Square is now operating its state-chartered industrial bank, Square Financial Services, in Utah after the stateâ€™s Department of Financial Institutions gave it the green light, according to a press release emailed to PYMNTS. Square submitted its application back in September 2017. From there, it was amended in December 2018 and finally approved as of March […]
Amazon will soon open its first Amazon Go store in Ealing, West London, according to the Daily Mail. The news comes months after the retail giant first applied for a signage permit in November, reports Pocket-lint, in advance of 30+ more Amazon Go U.K. stores, according to Forbes.Â Amazon Go, the chainâ€™s grab-and-go meal and […]
Coupang Inc. is looking to bring in up to $3.6 billion in investment funds by going public in New York. The online shopping firm intends to list on the New York Stock Exchange with the ticker symbol of CPNG, Bloomberg reported. South Korea-based Coupang and some of its current investors are offering 120 million shares […]
On-demand pay firm DailyPay has rolled out a new product, ExtendPX, for human capital management (HCM) and payroll service providers, according to a press release. ExtendPX will enable payroll, HCM and time management software (TMS) companies to help implement on-demand pay services to be embedded in the services they offer to customers, the release stated. […]
Credit Suisse Group AG has frozen $10 billion in investment funds that have powered Greensill Capital, which focuses on supply chain finance, a kind of cash advance. The asset management division of Credit Suisse said it would not let backers purchase or sell four private investment funds that only depend on securities made by the […]
Boston-based Fintech Company Expands Main Streetâ€™s Access to Capital During Pandemic, Achieves Major Growth Milestone Boston, Mass., March 1, 2021 â€“ Forward Financing, a financial technology company that provides flexible revenue-based financing to small businesses, today announced that they have provided $1 billion in funding since their inception in 2012. The majority of this funding […]
Fundation and ODX were in talks to merge for over a year, Linear and past Fundation CEO Sam Graziano said. Then covid changed plans, but by mid-summer talks were back on. There was recognition by the leadership team at Fundation and CEO of OnDeck Noah Breslow that ODX and Fundation were competitors in the same […]
Andrew Smith, who became Director of the FTCâ€™s Bureau of Consumer Protection (BCP) in 2018, ended his time with the agency on January 29, 2021. In a LinkedIn post recapping his tenure there, he said: Despite a month-long government shutdown and a once-in-a-century pandemic, BCP brought more than 200 enforcement actions against companies great and […]
NYC Fintech Women rang the closing bell at the Nasdaq exchange with a speech by founder Michelle Tran. Photos of the members could be seen on the big Nasdaq board in Times Square. “I’m so proud to be standing with the team as we ring the closing bell for NYC Fintech Women and all women […]
American Express was fairly vague about details related to its recently acquired small business lending platform, Kabbage, in its Q4 earnings disclosed last month, but analysts were curious and asked executives for more information on the call. “As far as Kabbage goes,” said Stephen Squeri, Amex’s CEO, “I think the thing that we’re really excited […]
Zero Fee Commerce is introducing a bank sponsored payment service for the cannabis industry.
Cannabis businesses may now open merchant accounts to accept PIN debit cards.
Zero Fee Commerce is leading the way by offering this service nationally in the United States and Canada.
What the Zero Fee Commerce solution offers:
A Bank Sponsored Merchant Account
Payment Service for PIN Debit Transactions
A Surcharge may be Recovered in Dollar Increments
On-Line Reporting and Statements
API Integration into POS Software and Seed to Sale Software
Wireless Processing for Delivery and Mobile Business
For years, to accept credit cards, cannabis businesses “merchant account hopped”, or set up less desirable payment options. Cannabis shops would set up merchant accounts in another businesses name. This could result in bank fines and being placed on a “terminated merchant list”, which is not a viable solution. Cannabis shops could use ATM machines or point of banking terminals, (many of which are not bank sponsored). Additionally, ATM machines are expensive and have the additionally large task of managing cash.
There have also been alternative payment options such as offshore processing accounts and online wallet accounts which use an aggregating type of solution whereby a 3rd party re-sends funds to make deposits. These solutions also have one thing missing. They do not use a sponsoring bank to process the wires or ACH transactions. Many times, the 3rd party aggregation is not informing their sponsoring bank about the nature of these transactions.
Zero Fee Commerce merchant account has none of these issues. Zero Fee accomplishes this by processing only debit card payments which utilize debit networks, and avoid processing through the Visa and MasterCard and American Express networks. This allows the sponsoring bank and the businesses utilizing Zero Fee’s solution to avoid the regulations imposed by card associations.
Improve your customer experience with Zero Fee’s bank approved merchant account. Process transactions securely and avoid liability. Contact Zero Fee Commence today to establish an account.