WEST PALM BEACH, Fla., Aug. 09, 2023 (GLOBE NEWSWIRE) -- Paybotic (“Paybotic” or “the Company”), the premier resource for financial solutions designed for the cannabis industry, announced today the strength of their payment processing solutions following major Card Association providers’ recent decision to stop allowing cannabis transactions on debit cards. Paybotic highlights that the action is disappointing and shows the inherent conflicts that banks have regarding its oversight role between issuers and acquirers. However, it's important to note that it does not equate to the end of payment processing for the cannabis industry or for Paybotic, which has built-in system redundancies that will allow clients to continue processing transactions.
“At Paybotic, our mission has always been to enable cannabis businesses to operate effectively,” said Max Miller, CEO of Paybotic. “We are committed to this industry and to providing our clients with the financial services they need to succeed. We understand the challenges that come with operating in this space, and we are prepared to navigate these challenges alongside our clients.”
This situation underscores the urgent need for Congress to approve proposed banking legislation such as the SAFE Banking Act, which would grant federal authority for the cannabis industry to access banking services. The Company strongly urges lawmakers to pass this crucial legislation for the benefit of the industry and the countless businesses and consumers who rely on and participate in it.
Miller continued, “As a company we do not now, nor will we in the future make false promises that we are bulletproof or that there will be no future barriers to operating in the cannabis industry. However, we will continue to promise our unwavering commitment to support and enable cannabis businesses. Operators and merchants can count on Paybotic to be here, ready to adapt, innovate, and overcome any obstacles that come our way.”
Paybotic will continue to meet the cannabis industry’s needs as it introduces new offerings unaffected by the Card Associations’ rules, and is here to support the cannabis industry in its growth and advancement.
To get started and reduce payment risk, cannabis businesses can fill out a contact form on the Paybotic website. A Paybotic consultant will assist with the onboarding process, which typically takes only 72 hours.
About Paybotic
Paybotic is a financial solutions company dedicated to servicing the cannabis industry. Founded in 2013, Paybotic is the preeminent financial solution provider for the cannabis industry offering a full-suite of financial solutions. Paybotic features ongoing compliance and security services to support a trusted network of partnerships for cannabis companies and their customers. Paybotic processes billions of dollars annually through its network of thousands of merchants across all legal cannabis markets, offering low downtime and has created a financial ecosystem for the emerging cannabis industry. To learn more, visit https://paybotic.com/.
Media Contact:
Cassandra Dowell
CMW Media
+1 858-221-8001
paybotic@cmwmedia.com
www.cmwmedia.com
