Consumer sentiment in the U.S. is down to a three-and-a-half-year low due to the effects of the coronavirus and social distancing measures, and consumer spending is down as well, according to a report by Reuters. Those two indicators have economists predicting the country will enter a recession. A record number of Americans â€“ 3.28 million […]
The COVID-19 situation has led to millions of clothing manufacturing workers not receiving pay as fashion brands call off their orders, the Associated Press reported. Almost six in 10 factories that replied to a Center for Global Workersâ€™ Rights and the Worker Rights Consortium survey said they have shut down most of their manufacturing already. […]
Walmart is enacting no-touch procedures so that customers can shop more safely during the coronavirus outbreak, according to a report by USA Today. Shoppers who buy items through Walmart Pay wonâ€™t have to touch the screen anymore, and instead will Â be able to scan a QR code and pay from an app on their phone. […]
Google has announced that it will donate over $800 million to help businesses adversely affected by the coronavirus pandemic. â€œAs the coronavirus outbreak continues to worsen around the world, itâ€™s taking a devastating toll on lives and communities. To help address some of these challenges, today weâ€™re announcing a new $800+ million commitment to support […]
British people are hoarding items from grocery stores just like in the U.S., but theyâ€™re using much less cash to purchase things, and theyâ€™re not hoarding cash either, according to a report by Quartz. Even before the government in the U.K. brought things to a halt over growing coronavirus fears, people in the country were […]
As the coronavirus pandemic continues to disrupt the economy and affect small businesses as well as funders, deBanked will keep up with how various figures from the alternative finance sector are managing under the stresses of covid-19. Ranging from funders, to brokers, to those figures on the periphery of the industry, this series aims to […]
As the market cheers the upcoming passage of a $2 Trillion stimulus bill that is intended to provide much needed support to small businesses, industry insiders are beginning to raise concerns about the SBA’s infrastructural ability to process applications in a timely manner. In a webinar hosted by LendIt Fintech yesterday, Opportunity Fund CEO Luz […]
Senate leaders Mitch McConnell and Chuck Schumer have come to an agreement over a stimulus package that would inject $2 trillion into the US economy. With senators debating the bill at the time of writing, it is expected to pass. Said to be the largest and most robust rescue package in American history, the bill […]
Yesterday Revolut, the London-based digital-only bank, announced the public launch of its app in the United States. The news came as a surprise to the thousands of potential American customers who signed up to the companyâ€™s waiting list with no details of when exactly to expect the bankâ€™s arrival. Founded in 2015 and valued at […]
Make sure you know about individual state orders that could affect a small business’s ability to operate. Below is a list of states and regions that have ordered some or all non-essential businesses to close. This list may be incomplete and the details of each state’s orders could change and may have changed since this […]
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.