Financial Institution Partners

B.I.G. Is The Gold Standard in Cannabis Payment Processing

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.  

PIN-Based Debit Processing Program

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.

B.I.G. Offers a Payment Partner Program for Financial Institutions

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.

Advantages of PIN Debit Payments

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.

• Safety
  • Armed robberies are one of the greatest threats to cannabis merchants. PIN Debit displaces the use of cash promoting a more secure environment.
• Compliance
  • Our PIN Debit program allows for full transparency of transaction flow providing a frictionless & familiar process.  No "wallets" or having to divulge sensitive information to execute payment.
• Sales
  • Sales are for the exact dollar amount (no rounding up). 
  • Sales are proven to increase versus cash, POB, or ATM placements.
• No Fees
  • PIN Debit payments don't charge convenience or out-of-network fees. Saving consumers money.

Financial Institutions will appreciate the benefits of cannabis PIN Debit payment processing as well.

• Approved
  • PIN based debit card transactions process openly on approved PIN Debit networks that are fully aware of the true nature of the transactions.
• Transparent
  • The cannabis merchant's true name (not an alias) is displayed on both the receipt and the descriptor.  Transaction transparency is the key and is what makes our payment solution so successful.
• Tracking
  • Our PIN Debit solution provides banks access to pertinent transaction data needed to efficiently and effectively monitor cannabis related businesses for BSA/AML purposes.
• Portal Access
  • Financial institutions and their merchants participating in the PIN/Debit program will have access to pertinent transaction data via an online portal.

Compliance

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.

Become a Reseller

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.  

Payment Partner Program Key Features:

• Revenue Stream Opportunity.
• Access to online payment portal displaying all transaction activity.
• Option to export payment portal data to flat file for AML monitoring.
• World Class Merchant Service and Support.
• We Offer both Reseller and Referral Partner Programs.

Cannabis Payments Awareness

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.

• Accepting Credit Cards is Strictly Prohibited.

  • Card brands and regulators have left no room for interpretation in their stance on credit cards being utilized for the processing of cannabis transactions.
  • Any solution claiming to offer credit card processing is in direct violation of Visa/Mastercard operating rules.

• Masking the True Nature of the Transaction

  • Cashless ATMs a.k.a. Point of Banking (POB) tend to mask the true nature of transactions by converting a pin-based debit transaction into an ATM transaction which consequently is a form of money laundering.

• Potential Reg E Violation

  • Cashless ATMs or POB transactions tend to change the physical address associated with the now converted ATM type transaction to be associated with a non-cannabis-related business. While this may seem harmless, it is in violation of Regulation E (9)(a)(5)(i).

• Miscoded transactions will have an impact on banking systems.

  • Miscoded transactions will be recorded as cash withdrawals and cash deposits. This becomes problematic for financial institutions that are monitoring cash transactions in both their core and automated AML systems.

• “Closed Loop” and Wallet Solutions

  • Many of these solutions allow for customers to “load” their accounts with credit cards and immediately convert those funds into a purchase of cannabis. The account load is usually disguised as a crypto or gift card purchase. This masks the true nature of the transaction from the acquirer and is money laundering.

Ancillary Cannabis Business Credit Card Processing

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.

Legitimate, transparent, and compliant financial services are the only sustainable path forward for the cannabis industry.  Together we can help the industry succeed where so many have failed them in the past.