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Aeropay Partners with KindTap to Offer the Cannabis Industry Consumer Credit for Purchases

Cannabis
Partners
Integrations
May 9, 2023
Robert Braun

Aeropay has teamed up with KindTap to create the cannabis industry’s first consumer credit solution. This integration will allow Aeropay-powered cannabis operators to accept both bank-to-bank transfers and digital credit at checkout. The integration supports increased dispensary revenue and provides shoppers with a modern cannabis retail experience. Now dispensaries with Aeropay can offer customers two ways to pay at checkout. Studies have shown that shoppers paying via credit spend twice as much per month as consumers paying with cash.   

Compliance has been a longstanding issue for both debit and credit card payments in the cannabis industry, but now with Aeropay and KindTap, a simple to use line of digital credit is available. Consumer credit, powered by KindTap does not run on the card rails, and is digital, offering customer to apply for a line of credit and pay over time. Furthermore, customers can access their account features through Aeropay without the need for any physical credit cards or paper statements. 

So what is KindTap and what changes will you see in-store and online now that it’s integrated with Aeropay? Are dispensaries near you finally ready to accept credit? Let’s find out! 

What is KindTap?

KindTap is a digital payments platform that allows customers to compliantly purchase in checkout and pay later with credit. KindTap offers end consumers a seamless sign-up process and digital credit that can be used instantly after approval at participating merchants. 

The credit offering’s flexible payment terms allow customers to pay their bill within 30 days with no interest or to pay their bill over a period of monthly installments. To protect customers from credit card debt, the credit solution, powered by KindTap, grants credit lines of up to $1,500 with shorter repayment terms to make money management more effortless. The interest rate added onto KindTap’s revolving balances is 18%, a lower rate than most traditional credit cards.

Aeropay and KindTap collaborate to offer cannabis businesses and their customers a completely cashless checkout

Today, many shoppers prefer to shop online or with digital payment methods. Two-thirds of adults worldwide now make or receive digital payments. In the U.S. alone, eCommerce sales surpassed $750 billion in 2021. These trends inform how to create the ideal dispensary experience for consumers, and implementing Aeropay and KindTap allows your customers to have flexible options when shopping at your store. 

Jessie Heasley, Director of Operations for KindRun Massachusetts LLC, a cannabis home delivery platform that utilizes Aeropay, said, “As one of Boston’s leading cannabis home delivery operators, we are constantly seeking ways to make our deliveries more efficient and safer by removing cash from theequation. The combination of Aeropay’s bank-to-bank transfers and now credit, powered by KindTap, is by far the most robust solution available for compliant, contactless payments. We are truly honored to be one of the first operators to bring this service to market.

More options for purchasing goods at your dispensary, leads to more transactions. Cash is limiting as it only allows shoppers to spend with a fixed amount on hand. Thankfully, this collaboration creates more options for consumers shopping for cannabis – which benefits both the shopper and the dispensary owner. 

Flexibility and simplicity are both key for business owners. Brands that make the purchasing journey simple are 86% more likely to make the sale. With a cannabis payment processor like Aeropay, you too can have the necessary options to run your business that way you envision. Aeropay is a one stop shop for dispensaries to offer various ways to buy products and accept multiple payment methods, including credit.   

Not only that, but digital and contactless payments also greatly reduce the risk of theft in-store as well as for delivery drivers and consumers.

Adding compliant cash-free payments is becoming essential to a cannabis company’s tech stack 

By providing dispensaries with a compliant in-store and online payment platform, Aeropay is a key component of the ideal tech stack for cannabis businesses while keeping them at the forefront of growth. A partner in payments should be able to seamlessly fit into any retailer's ecosystem. Partnering with Aeropay offers dispensaries customization, security and service.

Aeropay allows customers to make both digital ACH bank-to-bank transfers and credit payments online and in store by providing a simple integration with eCommerce platforms. Payment processing via Aeropay is fee-free for customers, simplifying the payment experience for merchants and customers. 

Merchants already accepting Aeropay can now add credit, same day, as the product is now tested and in-market.

Find out how to sign-up for Aeropay’s merchant features in 30 minutes or less by visiting www.aeropay.com/onboarding/cannabis.

Author

Robert Braun

Head of Partnerships
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