KindTap, a digital credit payments solution for the cannabis industry, has integrated with Dispense, an eCommerce platform, the companies announced Wednesday (June 1).
According to a news release, the integration lets retailers powered by Dispense accept KindTap digital credit and ACH payments from customers in any U.S. state where cannabis is legal.
Dispense lets businesses manage and scale dispensaries using eCommerce tools and various integrations. With the help of KindTap, these business’ customers can enjoy cashless transactions without the friction or risks connected to cash payments, the release said. Customers can either pay on the spot through a bank account connection or choose to pay later via a revolving line of credit.
“Dispense integrates with the most innovative businesses in cannabis to offer dispensaries the most effective solutions,” KindTap Co-founder and President Cathy Corby Iannuzzelli said in the announcement. “KindTap is a top-tier digital credit solution that supports retailers in accepting cashless transactions and will take Dispense-enabled dispensaries to the next level.”
“At Dispense, we are constantly pursuing new ways to streamline and modernize cannabis retail experiences,” Dispense Co-founder and CEO Kyla Sirni said. “KindTap’s credit capabilities and digital payment solutions are a game-changer for our highly regulated industry, making this integration a natural fit with Dispense’s mission to optimize business management.”
The two companies said their integration is available at several operators, including KindRun, Local Roots and Resinate in Massachusetts.
Learn more: Cashless ATMs Mask Estimated $7B in Cannabis Transactions
As we noted last month, cashless ATMs have apparently been used to process about $7 billion in cannabis transactions.
Legal cannabis sellers have had trouble facilitating payments because marijuana is still illegal at the federal level, which has led to an ongoing conflict with banks and made it almost impossible for shops to accept payments aside from cash.
However, a loophole has allowed it possible for dispensaries to accept cards, and cashless ATMs could possibly process as much 25% of the estimated $28 billion in U.S. dispensary sales this year.