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Master C. Dec 8, 2022
Community Announcement
Last active in the past 7 days
Last active in the past 7 days
Show the world that you are a FinTech Connector and helping to connect the fintech world for impact.

Download and share your professional profile by clicking the Download Profile on the menu.

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Available for our Pro and Premier members today.

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Bruce B. Dec 7, 2022
Financial Services News
Last active over 7 days
Last active over 7 days
Cannabis dispensaries across the U.S. are rushing to find alternative ways for customers to pay after networks that supported a popular workaround to the banking system began to shut down.

Cashless ATMs, also called “point of banking” systems, allowed cannabis buyers to use a bank card instead of cash. The method had evolved to get around the fact that credit-card companies and banks don’t want involvement in still federally illegal marijuana transactions.

Now the system is faltering because some of the largest processors of ATM transactions, have turned off the ability of processors to use their service.

Small dispensaries in Arizona, California and Massachusetts have all experienced outages, according to employees who were recommending that customers use cash.

Large dispensary chains of multi-state operators were also said to be affected.

Customers’ preference for the convenience of cashless-ATM-style systems had generated hundreds of millions of dollars in fees for little-known payment processors.

The crackdown on cashless ATMs comes exactly a year after Visa had said it was “aware of a scheme” involving cashless ATMs and that such transactions are prohibited on its network. While there are alternative payment technologies that are more compliant, some dispensaries see them as burdensome, and clunky for customers.

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Hanif N. Dec 7, 2022
Community Announcement
Last active over 7 days
Last active over 7 days
Hello all, consider this an introduction message. We are a Portuguese software boutique specialized in automated trading, investment and Neo banking software development. More than happy to connect with like-minded members and discuss implementation approaches, partnerships and opportunities in the aforementioned fields!
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Angel L. Dec 8, 2022 - 4:39PM Thanks for the intro. Do you have a services or company pitch deck?
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