- Before it was easy, REFG was building a customer base, loyalty and trust by providing a service that was necessary but non-existent
- Company aims to make cash-only a business model of the past, allowing licensed providers to easily apply for a bank account online
- Keys to success include transparency and compliance
The legal cannabis industry now has simple banking options thanks to Medical Cannabis Payment Solutions (OTC: REFG). According to the company, it is the only one offering licensed providers the ability to apply for a bank account online. In an industry with limited to no banking options, REFG is providing the accessibility and protection necessary for licensed cannabis companies to succeed.
In addition to the convenience of an online application, the company’s state-of-the-art system tracks sales and taxes and provides client management to dispensaries. Thanks to REFG, cash-only is a business model of the past for licensed distributors. Now, they can utilize ‘Go!’, an end-to-end payment processing system, for their banking needs.
Due to federal regulations, traditional banks are often unwilling to provide full services to the cannabis industry. REFG, on the other hand, is able to provide legal banking and secure payment processing while remaining compliant to ever-changing federal regulations. The company believes that the solution to success is being transparent and complying with regulations rather than working around them. Now averaging 60 million transactions per month along with one million new cards issued, REFG takes the security and safety of every transaction seriously.
When customers of a dispensary sign up for a Go! Card, they are creating a link between their banks – any checking accounts from any U.S. bank – and the dispensaries. When businesses create a Go account, they are providing their customers with convenience and redefining the culture of dispensaries. What was once a dangerous, risky, cash-only store front becomes a safe, convenient place to do business.
The company is positioned to grow as the laws in the U.S. surrounding the legalization of cannabis begin to change. Up until now, legalization has been determined on a state-by-state level. However, Reps. David Joyce (R-Ohio) and Earl Blumenauer (D-Oregon) have made remarks citing the “STATES” Act (Strengthening the 10th Amendment Through Entrusting States), a bill exempting states with legal cannabis from federal cannabis law enforcement, as likely to pass. Due to public support, the STATES Act and other cannabis-related bills are expected to be introduced and are “likely to pass” in 2019. This move will put REFG ahead of the game.
REFG has been establishing itself as an expert, willing to take risks where other banks were not. The company has already grown a loyal customer base and is proving itself trustworthy before its competition even enters the game.
For more information, visit the company’s website at www.PayWithGo.com
