PAYMENT PROCESSING and PROTOPAY

Cannabis payment processing can be challenging due to the legal complexities of the industry. Since cannabis is currently illegal at the federal level in the United States, many traditional financial institutions are hesitant to work with cannabis businesses due to the risk of legal repercussions.

PROTEUS420 has partnered with PROTOPAY to offer payment solutions to cannabis businesses, allowing them to process payments securely and efficiently and comply with financial regulations related to the cannabis industry.

PROTOPAY is a payment processor that specializes in the cannabis industry. Their solutions are designed to provide businesses with a seamless payment experience while ensuring that all transactions are compliant with state and federal laws.

PROTOPAY Features include:

Secure processing: PROTOPAY processes transactions safely and securely using advanced security measures including encryption, tokenization, and other security measures to protect sensitive information.

Compliance: PROTOPAY ensures that transactions are compliant with state and federal regulations related to the cannabis industry by complying with applicable laws including age verification, transaction monitoring, and other measures.

Multi-channel payments: PROTOPAY supports a variety of payment channels, including in-store, online, and mobile payments allowing businesses to offer customers a variety of payment options, and process transactions seamlessly.

Fast funding: PROTOPAY provides fast funding for businesses, with deposits typically made within 24-48 hours of a transaction, helping improve cash flow and managing finances effectively.

PROTEUS420 and PROTOPAY provide cannabis businesses with a reliable and secure payment solution. By offering advanced security measures, compliance features, and multi-channel payments, businesses can process transactions efficiently and manage their finances more effectively.

PROTOPAY payment solutions include:

Pin Based Debit (to the penny)-
Pin-based debit is a payment processing solution that allows customers to use their debit cards to make purchases at cannabis dispensaries. This type of payment processing is offered by PROTOPAY which understands the unique needs and challenges of the cannabis industry.

Pin-based debit transactions work by having the customer enter their personal identification number (PIN) when making a purchase. This type of transaction is processed through a secure network, and the funds are transferred from the customer's bank account to the dispensary's bank account.

Pin Based debit is a reliable and secure payment processing solution that processes transactions efficiently by offering compliance features, secure processing, multi-channel payments, and fast funding. PROTOPAY can help cannabis businesses overcome the challenges of processing payments in a highly regulated and complex industry.

Contactless ACH-
Contactless ACH transactions allow customers to provide their bank account information to the dispensary, which can then use that information to initiate a transaction through the Automated Clearing House (ACH) network. This type of transaction is typically initiated using a mobile app, which allows customers to easily and securely make payments without having to physically handle cash or payment cards.

PROTOPAY offers Cannabis contactless ACH as a reliable and secure payment processing solution that processes transactions efficiently through compliance features, secure processing, and multi-channel payments, and manages their finances more effectively with fast funding.

Reasons to Avoid Cashless ATMs in Cannabis businesses:

Cashless ATM processing, also known as Automated Clearing House (ACH) processing, has been a popular payment processing solution in the cannabis industry because it allows customers to pay with debit cards. However, there are some risks and drawbacks to this that businesses should consider.

High fees: Cashless ATM processing typically involves higher fees than other payment processing solutions. This can significantly eat into the profits of cannabis businesses, especially for smaller businesses with lower transaction volumes.

Compliance challenges: Cashless ATM processing can pose compliance challenges for cannabis businesses, as it may be difficult to ensure that all transactions are fully compliant with state and federal regulations related to the cannabis industry. This can result in legal and financial risks for businesses.

Limited payment options: Cashless ATM processing only allows customers to pay with debit cards, which can limit payment options and create a less-than-optimal customer experience. This can discourage customers from returning to the business, as they may prefer to shop at businesses that offer a wider range of payment options.

Chargebacks and fraud: Cashless ATM processing can be more susceptible to chargebacks and fraud, which can result in financial losses for businesses. This is because debit card transactions are not protected by the same chargeback rules as credit card transactions, which can make it more difficult for businesses to dispute fraudulent transactions.

It is important to carefully consider the drawbacks and risks of Cashless ATM processing. Businesses should weigh the costs, compliance challenges, and limitations of Cashless ATM processing against other available options to determine the best solution for their specific needs. Protopay offers fully compliant and easy solutions for your business.