Medical Cannabis Payment Solutions (REFG) Sidesteps Bottlenecking of Cash Transactions through Innovative Platform

  • REFG solves cash-handling issues with electronic system solution
  • Introduction of Green as a platform with full merchant account functionality
  • REFG’s CEO highlights plans to enter the bitcoin market

Medical Cannabis Payment Solutions (OTC: REFG) boasts an industry first. Through a state-of-the-art financial services system that is easy to set up and simple to use, the company’s solution to cannabis banking has shown how to solve cash-handling issues, offering electronic payment and e-commerce features. This gives the marijuana business direct and immediate access to funds while still complying with all federal (FinCEN) laws aimed at combatting both domestic and international money laundering and terrorist financing, among other financial crimes. REFG is not only compliant with these regulations; the company’s end-to-end payment processing solution has finally provided cannabis retailers and consumers with payment options other than cash. Although marijuana has been one of the fastest-growing industries over the last couple of years and is expected to continue growing at the same pace throughout 2018 and beyond, authorized businesses and vendors still have a hard time managing their finances and customers in the absence of banking services (http://cnw.fm/g8Sgb).

REFG emphasises that it is a “first-tier merchant processing cannabis industry pioneer, bringing to market the first and only comprehensive card processing operation of its kind; a state of the art system which tracks sales and tax collection, and empowers businesses with an advanced client management system.”

StateSourced, REFG’s proprietary, closed-loop merchant processing system is geared toward the cannabis industry. The system is not prepaid or availed through the use of gift cards, yet its card processing operations break logistical and operational bottlenecks often caused by cash-only transactions within state-sanctioned marijuana businesses. The Medical Cannabis Payment Solutions debit card can only be used for payment within a state in which marijuana has been legalized, and only for cannabis-related products from state-sanctioned vendors. Businesses accessing the company’s card system will notice an immediate advantage regarding reduced risks, the meeting of set regulatory requirements and the improvement of customer interactions.

In January of this year, the company launched Green, its platform with full merchant account functionality. This card processing system allows for online sales, client management, repeat billing and 100 percent secure electronic payments. This solution could solve the dilemma that legal marijuana distributors have faced through distribution that is now supported by innovative financial and banking solutions. Medical Cannabis Payment Solutions allows businesses to be more accountable with their cash flow while more accurately tracking sales.

On top of all of this, the system also helps to simplify payroll and bills, where businesses can pay expenses straight from their Green accounts. The system allows business to receive payments directly from patients, with branded cards available so that they can have the business’s brand with them wherever they go, in turn fostering customer loyalty. Recurring billing orders can be set up, in addition to integrated ecommerce shopping carts for online orders, proving that Green is a total banking solution.

To further expand its services to the state-legal medical marijuana sector, Medical Cannabis Payment Solutions has announced its plans to introduce bitcoin payment processing in its proprietary payment processing platform. Green currently offers customers an advanced payment solution that allows purchases with U.S. currency and will soon include bitcoin payment options, as well. CEO Jeremy Roberts has explained that the decision was made based on customer feedback, with numerous vendors showing great interest in introducing cryptocurrency payment options.

In November 2017, the global cryptocurrency market surpassed the $300 billion mark, resulting in a massive surge in the price of bitcoin. By December, the market capitalization for cryptocurrencies reached $600 billion. Roberts is confident that the capability of processing bitcoin will give the company an even bigger competitive advantage, thus making it even more attractive to medical cannabis vendors in a booming market, and, noting the further legalization of medical marijuana supported by studies, even greater market sizes can be expected. With fewer drug side-effects and further drug development, it is likely that the number of CBD products will increase, with more people likely to opt for safer treatments (http://cnw.fm/3VcqS).

The company’s savvy innovations and fast-developing systems spell a new era in online transactions that have thus far shown great potential for expansion in the global market. With the quick pace of technology in this digital age, effective payment solutions are becoming a necessity. Medical Cannabis Payment Solutions’ provision of an advanced financial services system that gives the cannabis business immediate access to funds while still complying with all federal laws not only combats unwanted and irregular online and electronic transactions, but also empowers businesses with an advanced client management system. Without a doubt, the company’s introduction of bitcoin currencies into its transaction platform will herald an expanding enterprise, bringing retailers and customers closer together through secure payments.

For additional information, view the company’s IR Kit at http://cnw.fm/REFG

More from CannabisNewsWire

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

For more information please visit https://www.CannabisNewsWire.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer

CannabisNewsWire (CNW)
Denver, Colorado
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.net

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s