Business
OLB Offers Payment Processing Options for Cannabis and CBD Merchants
Citing Mew Regulatory Environment For Banks, OLB Will Provide A Safe Alternative To Cash-Only For CBD Merchants NEW YORK--(BUSINESS WIRE)-- The OLB Group,
About this update from The Olb Group, Inc.
[{"type":"text","content":"\nCiting Mew Regulatory Environment For Banks, OLB Will Provide A Safe Alternative To Cash-Only For CBD Merchants\n\n NEW YORK--(BUSINESS WIRE)--\nThe OLB Group, Inc. (NASDAQ: OLB), a provider of cloud-based omnicommerce and payment acceptance solutions for small- and mid-sized merchants, announced its SecurePay payment gateway and OmniSoft cloud-based business management platform are ready to support merchants selling cannabis- and hemp-derived products, including CBD. The services will be available to merchants as soon as U.S. regulators allow.\n\nA patchwork of legalization across the U.S., combined with federal banking restrictions, have limited bank involvement with CBD and cannabis sellers. But the relaxation of federal administrative rules in 2020, along with the recent approval by voters for legalizing CBD products in multiple states, have encouraged banks to pursue business in this sector.\n\n“Both the legislative and administrative hurdles to offering banking solutions to CBD and cannabis distributors have been removed in 2020, and banks are now stepping up efforts to attract these merchants into their programs,” said Ronny Yakov, chief executive officer of OLB. “As soon as banks are ready to approve these merchants, OLB is prepared to onboard and support their transition from a cash-based payment acceptance process to an omnicommerce business model that includes multiple payment modalities, as well as full-featured business automation and management capabilities.”\n\nOLB’s SecurePay payment gateway platform offers support for traditional card-based payment processing as well as new models, including QR-code, mobile app solutions such as Apple Pay and Google Pay, and automated clearing house (ACH) account-to-account transfers.\n\nIn addition, OLB’s OmniSoft business management platform offers merchants a broad range of tools to market, operate, and manage their business. Available features include web-builder tools, e-commerce, in-store, and mobile sales tools, marketing templates and campaigns, and a variety of back-office features for order management and fulfillment, warehouse and inventory operations, and integrated bookkeeping support.\n\nMerchants, including those in the cannabis and CBD sector, interested in implementing omnicommerce services can set up an account at https://cardaccept.com/#contact.\n\nFor more ...