Monday, January 29, 2018

Medical Cannabis Payment Solutions’ (REFG) Proprietary Platform Helps Expand Cannabis Industry’s Banking Options

  • The company’s platform offers full merchant account functionality and fully secure payment processing options
  • Medical Cannabis Payment Solutions’ technology is used by medical marijuana vendors
  • Bitcoin payments will soon be integrated into the platform
Although marijuana was one of the fastest-growing industries over the last couple of years and is expected to continue 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. With most banking institutions unable to open their doors to legal marijuana businesses because the substance is still classified as an illegal drug by the federal government, it is up to companies such as Medical Cannabis Payment Solutions (OTC: REFG) to provide the industry with fully secure, state-of-the-art financial services.
Based in Nevada, the corporation serves the medical marijuana sector. As a merchant processing pioneer of the marijuana industry, Medical Cannabis Payment Solutions brought to the market the first and only comprehensive card processing service. Via Green, a proprietary payment system that was launched earlier in January 2018, the company aims to offer a “cure for the banking nightmare cannabis establishments face,” according to CEO Jeremy Roberts. The platform has full merchant account functionality that allows for repeat billing, online sales, client management and 100 percent secure electronic payments.
Green was designed specifically to meet all the demands of marijuana businesses in need of a financial and banking solution, from security to ease of use, compliance, integration and more. The system’s robust closed loop merchant processing brings private and encrypted digital security to vendors in the sector, offering the highest level of security available. It is affordable and easy to use, being designed to deliver a comprehensive suite of processing services, with the end goal of empowering both businesses and customers with the convenience of modern card processing resources.
As the first comprehensive card processing system of the kind, Green also tracks tax collection and sales, basically operating as a client management system. Last but not least, Medical Cannabis Payment Solutions’ advanced proprietary platform is fully compliant with Financial Crimes Enforcement Network (FinCen) regulations and parameters for financial institutions serving the medical cannabis sector.
To further expand its services to the state-legal medical marijuana sector, Medical Cannabis Payment Solutions announced plans to include bitcoin payment processing in its proprietary payment processing platform. Green offers clients an advanced payment solution that allows purchases with U.S. currency and will soon include bitcoin payment options as well. Roberts explained that the decision was made based on customer feedback, with many vendors interested in implementing cryptocurrency payment options.
The Medical Cannabis Payment Solutions CEO is confident that the ability to process bitcoin will give the company an even bigger competitive advantage and will make it more attractive to medical cannabis vendors in a booming market that’s expected to exceed $31 billion within the next three years, from $6.5 billion in 2016.
For more information, visit the company’s website at www.REFG.co
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