gO3bA).
Products containing cannabinoids, particularly cannabidiol (CBD), which is not usually subject to the same restrictions as delta-9-tetrahydrocannabinol (THC), are now increasingly found in retail outlets other than pot shops or cannabis dispensaries. Availability has spread to natural food stores, beauty salons, cafes and doctors’ offices. Many of these establishments may encounter difficulties because of their involvement with cannabis. Payment processing and compliance for the legal cannabis industry has become increasingly complex. The payment solution from Net Element is designed to alleviate those troubles. Developed by Unified Payments – a Net Element subsidiary – the platform addresses the challenges by offering a compliant, seamlessly integrated payment solution that makes transacting simple.
Unified Payments is one of the leading providers of bankcard payment processing services and value-add solutions in the United States. The company’s technology enables small and medium-sized merchants to accept cashless transactions for their merchandise and services by providing point-of-sale equipment and transaction processing. These services come bundled with merchant business analytics, risk management, fraud detection, 24-hour/seven-day-a-week merchant assistance and support and chargeback management services.
Unified Payments has also developed a gift card application for smart payment terminals. First launched on POYNT, the omni-channel gift and loyalty platform lets small and medium-sized enterprises (SMEs) issue new cards, add value, transfer value between cards, accept payment utilizing physical or virtual cards, void payment, check the card balance and replace the card if needed. Merchants can access transactions via POYNT’s smart payment terminal, as well as online on Net Element’s SalesCentral reporting system.
Through a recent deal with Payment Club, Inc., Unified Payments launched subscription-based payment processing services (http://nnw.fm/cw1hY). Unified Payments’ newly created subscription-based billing engine allows Payment Club and many Independent Software Vendors (ISVs), Value Added Resellers (VARS) and Independent Sales Organizations (ISOs) to bill and manage any payment services and software licenses in a convenient and transparent way. The turnkey solution includes everything needed for businesses to accept payments in a multi-channel environment, including smart point-of-sale devices for card present transactions, fully integrated point-of-sale systems and online and mobile solutions developed exclusively for Payment Club by Net Element.
For more information, visit the company’s website at www.NetElement.com
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