As the pandemic continues to disrupt everyday life the world over, many consumers want refunds on things they paid for but arenâ€™t able to use. For example, sports teams are offering fans reimbursements for games that wonâ€™t be played amid the pandemic. The Golden Knights, an NHL team, plans to provide reimbursements for those who […]
Bitcoin: not worth much â€“ except what someone else is willing to pay for it. Goldman Sachsâ€™ withering assessment of bitcoin this week may be enough to take some wind out of the sails of those who have been looking for the marquee name in crypto to find its way into mainstream commerce. As reported […]
The â€œfriendly skiesâ€� of United Airlines are not so friendly for employees facing layoffs as the pandemic has devastated the airline industry. United said it will reduce its staff of 67 officers by 13, CNBC reportedÂ on Friday (May 29). The officer-level executives work on the airlineâ€™s network, regional hubs and as airline representatives to the […]
The U.S. Securities and Exchange Commission (SEC) unveiled charges against California-based blockchain services firm BitClave PTE Ltd. for allegedly holding an unregistered initial coin offering (ICO) of digital asset securities, according to a press release. The firm has agreed to settle the charges by giving back proceeds from the ICO as well as providing further […]
The widely watched Chicago Purchasing Managers Index fell to 32.3 in May, hitting its lowest level since the recession year of 1982 as the COVID-19 pandemic slammed business confidence. Among the Indexâ€™s individual components, demand fell further after its largest drop ever during April. Meanwhile, the new orders component eased 2.3 points to its lowest […]
NEW YORK, New York., May 29, 2020 — CFG Merchant Solutions (â€œCFGMSâ€�), a leading financier of small and medium-sized enterprises (â€œSMEsâ€�), announced today that the company is building upon its partnership with Arena Investors, LP (â€œArenaâ€�), in conjunction with Ceteris Portfolio Services (â€œCeteris), an Arena servicing affiliate, in servicing and providing liquidity to Platinum Rapid […]
OnDeck submitted an unprompted mid-quarter update with the SEC early this morning on its status. Unlike previous submissions, the company prepared a visual of its debt situation. The bad news is that there is a good amount of negotiating with creditors left to be done. The good news was that there was an uptick in […]
A survey conducted by Overland Park, KS-based Strategic Capital revealed that only 36.8% of respondents plan to completely return to the office full-time after cities fully open back up. The vast majority of respondents were small business finance brokers. 44.7% selected that they would minimize office space or only use office space to house core […]
How does a community of people continue to support each other and network in a pandemic? What is lost when in-person meet ups are replaced by stop-start Zoom conversations? Do geographical limits even exist anymore when everyone is bound to their homes? These are the questions that NYC Fintech Women are dealing with now. Founded […]
Earlier today, OnDeck filed a status update to shareholders with the SEC. The company’s portfolio performance triggered an Asset Performance Payout Event (Level 1 they say) with a credit agreement that at present has an outstanding balance of $105 million. The event triggers monthly principal repayments which, if not cured or amended, would commence with […]
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.