Point of Banking (POB) also called, ‘cashless ATM debit card processing, is a debit payment acceptance method that works very much like an ATM transaction. No paper money is involved. It’s a cashless transaction.
The Point-Of-Banking solution offered by KJ ProWeb™ comes with a $19.00 monthly recurring fee.
The merchant does not incur nor pay any; transaction fees, no batch settlement fees, no PCI compliances, and hidden monthly recurring fees whatsoever.
The KJ ProWeb™ pricing model is far superior to any other similar offer in the industry. Every known competitor charges the merchant a rate of 4% and up to 8% as a processing fee. On top of their processing fee they include transaction fees, batch settlement fees, monthly compliance monthly fees, and a long list of others that may exceed several hundred dollars per month.
Cannabis remains illegal at the federal level, and banks are required to comply with federal law and regulations.
In September 2019, the U.S. House of Representatives passed the Secure and Fair Enforcement Banking Act of 2019, known as The Safe Banking Act. The Act openly permits banks to work with cannabis businesses without fear of federal banking enforcement actions.
The Act’s purpose is “to increase public safety by ensuring access to financial services to cannabis-related legitimate businesses and service providers and reducing the amount of cash at such businesses.”
While the legislation died in the Senate, the House later included parts of the Act within a COVID-19 stimulus bill, but Senate Republicans stripped the Act’s language from the stimulus bill. As many states deemed cannabis as “essential businesses” during the pandemic, the Senate’s refusal to take action and help small businesses was a lost opportunity for everyone.
Customers greatly benefit when the use of debit and credit cards is routinely accepted in marijuana dispensaries. After all, what could be more normal than using a card or payment app (like Apple Pay®) to purchase legal products from a legal store? Customers using electronic payments tend to spend more per visit as they are not limited to the amount of cash in their wallets.
The newest countertop terminal from Verifone. The V200C Plus is a fast compact terminal built for speed and security. It is designed to meet current EMV and PCI 5.X compliance requirements and future processing needs for years to come.
The V200c Plus incorporates best-in-class security with end-to-end encryption and tokenization to safeguard sensitive cardholder information.
Leveraging the latest Linux-based operating system and power of Verifone’s next-generation architecture, the Verifone P200 PIN pad delivers more features, greater functionality and endless opportunities—while speeding customers through checkout.
The P200 supports EMV and Near Field Communications (NFC), CTLS applications and can be paired with a host device for a complete, consumer-facing solution.