There are myriad mobile solutions available today that micro merchants or merchants in other developing retail sectors could use to turn cell phones into payment devices. The thing is, though, the solutions require merchants to have bank accounts. Yet micro merchants often are unbanked. They have few resources.
Others, cannabis merchants come to mind, have the money but are locked out because U.S. banks are cautious due to conflicts between certain state and federal laws about the legality of cannabis sales and use. Is it even worth going after micro merchants in domestic and international emerging markets or cannabis sales here at home?
Bradee Salisburn, Merchant Level Salesperson
Bradee,
I would never rule out micro merchants or cannabis merchants as potential clients. That's because of the tremendous ingenuity of the payments community. One example is RêvCOIN, which serves traditional as well as unbanked merchants.
Bertrand Sosa, co-founder and president of Rêv Worldwide, said, "New technologies have made significant achievements, but lack a serious commitment to financial inclusion and access to capital at the core of their strategies. Industry providers are still going after the same customer base while ignoring the emerging markets entrepreneur." With its service, according to RêvCOIN, merchants receive a card reader and app, along with a branded prepaid credit card, and it's to that account that funds are "deposited." The prepaid account can then be used like any branded card to pay bills or even withdraw cash from ATMs, the company added.
This is just one business among many devising ways to reach underserved markets. With a little legwork, you can find more. Learn of the latest innovations by checking News from the Wire regularly at www.greensheet.com. Also, research commissioned by Visa and conducted by Dalberg details why it makes sense to pursue micro merchants. The report, Small Merchants, Big Opportunity, is available in PDF form here: www.dalberg.com/system/files/2017-07/Small-merchants-big-opportunity.pdf. Good luck to you.
Editor
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