ATM Payments And Compliance in Cannabis: How To Tackle Heavy Cash Operations

Kevin Hart, CEO of Green Check Verified, Andrew Gleiser CRO at Aeropay, and Nikki Mohrlant VP of Emerging Markets at PAI Powered by Brink's highlighted the industry's cash dependence, discussed the role of ACH payments, ATMs and potential impacts of changing regulations at the last Benzinga Cannabis Capital Conference in Chicago.

Innovative Solutions for Cash-Heavy Cannabis Transactions

The discussion highlighted the industry's continued reliance on cash. The need for compliant solutions and the role of payment methods like ACH (Automated Clearing House) were emphasized as key factors in driving industry growth and enhancing the availability of funds for retail operations.

Mohrlant talked how their company aims to create efficiencies by providing provisional credit for cash deposits at dispensaries and reducing the need for cash trucks. PAI is also working on programs to share ATM surcharge revenue with dispensaries, promoting cost efficiency and streamlining cash management.

Future-Proofing Cannabis Finance: ACH, Compliance And Navigating Regulatory Shifts

Gleiser highlighted the importance of offering multiple payment methods and the advantages of ACH processing. He mentioned their adherence to the 2014 FinCEN guidance and the importance of bank-to-bank payments for the industry. Gleiser emphasized that payment processing should be user-friendly to encourage adoption.

The panelists acknowledged the potential changes in the industry as a result of evolving regulations, such as the potential rescheduling or descheduling of cannabis and the impact on payment processing and compliance.

In anticipation of more rules and regulations, the panelists recommended building for the future, embracing safer banking opportunities and exploring new financial structures and models to enhance the cannabis industry's growth and adapt to a changing landscape.

Photo by Eduardo Soares on Unsplash.

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