The cannabis industry newswire exploded this week when Visa issued a statement titled “Cashless ATM” and Misuse of ATM Transactions Prohibited.
In this statement, Visa stated, “Cashless ATMs are primarily marketed to merchant types that are unable to obtain payment services — whether due to the Visa Rules, the fuels of other networks, or legal/regulatory prohibitions. Therefore, supporting this scheme affects the integrity of VisaNet and the Plus network, as well as the Visa payment system”.
This has impacted the cannabis industry, as many businesses have used Cashless ATMs as an alternative to payment methods used in traditional retail.
So, what is the alternative? Today, a payments solution exists and is helping a growing number of businesses accept compliant, cashless payments.
With AeroPay, cannabis businesses can accept compliant, cashless payments both online and in-store. In-store, a customer can simply scan a QR code, link to their bank account, and pay. Online, a customer can pay with AeroPay right from their shopping cart.
How does AeroPay work?
AeroPay provides a solution that has been given many names across the payments industry. Those include “bank-to-bank transfers,” “account-to-account” and “ACH.” All are true. AeroPay links one bank account to another bank account and facilitates a transfer of funds through the ACH (Automated Clearing House).
According to Nacha.org, payment volume on the modern ACH Network increased 7.7% in the third quarter of 2021, with 7.3 billion payments. The value of those payments was $18.1 trillion, up 13.8%.
The answer is three-fold. AeroPay has regulatory approval in every state that it operates in, performs due diligence including bank and license verification, and is backed by a compliant bank. “We work alongside partner financial institutions and state regulators to ensure the highest levels of transparency.” - Dan Muller, CEO, AeroPay
Book a demo today to learn more about how AeroPay can help your cannabis business online and in-store.
We’re happy to show you our full payments solution and put the best bank-to-bank transfers to work for your business.