Image: Provided by POSaBIT
As the cannabis industry anxiously awaits federal legalization, some retailers might feel stuck in cash limbo. But if businesses want to experience efficient and effective growth, that means forgoing the change and embracing a digital sales system.
Fintech software company POSaBIT (OTCMKTS: POSAF) has been hard at work developing a payment processing infrastructure (in addition to a top-of-the-market point of sales system) to support retailers and dispensaries in their transition from cash to card.
Cutting the Change and Doubling Revenue
POSaBIT seeks to be the top payments infrastructure provider for retailers and dispensaries in cannabis markets nationwide. Its technology gives clients access to full debit processing, a robust back-end reporting portal and excellent customer support. With few publicly traded software companies in the cannabis industry, POSaBIT fills an increasing need for cannabis retailers.
Currently active in 15 states and with more than 300 locations, POSaBIT is expecting a revenue growth of 125% to 140% by year-end 2021. Not only has the company had 4 consecutive quarters of profitability, it’s also consistently doubled its revenue annually since 2017. The number of stores using its technology has doubled annually as well.
The POSaBIT team is well seasoned with expertise coming from big tech companies such as Google LLC (NASDAQ: GOOGL) and Microsoft Corp. (NASDAQ: MSFT).
The team has worked to consolidate its technology to be intuitive, user-friendly and, ultimately, a complete payment solution for all of its clients. From curbside payments to online orders, POSaBIT aims to do it all. It comes with integrated loyalty, customer history and dynamic discounting. The system also features integrated payments, budtender tips and a backend reporting portal.
The POSaBIT team believes that while the current fintech software market is big, the future market is predicted to be massive.
Although around 70% of cannabis dispensaries nationwide still only accept cash, once the choice to move toward digital payments is made, dispensaries rarely revert back. And stores that do go digital with payments tend to see a swift increase in adoption rates.
POSaBIT is well-positioned to continue its successful growth as companies would undoubtedly rush toward digital payment systems if federal legalization becomes a reality.
New Features and a New Partnership
So where does a company with a track record of rapid growth go next? POSaBIT has been looking into alternatives to traditional payments such as loans, insurance and invoicing. POSaBIT’s model is similar to online payment processing company Stripe, although that company is currently privately held.
POSaBIT will be announcing a new partnership with a big name in the fintech industry as well as adding new services to its product line in Q4 2021.
Check out https://www.posabit.com/ for more information.
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