AeroPay, a disruptive financial technology company, announced today the launch of a suite of compliant digital payments solutions for state legal cannabis businesses throughout the United States. AeroPay has provided alternative payments solutions to businesses in other industries – from nonprofits to restaurants and retail to e-commerce sites – since 2017. The suite of solutions for cannabis businesses presents another evolution in the offerings for the FinTech company.
“Cannabis businesses have long been underserved by the current payments landscape and we saw an opportunity to help them by leveraging AeroPay’s existing technology,” says Daniel Muller, CEO & Founder of AeroPay. “What makes us unique is we are a traditional financial technology company that also services cannabis businesses. What’s even more exciting is our technology will allow us to partner and integrate with other ancillary cannabis companies to create even further operational efficiencies for the businesses that take advantage of our solutions.”
The AeroPay suite of solutions work by enabling bank-to-bank digital payments – through what the company calls ‘smart bank transfers’ – between cannabis businesses and their customers (C2B) or other businesses (B2B). The technology is built to handle payments both in-person and online for environments through the entire cannabis supply chain – from grow ops and suppliers to retail dispensaries and delivery drivers.
Dispensary owners will now be able to offer a convenient and contactless digital payment option to their customers. For consumers, it’s a simple two step sign-up process: create an AeroPay account and link their bank. In the end, this will help facilitate more seamless transactions at the point-of-sale or upon delivery and reduce the use of cash.
“Cannabis businesses and their customers have been forced to rely almost exclusively on cash for too long,” says Ryan Coffey, Director of Business Development at AeroPay. “Cash comes with a ton of issues – high cost of management, risk of employee theft, difficulties tracking and reporting payments, and an often massive inconvenience for consumers. We are committed to providing a safer, more efficient environment for cannabis businesses to operate in.”