Startup Offers Cashless Sales System for Legal Weed
A Chicago-based startup said it has developed a system that will allow legal cannabis retailers to sell their products without taking cash or making a standard debit card or credit card transaction.
According to Bill Drevant, president of VertePay.com, the company has partnered with an established Illinois software firm called Bestinc that writes software platforms for check cashing and has been open since 1982. The firm modified the software to create an essentially closed loop system that will allow a cannabis customer to purchase cannabis without having to use cash or make a transaction with a bank card.
“It’s an approach that is more secure, less expensive and makes compliance easier,” Drevant said.
Drevant explained that customers in the Illinois system can use a prepaid card to load money at a convenience store or another location that supports prepaid cards, and then use the card to purchase cannabis at a participating...
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