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Bankcard International Group is a team of experts in payment processing for high-risk and highly regulated industries. With over 12 years of cannabis industry experience focusing on pushing the industry forward with compliant, transparent, and sustainable payment services, B.I.G. is one of the most experienced teams in the country.
Our executive team consists of former national/international merchant services executives for major banking platforms, CAMS (Certified Anti Money Laundering) specialists, Banking Executives, POS experts, and highly experienced payments professionals.
Bankcard International Group offers Pin-based debit card payment processing for cannabis retailers and delivery operations. PIN Debit is NOT the same as cashless ATM or Point of Banking (POB). PIN Debit for cannabis is a true merchant account for pin-based debit transactions running on approved debit network rails only. PIN Debit only payment processing allows customers to purchase their items securely just like they do at the grocery store. Consumers simply insert their debit card, enter their PIN, and walk away. No rounding up, no account registration, no workarounds.
B.I.G. is one of the few businesses in the payments industry with authorized access to the pin-based debit program for its cannabis merchants.
Our goal is to partner with financial institutions so they may offer this viable solution to their merchants. This service coupled with our first in class in-house support and service from our friendly experienced staff makes for a winning combination. Financial institutions can entrust B.I.G. to provide consultative, world-class support for them and their clients.
The cannabis industry is now legal for medical or recreational use in 37 states, three territories and the District of Columbia and represented $25+ Billion dollars in sales in 2021. Until PIN Debit became available, these businesses either had to operate on a cash only basis, accept ACH payments, or have to use some kind of “workaround” solution to accept electronic payments. Many of these solutions provide compliance issues for both the merchant, the acquiring bank, processor, and the Financial Institution supporting the DDA.
Compliant PIN Debit payment processing offers distinct advantages to the cannabis industry. Aside from being able to operate like any other traditional business. Cannabis merchants appreciate many advantages by accepting PIN Debit payments.
In order to participate in our Pin-Based Debit program merchants are required to go through a rigorous underwriting process. During this process not only are we ensuring that full KYCC requirements are met but also verify full transparency in the lifecycle of transactions. From the consumer to the merchant’s DDA all touchpoints must maintain, attest to, and report on their cannabis compliance programs.
Becoming a partner with Bankcard International Group comes at no cost to financial institutions. In fact, there’s an opportunity to participate in a rev-share program that will create a whole new revenue stream for your financial institution.
Not only does offering PIN Debit to your clients provide an additional revenue stream but helps your financial institution maintain compliance by ensuring electronic deposits are from legitimate and compliant sources.
There are many payment schemes being offered to cannabis merchants. Financial institutions offering DDA accounts to these merchants should be aware of and closely monitor any electronic deposits for cannabis businesses. Below are just a few of the payment schemes merchants may have selected.
Working in full transparency with our acquiring partner we support a wide range of non-plant touching cannabis industry services. If your Financial Institution works with ancillary services such as lawyers, packaging, marketing, lighting, nutrient, or any other business providing necessary services to cannabis merchants, growers, or producers we have solutions.
While plant touching businesses are not permitted to accept credit cards (at this time) the multitude of businesses providing ancillary services to the industry also face financial service difficulties. Because these businesses derive some or all of their income from cannabis (indirectly) most acquiring banks and processors will not work with them. Bankcard International Group in combination with our partners, provide merchant accounts for cannabis related businesses to accept credit cards.