It's no secret. Electronic payment offerings for the cannabis industry leave plenty to be desired. The problem was even more prominent in 2013, when West Palm Beach-based Paybotic LLC jumped in to help. "I was in school and involved with an online ordering POS system for delivery businesses," Max Miller, Paybotic's founder and president, recalled. "A roommate went into the dispensary side of the business and asked me to do the processing."
According to Miller, this was what led his business into cannabis. "We started serving one dispensary, and another wanted the same service; then we went on to service different parts of the industry in a lot of capacities," he recalled. Paybotic now serves everything from testing labs, to software-as-a-service providers, to subscription services, and even larger cannabidiol (CBD) makers. "These businesses need solutions," he said. "If they can't transact, they're not in business."
Today, with more than 500 cannabis businesses in the company's portfolio and healthy year-over-year growth, Miller said he's ready to invest even more into ecommerce and technology in the coming months and years.
According to a company statement, Paybotic provides custom payment solutions to cannabis merchants and is versed in finding programs that suit a merchant's needs quickly and efficiently, while also constantly pushing for rigorous developments of service suites to accommodate their growing needs. Miller noted that Paybotic offers many types of products to businesses in the CBD vertical since there's no one-size-fits-all formula. "There's in-store, online, on-the-go, over-the-phone and more, and we have solutions for all of it," he said.
Miller went on to describe Paybotic's client intake process. "We start the process with our questionnaire, so we can advise the merchant on how we can provide the most bandwidth for their business to succeed," he said. "For example, if you're a retail store, we want you to give the experience of going into the store and using a card like any other business." According to Miller, the product set also includes out-of-box solutions like "crypto acceptance" and "cashless ATM," which he described as a "core solution at Paybotic."
Paybotic also stated that the company's payment professionals "educate our merchants through full transparency on payment processing, to ensure transaction processing is compliant and secured within the regulatory scope of the cannabis and payment industry."
Miller feels this is one main difference Paybotic has going for it, along with a culture of service, transparency and reliability. "We're always there for our customers," he said. "In the high-risk industry, nothing is forever, and some businesses can lose their bank or insurance coverage, so we need to be able to support them at all phases."
Miller also noted there are many independent brokerage houses that try to service the industry yet lack in delivery tactics. "If you call us, we answer the phone," he said. "We have a full-time, dedicated team that provides white-glove service." He added that transparency is important to enable cannabis businesses ethically. "A lot of business ethics will make or break this industry, because it's easy to screw people when they're desperate for service," he said. "We need to be looked at as enablers, not price gougers."
Referencing the reluctance in the payments industry to embrace the cannabis vertical, Miller indicated he understands why processing rates come at a premium. "Cannabis is never going to be a low-risk business, but as the industry opens up and laws progress positively, we'll see changes," he said.
Miller believes the cannabis industry, despite its challenges, will continue to grow. "The forward momentum can't be stopped," he stated. And Paybotic will be poised to help cannabis merchants along the way. "We'd love to get in touch with them all now," Miller said. "There's just going to be more business going forward."
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Director of Sales
Company Profile originally appeared in
The Green Sheet Issue 200302
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140301 - Meritus Payment Solutions
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131102 - Evo Payments International LLC
131001 - Live Reps Call Center
130901 - Regal Payment Systems LLC
130901 - The Merchant Solutions
130802 - North American Bancard LLC
130801 - Payment Logistics LLC
130702 - Plug n Pay Technologies Inc.
130601 - U.S. Merchant Systems LLC
130402 - National Processing Co.
130202 - Charge Card Systems Inc.
130202 - Layered Technologies Inc.
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121202 - American Microloan LLC
121102 - Keep in Touch Systems Inc.
121102 - Merchants Choice Payment Solutions
121002 - Washington Bancard Merchant Services LLC
120902 - Central Payment Co. LLC
120802 - Royal Merchant Holdings LLC
120801 - National Benefit Programs LLC
120602 - Cardinal Commerce Corp.
120601 - Veritrans Merchant Services LLC
120502 - ExecuTech Lease Group
120502 - The Small Business Authority
120402 - Chargeback Guardian Inc.
120401 - Electronic Payment Exchange
120301 - Complete Merchant Solutions LLC
120201 - CSR - Compliance Solutions and Resources
120102 - Alpha Card Services Inc.
111002 - Lead Source Call Center
111001 - First Annapolis Consulting Inc.
110902 - Point of Sale System Services Inc.
110901 - Sage Payment Solutions
110801 - Century Payments Inc.
110702 - Creative Vision Studio LLC
110702 - Network Merchants Inc.
110701 - Capital Access Network Inc.
110602 - eProcessing Network LLC
110602 - Moneris Solutions Inc.
110502 - Paragon Application Systems Inc.
110401 - Merchant Implementation Services
110301 - FrontStream Payments Inc.
101202 - CheckAlt Payment Solutions
101102 - Impact Payments Recruiting
101101 - Global Electronic Technology Inc.
101002 - TriSource Solutions LLC
100802 - Federated Payment Systems LLC
100801 - Voltage Security Inc.
100601 - NETSURION (formerly Vendor Safe Technologies)
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100402 - Secure Payment Systems Inc.
100401 - Elite Merchant Solutions
100302 - Retail Decisions Inc.
100102 - Payment Alliance International
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090302 - Metro Merchant Services
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090201 - ACH Payment Solutions
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081201 - On-line Strategies Inc.
081101 - Vision Payment Solutions LLC
081002 - Veratad Technologies LLC
081001 - International Merchant Solutions LLC
080801 - GreenSoft Solutions Inc.
080702 - Smart Circle International
080601 - International Bancard Corp.
080502 - DRG Telemarketing Inc.
080501 - BCC Merchant Solutions
080402 - U.S. Merchant Systems
080401 - Greystone Business Resources Corp.
080302 - Transmedia Payment Services Ltd.
080102 - Sonoma Technical Support Services
071202 - Barclay Square Leasing Inc.
071102 - FirstView Financial LLC
071001 - Sage Payment Solutions
070902 - YourTownMall Business
070901 - Nxgen Payment Services
070802 - All card Processing-AAMonte-USA
070801 - Money Movers of America Inc.
070602 - Central Point Resources Inc.
070601 - Positive Feedback Software LLC
070502 - Premier Payment Systems
070501 - Amacai Information Corp.
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