VANCOUVER, Wash., Sept. 15, 2022 (GLOBE NEWSWIRE) — Bankcard International Group (BIG), a leading provider of cannabis merchant accounts for payment processing, announced that its services have been approved by the Washington State Department of Financial Institutions. Traditionally, cannabis businesses have had to use “workaround” solutions for electronic payments or accept cash only. BIG offers retailers in Washington, and any state where cannabis is legal, the opportunity to accept PIN Debit card payments just like traditional retail businesses.
“We are thrilled that the Washington DFI recognizes the need for payment solution oversight and that we have met their standards to gain approval as a cannabis payment service provider. By offering a traditional debit-card payment option, we are paving the way for safer, more compliant, and more productive business,” said Brett Taylor, CEO, BIG
BIG offers cannabis merchant accounts for PIN Debit payment processing, not cashless ATMs. Meaning, customers can purchase their products without the need to go to the ATM, sign up for a payment sending service, or carry cash. They simply insert their debit card, enter their PIN, and walk away – just like going to the grocery store. Until there is federal guidance, the major card brands still prohibit the use of credit cards for cannabis. However, many of the debit networks feel differently so long as strict compliance and reporting standards are maintained.
Joe Zahaitis, President, BIG remarks, “We are very excited about this recognition by Washington state, further expanding our presence as a leader in legitimate cannabis processing around the country. We look forward to talking to new cannabis clients every day and welcome Washington State to the gold standard in compliant cannabis payments.”
While the rapidly growing cannabis industry continues to struggle with access to traditional services, PIN Debit payments are a significant step forward for cannabis retailers and delivery services.
Nick Bendge, owner, Sparket Cannabis Market in Port Angeles, Washington, says: “… Using BIG’s processing system, we have increased our average daily spend (ADS) compared with cash transactions, alleviated stress by having significantly less cash on premise and knowing that any issues that may arise will be quickly resolved with their great customer assistance…” about BIG’s PIN Debit services.
Benefits of PIN Debit Payments for cannabis retailers include:
- Fast transactions for the exact dollar amount.
- Increasing safety by reducing the amount of cash on hand and in transport.
- Increased sales volume when compared to cash.
- Accurate DBA information on receipts and customer statements.
Bankcard International Group is a team of experts in payment processing for high-risk and highly regulated industries. They have over 12 years of cannabis industry experience focusing on pushing the industry forward with compliant and sustainable payment services. The executive team includes former national/international merchant services managers for major banking platforms, CAMS (Certified Anti Money Laundering) specialists, banking executives, POS experts, and payments professionals. Learn more www.bankcardinternationalgroup.com
300 West 15th Street, Suite 310
Vancouver, WA 98660
Image 1: Cannabis PIN Debit Payments approved in Washington
Washington DFI approves Bankcard International Group’s Cannabis PIN Debit payment processing services.
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Cannabis PIN Debit Payments approved in Washington