VANCOUVER, Wash., September 15, 2022 (Newswire.com) – PRESS RELEASE – Bankcard International Group (B.I.G.), a provider of cannabis merchant accounts for payment processing, announced that its services have been approved by the Washington State Department of Financial Institutions (DFI). Traditionally, cannabis businesses have had to use “workaround” solutions for electronic payments or accept cash only. B.I.G. 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, B.I.G.
B.I.G. 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, B.I.G. 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, Wash., says: “… Using B.I.G.’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 know that any issues that may arise will be quickly resolved with their great customer assistance …” about B.I.G.’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.