Yesterday marked the beginning of theÂ Chinese New Year, andÂ this year itâ€™s the Year of the Dog. The Chinese zodiac is a bit different from its Western counterpart. The Western zodiac is divided into 12 parts, such that the month in which a person is born more or less determines their sign. The Chinese zodiac is […]
Marking the first prosecution in Chicago of theft in the cryptocurrency industry, a trader with a financial firm was charged with fraud. Joseph Kim allegedly misappropriated $2 million in bitcoin and litecoin, the United States Department of Justice said in a press release. Kim had worked for Consolidated Trading LLC, which recently formed a cryptocurrency […]
Uber is reportedly gearing up to sell its ridesharing business in Southeast Asia to Singapore-based Grab. In return, Uber would obtain a substantial stake in Grab, sources close to the potential deal told CNBC. Still, Uber and Grab have not reached a deal as of the writing of this article. And it is not clear […]
Driven by demand for the iPhone X, Apple captured 51 percent of the revenue in the worldâ€™s wholesale smartphone market. Sales of its iPhones topped more than $60 billion in the fourth quarter of 2017, which was approximately seven times higher than sales ofÂ Huaweiâ€™s smartphones,Â MacRumors reported. Appleâ€™s global wholesale smartphone revenue reachedÂ $61.4 billion in the […]
A month after security researchers publicized security flaws in Intelâ€™s microchips, along with those of other manufacturers, the company is facing 32 lawsuits over the vulnerabilities. Intel was not able to estimate how much those lawsuits might cost the company,Â Reuters reported. The basis of many of the lawsuits is that Intelâ€™s â€œactions and/or omissionsâ€� in […]
Above: United States Court of Appeals for the Second Circuit. New York, NY This story appeared in deBanked’s Jan/Feb 2018 magazine issue. To receive copies in print, SUBSCRIBE FREE At first, reversing the 2015 Madden v. Midland Funding court decision, which continues to vex the countryâ€™s financial system and which is having a negative impact […]
Cryptocurrency entrepreneur and lending journalist George Popescu has quarterbacked another losing trade for investors drawn to Initial Coin Offerings (ICOs). One of his latest, DropDeck, suffered a catastrophic event, according to the company’s blog. The digital wallet software where investor funds were being held was hacked. But rather than the funds being stolen, the Ethereum […]
A Las Vegas contest marketed to ISOs by Chicago-based Lendr was a success, according to the company. Lendr revealed the first prize winner of a Vegas trip for 4 (valued at $7,500) to be iAdvance Now. One Way Funding and Fast Cash Team won second and third place and cash prizes of $2,500 and $1,500 […]
Howard Katzenberg, CFO OnDeck announced this week very positive fourth quarter and full year 2017 financial results, including a fourth quarter GAAP net income of $5 million and an expectation for continued margin and profit growth in 2018. â€œWe worked hard in 2017, not just to achieve profitability, but to strengthen the key fundamentals of […]
Evan Singer, CEO SmartBiz Loans announced today that it was the number one facilitator of SBA 7(a) loans under $350,000 for the 2017 calendar year, surpassing JP Morgan Chase. â€œI think the biggest factor [in hitting this milestone] is that we have been laser focused on meeting the needs of small business customers in the […]
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.