Grow Life 420

#KahliBuds #MMJ #CBD #THC

Digital payment solution provider Spence Labs and cannabis banking platform provider Shield Compliance announced a partnership to deliver a bank-backed compliant digital payment solution to financial institutions serving cannabis-related businesses (CRBs). Streamlined compliance integration across these systems offers the industry the following benefits:

●  A network of financial institutions delivering best-in-class cannabis embedded financial services.

●  Improved visibility into transaction data for financial institutions, including the ability to aggregate payments data to gain better insights into a CRB’s regulated sales.

●  Enhanced onboarding and underwriting capabilities to provide a better customer experience for CRB clients seeking financial services.

●  A new fee based revenue stream for financial institutions.

●  Simplified reporting, including detailed daily and monthly transaction statements.

“We are pleased to partner with Shield Compliance to create a compliant payment network for the legal cannabis industry, bringing increased transparency and enhanced monitoring of legal cannabis transactions, from the consumer to the CRB, to financial institutions across the country,” said Chris Rentner, co-founder and chief executive officer of Spence Labs. “We believe compliance-first processes are the only way to bring transparency, trust, and reliability to cannabis banking and payments.”

According to New Frontier Data, annual legal (medical and adult-use) sales are projected to grow to more than $41 billion by 2025. In 2019, the $7.4 billion spent on recreational marijuana was generated from cash-only transactions. Not surprisingly, the reliance on cash in this industry creates security risks and compliance issues across the entire ecosystem. Spence’s consumer and B2B payments systems are designed to alleviate security and compliance risks while also providing the tools and insights businesses need to manage their finances more effectively.

“Our relationship with Spence offers financial institutions the opportunity to deliver a safe and secure digital payments option to their CRB clients while benefiting from a new source of non-interest income,” said Tony Repanich, president and chief operating officer of Shield Compliance. “We are excited to have this opportunity to expand our capabilities and create more value for financial institutions serving this rapidly growing industry.”

The Spence payment platform allows dispensary customers to pay for cannabis purchases with their mobile phones or online, eliminating the need to carry cash or visit an ATM inside the dispensary. Funds are transferred automatically with bank-level encryption and processed by an FDIC-insured banking partner. Spence for Business allows companies to digitally manage large-scale payments to and from vendors or clients from an intuitive web interface, with no maximum transaction size and no transaction frequency restrictions. The platform provides financial tools such as payables/receivables tracking, pending invoices, vendor risk, and compliance assessments, as well as report generation for financial and legal compliance with their financial institution of choice.

Shield’s compliance management software solution addresses the unique BSA/AML risks associated with providing banking services to the legal cannabis industry. Augmenting the functionality of traditional compliance systems, Shield Assure aggregates financial institutions’ transaction data and demographic records with restricted and publicly available information from state and local governments, seed to sale tracking, and client financial statements. Its onboarding product, Shield Engage, facilitates the application and underwriting process between CRBs and financial institutions in a simple, streamlined, and secure customer experience tailored to meet banking partners’ operational requirements.

420GrowLife

via www.KahliBuds.com

Andrew Huff, KahliBuds, 420GrowLife

#KahliBuds #MMJ #CBD #THC

Financial technology startup Spence Labs has launched Enjoy Now, Pay Later, an industry-first point-of-sale financing option for cannabis consumers. The feature is available now in the Spence payment platform as well as the recently announced white label service.

“There are no consumer credit options in the cannabis industry today. You have only one option at the dispensary: purchase product with the money you have on hand, either in cash or with your Spence account,” Rentner said. “Enjoy Now, Pay Later gives customers the purchasing power to buy more of the products they like when they’re available.”

The innovative Spence payment platform eliminates the need to carry cash or visit an ATM inside the dispensary by allowing customers to pay for cannabis purchases with their mobile phones or online. Consumers can sign up in just minutes for a Spence account at GoSpence.com, then pay digitally in just seconds from their web-based Spence app.

When ready to purchase, customers simply display a unique QR code to be scanned by dispensary staff, then enter a PIN to confirm their purchase, either with available funds or through the new Enjoy Now, Pay Later financing option. Funds are transferred automatically with bank level encryption and processed by an FDIC-insured banking partner.

