PAYZ INTRODUCES BANK-DIRECT MAJOR CREDIT CARD PROCESSING FOR MRB'S
Get ready to accept both cash and credit cards for any transaction at your dispensary with PAYZ.
About PayZ
Who is PAYZ?
Payz maintains License Agreement with a U.S. based Acquiring Bank who developed the bank-direct, electronic payment platform specifically for the cannabis industry. Our team has performed vertical integrations for MRB’s for over eight years and maintains key partnerships with industry leaders.
Our Mission Mandates
Our top priority is compliance and security. Our job is to identify MRB industry candidates that have proven performance track records for consideration by the Bank to participate in the nationwide scaled rollout of this platform.
Once the merchant submits verification criteria, Payz facilitates immediate interface between the Merchant and the Acquiring Bank. This eliminates “this sounds too good to be true”.
The Merchant is then vetted and approved by the Bank. Hardware is delivered for immediate use. Training is fast, simple and targeted. Payz participates in direct training with each Merchant’s critical staff in order to enhance the Merchant’s ability to increase average ticket sale amounts.
Bank-Direct Payment Processing is not a "Cashless ATM/PIN DEBIT" Workaround
MRB’s now use the notorious, and often transient, “cashless ATM”, circumventing major card brand restrictions on card payments in cannabis retail businesses. A cannabis dispensary sets up a payment device registered as an ATM. A customer inserts their debit card and selects an amount covering the sales price of cannabis, plus transaction fee, then rounds up to the whole dollar. Various iterations of this workaround are now in MRB’s across the U.S.
Predictably, the card networks have concerns that cashless ATM transactions are simply disguised, illegal cannabis transactions. Both Major Card brands issued warnings to banks that the cashless ATM scheme being deployed at MRB’s may operate in violation of their rules and threatened enforcement actions. Many acquiring banks and payment processors have pulled back from supporting cashless ATM sales; see: (Steve Gelsi, “Visa Cracks Down on Cashless ATMs at Cannabis Dispensaries,” MarketWatch, updated January 25, 2022; Will Yakowicz, “What Visa’s Warning about ‘Cashless ATMs’ means for the Cannabis Industry,” Forbes, December 20, 2021). Similarly, in summer 2023, Mastercard instructed financial institutions that offer payment services to cannabis merchants to terminate the activity. See: (Dario Sabaghi, “Mastercard Cracks Down on Marijuana Transactions on its Debit Cards,” Forbes, July 27, 2023 https://www.forbes.com/sites/dariosabaghi/2023/07/27/mastercard-cracks-down-on-marijuana-transactions-on-its-debit-cards/?sh=544c0d9a7d67).
Hence, the myriad shutdowns, interruptions, switching to new MID’s (Merchant ID’s) and other factors that cause this quasi-solution to be both risky, and consistently unreliable.
Yes, This is Administered by an Acquiring Bank
The Department of Justice issued guidance in 2013 and 2014 (the “Cole Memo”) setting forth eight (8) priority enforcement areas
against cannabis-related conduct.
The Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued guidance instructing how financial institutions can provide services to marijuana-related businesses consistent with
their BSA obligations to align the information found in BSA reports under federal and state law enforcement priorities. See: ("BSA Expectations Regarding Marijuana-Related Businesses,”
FinCEN, February 14, 2014).
The Bank has operating accounts in over 200 large cannabis
industry leaders, including two (2) publicly traded MRB’s, the
first platform of: its kind.
• FinCEN standards - Including SARS reports and other
reporting requirements;
• Audit requirements (6 audits have been performed and were
passed with flying colors);
• Strict AML/KYC compliance and reporting;
The eight (8) requirements set forth in the Cole Memo, See:
(“Guidance Regarding Marijuana Related Financial Crimes,”
US Department of Justice, February 14, 2014).
What is the Name of the Bank?
All clients receive full disclosure of our Bank’s information upon completion of the Bank’s initial compliance criteria. (Click “START” below). No disclosure shall be, nor is permitted to be, made available until each Merchant has satisfied the document list herein.
Once the preliminary docs are reviewed and approved by the Acquiring Bank, full disclosures are made available to the merchant, who is then placed into underwriting. This is typically a 1-2-day process. Hardware requirements are identified and the Merchant sets up delivery times and training for critical staff at each location desired by the Merchant.
The hardware platform is virtually no different than what you would use at a grocery store or other retail location. The UIUX rating is superb and recognized throughout most retail locations across the U.S.
Click here and welcome to the national roll-out. This is strictly invitation only at this time.
Email directly for Q&A. A management team member will reply
or call you back quickly.
Ph.: 916-798-0857