2020 Solutions now accepting debit
2020 Solutions becomes first cannabis retailer in Whatcom Co. to accept app’s debit payments
The two Bellingham stores of 2020 Solutions on Dec. 12 became the first retailers north of Seattle to use an app that accepts debit payments for cannabis products.
The 2020 Solutions stores at 2018 Iron St. in downtown Bellingham and at 5655 Guide Meridian, just south of Axton Road, now accept debit payments through Colorado-based CanPay.
“This is a big improvement for our guests and our employees,” said Aaron Nelson, senior vice president for 2020 Solutions. “Customers no longer have to carry large amounts of cash when they come to our store or use ATMs that charge them fees. It also is safer for our employees, because we won’t be handling as much cash and won’t be seen as ideal targets by criminals.”
To ensure privacy and security, all purchases are made using non-identifiable, single-use, and random payment tokens generated in the CanPay App. A consumer who wants to pay with CanPay simply downloads the CanPay App to their smart phone from www.CanPayApp.com, creates a CanPay account and links their checking account. Upon approval, a consumer can begin paying at any participating retailer.
The consumer logs into their CanPay app at the time of purchase and scans the random token into the retailer’s point of sale device. Funds are electronically transferred directly from the consumer’s checking account to the retailer’s compliant bank account. CanPay is currently only available to consumers who reside in the United States and have a U.S.-based bank account.
CanPay uses the Automated Clearing House (ACH) Network, a highly reliable and efficient nationwide batch-oriented electronic funds transfer system. Most banks do not charge consumers for ACH transactions. This is the same method that is currently used for paying mortgage payments, car payments and any authorized debits from a personal bank account. The only charge to customers to use CanPay is an annual customer-service fee of 99 cents.
“Many people already use the ACH system to make monthly automated payments,” Nelson said. “This is a trusted form of payment for customers.”
Cannabis retailers previously have been unable to accept debit or credit payments because financial institutions are wary of federal regulators. While recreational and medical cannabis sales are legal in Washington and other states, they are illegal under federal law.
“Retailers like 2020 Solutions want to provide customers with a legitimate, transparent, secure debit payment solution and have identified CanPay as the best option,” said CanPay CEO Dustin Eide. “Together, 2020 Solutions and CanPay are improving the way cannabis purchases are made in this emerging market.”
Pledging to promote responsibility and education, 2020 Solutions opened its first store July 10, 2014 at 2018 Iron St. It opened a second store Nov. 1 at 5655 Guide Meridian, Bellingham, several miles north of the city limits.
Since opening, 2020 Solutions is the largest cannabis retailer in Whatcom County with nearly $11 million in sales in just over two years. It’s also leading in sales this year through November on a retailer basis with $5,889,247 in revenue and has the most in single-store sales with $3,374,248 at the Iron Street location.
For more information about 2020 Solutions, call (360) 734-2020 or visit www.2020-solutions.com.
CanPay is the first debit payment solution for the state regulated cannabis industry, currently serving businesses in Washington, Oregon, and Colorado. Through the Closed-Banking Feedback Loop, CanPay partners with select financial institutions that have developed stable, compliant banking programs specific to the cannabis industry. By delivering a traditional and legitimate electronic payment solution to this growing yet highly-regulated industry, CanPay allows retailers and customers the convenience of a debit payment while mitigating risks and costs associated with cash transactions. To learn more about CanPay, visit http://www.canpaydebit.com.
MEDIA NOTE: For more information about CanPay, contact Barokas PR for CanPay, (206) 264-8220 or CanPayPR@barokas.com.