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2w ago Crypto Cannabis greenmarketreport Views: 158

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Cannabis platform tech company Dutchie is jumping into the world of fintech with the launch of Dutchie Pay, a fully-integrated digital payment solution. Cannabis companies have faced huge challenges on the payment side of the business since the major banks and credit card companies refuse to work with cannabis. The product remains federally illegal and that is enough for these financial institutions to just say no.

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While many see this as a huge challenge, that issue has created a chance for innovation and payment creativity. Dutchie Pay is designed to reduce reliance on cash by providing dispensaries and consumers with a convenient and secure way to pay. It is a closed-loop automatic clearing house (ACH) solution, in which Dutchie Pay allows consumers to purchase their cannabis products online while automating compliance for dispensaries.

“Cash creates too many safety risks and is inefficient. Our industry cannot meet its full potential without modern payment solutions available at scale,” said Dutchie Chief Product Officer and Co-Founder Zach Lipson. “Dutchie exists to create safe and easy access to cannabis. Dutchie Pay advances our mission by integrating a simple and secure product that makes cannabis purchases safer, easier, and more accessible for dispensaries and consumers alike.”

Dutchie said it launched the payment platform with alpha and beta testing in the first half of 2022. The company said that on average, order values have already increased by 30%. It decreased abandoned cart rates by an average of 32%. It also reduced customers’ cash management costs by at least 15%. Dutchie Pay also drives repeat purchases, with 82% of consumers making at least a second purchase since signing up.

Dispensaries have been bedeviled with figuring out how to accommodate customers who expect to have a normal e-commerce transaction experience while maintaining compliance with the companies who do not want to be associated with cannabis. Currently, roughly 90% of all dispensary transactions are handled in cash, creating inefficiencies in operations and added safety risks. Dutchie Pay is a one-click digital payment option for cannabis products online and for delivery via a direct ACH bank transfer. Dutchie Pay allows consumers to quickly connect their bank account and pay directly at checkout.

Behind the counter, Dutchie Pay fully integrates with Dutchie’s e-commerce and point of sale (POS) solutions, providing businesses with a single-vendor advantage to help streamline operations. Dispensaries no longer need to rely on multiple software providers and with this level of integration, retailers can significantly reduce human error, maximize sales, serve more customers, and generate more revenue.

“Our customers increasingly want to buy cannabis products without using cash and without paying ATM or other fees. Dutchie Pay has improved their overall shopping experience while resulting in higher basket sizes and customer loyalty,” said Joshua Kahn, Owner at Takoma Wellness Center. “With Dutchie Pay, I have a one-stop, one-click solution that is fully integrated with e-commerce and point of sale that provides a seamless shopping experience for my customers, a safer work environment for my team, and accelerated growth for my business.”

 

 

Dutchie Jumps Into Fintech With Dutchie Pay on Green Market Report.


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