There are no fees or interest charges for the consumer using the Enjoy Now, Pay Later payment option. Upon sign-up for the service, the consumer consents to a schedule of up to four payments, and the automated system renders an approval decision within seconds.

“Spence’s Enjoy Now, Pay Later is revolutionary in cannabis, where credit cards are not available for use. Companies like Affirm, Klarna and PayPal have all launched similar products to great success over the last few years,” Rentner said. “The point-of-sale financing world has grown at an unprecedented rate due to COVID-19, and we felt the time was right to bring this type of solution to the cannabis industry.”

“For dispensaries, point-of-sale financing represents another opportunity to move away from cash transactions, as well as an incentive for customers to spend more per visit,” he added. A Forrester Research study found that cart size increases by 15% for businesses that offer consumer credit options like Enjoy Now, Pay Later. Furthermore, 30% of shoppers using consumer credit said they would not have made a purchase if financing were not offered.

For more information about Enjoy Now, Pay Later and Spence’s other services, please visit www.gospence.com.

420GrowLife

via www.KahliBuds.com

Andrew Huff, KahliBuds, 420GrowLife

#KahliBuds #MMJ #CBD #THC

Financial technology startup Spence Labs announced today it has expanded its suite of payment solutions for the cannabis industry to include a new white label service as well as a “seed to sale” business-to-business payment platform.

“Financial transactions in the cannabis industry can be complicated, both for consumers and the many businesses in the supply chain,” said Chris Rentner, co-founder and CEO of Spence Labs. “Our goal is to make it simpler and safer for everyone involved, from grower to retailer to customer.”

Branded Digital Payments, Powered by Spence

Spence Labs’ core product is the innovative Spence payment platform, which lets dispensary customers pay for cannabis purchases with their mobile phones or online, eliminating the need to carry cash or visit an ATM inside the dispensary. Consumers can sign up in just minutes for a Spence account at GoSpence.com, then pay digitally in just seconds from their web-based Spence app.

When ready to purchase, customers simply display a unique QR code to be scanned by dispensary staff, then enter a PIN to confirm their purchase. Funds are transferred automatically with bank level encryption and processed by an FDIC-insured banking partner.

With the new white label service, dispensaries, as well as cannabis tech companies such as ecommerce, loyalty and POS platforms, own the transaction branding experience, strengthening their brand image and ensuring a consistent customer experience from start to finish. The Spence platform fully integrates into dispensary point-of-sale systems at the register and mobile devices carried by dispensary staff and delivery drivers. A top-of-the-line API enables ecommerce integration with Spence powering the back end. 

“We understand the power of owning the whole transaction from a branding perspective,” Rentner said. “Our system delivers that, and puts your brand and messaging in the forefront.”

The Spence white label platform also provides dispensaries with avenues for increased customer engagement and retention, with the ability to offer coupons, execute frequent-buyer programs and special rewards, and notify customers of specials and events directly through the platform.

Simple, Secure Transactions Across the Ecosystem

The overreliance on cash in cannabis is not just a problem at the retail level. Nearly every transaction between businesses within the cannabis ecosystem is currently handled via cash or paper check, creating security risks and compliance issues for everyone involved. Spence Labs has designed Spence for Business, its new B2B payment platform, to alleviate these risks while also providing the tools and insights businesses need to manage their finances more effectively.

“From seed to sale, Spence for Business streamlines the process of making and receiving payments from growers, suppliers and other vendors with confidence,” Rentner said. “Getting paid no longer has to involve armored car services or the uncertainty of a paper check and long wait times to access your funds.”

Spence for Business allows companies to digitally manage large-scale payments to and from vendors or clients from an intuitive web interface, with no maximum transaction size and no restrictions on transaction frequency. The platform provides financial tools such as payables/receivables tracking, pending invoices, vendor risk and compliance assessments, as well as report generation for financial and legal compliance with their financial institution of choice. 

To learn more about the white label service or the Spence for Business platform, visit www.gospence.com or contact dispensaries@spencelabs.com.

420GrowLife

via www.KahliBuds.com

Andrew Huff, KahliBuds, 420GrowLife