With an ambitious play into a booming financial services space that presents challenges that include fierce competition, Chinaâ€™s Xiaomi is reportedly gearing up to roll out a consumer lending business in India. The stakes are high for the company, which has a business that relies on sales of low-margin hardware with a critical profit center […]
To help advise its financial services business as one global team, Walmart has added two new global governance leaders. Emma Waddell will join the company as vice president of financial services compliance, while Joe Rodriguez will serve as lead counsel of financial services, per news from the retailer. â€œAs Walmart transforms through innovation and investment […]
The PYMNTS Weekender has you covered with any news you might have missed over the past week. Among the stories we ran over the past few days is a deep look at the problems with Chase Pay, new information about AI fighting fraud, new research into the gig economy and subscriber churn, and a feature […]
There was something of an â€œeverything-but-the-kitchen-sinkâ€� feel to the race for the consumerâ€™s whole paycheck this week, as both Amazon and Walmart were throwing a lot of ideas at a lot of verticals in an attempt to capture an ever-larger share of the customerâ€™s total spend. The expansions werenâ€™t expected, exactly â€“ but they arenâ€™t […]
Â Regulatory Pushback Spooks Libra Backers An unnamed faction of the coalition of 28 organizations called on by Facebook to help bring Libra to fruition, including Visa and Mastercard, are reportedly looking for ways to distance themselves from the company after intense worldwide regulatory scrutiny regarding the proposed cryptocurrency. Adyen Gains Traction With Mid-Market Firms […]
This week, JPMorgan Chase CEO Jamie Dimon along with 180 other CEOs published a statement committing themselves to rethinking corporate priorities and their responsibilities as leaders of business. The majority of the Business Roundtable (BRT), a corporate lobbying group comprised of 200 CEOs that once was describedÂ as Obamaâ€™s â€œclosest ally in the business community,â€� signed […]
In a reportÂ released this month by OpenTheBooks.com, a non-partisan non-profit organization, outlined how and who the SBA had guaranteed loans for in the years between 2014 and 2018. Covering various forms of funding, ranging from 7(a)s to 504s to surety bond guarantees, the report details a number of different types of businesses as well as […]
The Court-appointed receiver of the now-defunct hedge fund, Direct Lending Investments (DLI), is gearing up to sell three loan portfolios with an aggregate par amount owed of $29.8 million. The portfolios comprise of business loans, consumer loans, and merchant cash advances. An official notice of the proposed sale will be published in the Wall Street […]
Recent years have seen a surge of popularity for the legalization of cannabis movement across the United States. Beginning with the normalization and legalization of the herb for medicinal use, and then the outright legalization of it in California, Colorado, Oregon, Nevada, Alaska, Michigan, Vermont, Massachusetts, Maine, Washington, and D.C., most states now support legalization […]
This story appeared in deBanked’s Jul/Aug 2019 magazine issue. To receive copies in print, SUBSCRIBE FREE Last year, when Kevin Frederick struck out on his own to form his own catering company in Annapolis, the veteran caterer knew that heâ€™d need a food trailer for his business to succeed. He reckoned that he had a […]
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.