Zenco has a unique solution to a problem facing many legal cannabis companies that involves cashless cannabis payments.
Many retail/medical dispensaries use a reverse ATM solution to disguise the nature of the transactions. Cashless ATMs disguise the intended cannabis transaction. It is certainly not a long-term Best Practice. It might violate consumer protection disclosure rules and be considered fraudulent.
Cannabis industry experts anticipate that billions of dollars in nationwide state-legal dispensary sales this year may be disguised by cashless ATMs. Bank processors have already shut down many such schemes.
Money and banking issues are a big problem throughout the legal cannabis industry. Many banks and credit card companies refuse to do business with cannabis companies. They are afraid since cannabis is still illegal on the federal level.
The Zenco Vision
Zenco’s vision is to cleanse the cannabis industry with compliant and consumer friendly payment solutions. They facilitate a direct payment from the customer’s account to the merchant using cutting-edge technology so there are no delays in transmission.
For retail cannabis businesses they offer both proprietary Zenco Mobile and Zenco Pin Debit payment solutions.
The Zenco system includes many benefits such as:
- ACH Mobile Pay, and the lowest Rates for a cashless payment solution.
- Use smart phone technology to process payments.
- No need for your customers to carry around cash or their wallet with cards.
- Increases average sale transaction amount by up to 25%.
- Funds deposited directly in your account within 48 hours.
- Consumers can enroll in 3 minutes.
Once Approved –Consumers Log-in to Get a QR Code
Their cannabis payments work with Smart Phone technology. Funds are deposited directly in the bank account within 24-48 hours. Fees Range from 2.0%-3.0% (plus .35cents) per transaction which can be passed on to Consumer.
It has many benefits for cannabis companies like:
•Lowest Rates for Debit Card Processing
•No integration with POS is required
•Transaction for the exact dollar amount.
Funds are deposited directly in your account within 24-48 hours. There are no hidden fees.
Free Platform for Wholesalers, Cultivators & Suppliers
It allows you to invoice and collect payment before shipping at net zero cost. The Zenco platform gives you the ability to showcase your products. In addition, you can launch a reward program for your loyal customers and receive bulk order requests. Cannabis companies can receive payments electronically, which means no cash handling.
A cannabis company can easily showcase products, simplify business, and increase revenue. They can also invoice and collect money from a desk. Funds are deposited directly into your account for cashless cannabis payments.
The Zenco Cannabis B2B Payments increase safety, customer satisfaction, and revenue and improve your banking relationship.
Theft of cash is a serious concern for cannabis stores. Also, consumers don’t want to be limited to paying by cash only or pay ATM fees. They spend more when not restricted by a preset amount of cash in their pocket.
The use of Zenco reduces bank fees and the costs of cash handling with cashless cannabis payments. Zenco is integrated with U.S. banking networks and built by individuals with years of banking experience to make your experience safe and profitable.
It’s easy for a cannabis company to sign up with Zenco for cashless cannabis payments. It takes 24 -48 hours to review. Then you can start accepting payments within 24 hours after approval. Signing up with Zenco is a simple process. They walk you through every step.  They understand your concerns and are here to bring stability and financial security to your cannabis business.
Ask us any questions along the way (info@zencopayments.com).
(Full disclosure this was purchased as part of a larger ad package)
