Business
Cashless Payment For The Cannabis Industry with Chris Rentner, Spence Labs, co-founder, and CEO. Our next guest operates an innovative financial technology startup developing cashless payment and customer relationship platforms for the cannabis industry. The innovative platform lets dispensary customers pay for cannabis purchases with their mobile phones, eliminating the need to carry cash or visit an ATM inside the dispensary. Spence is a turn-key national system for both dispensaries and technology companies in the cannabis industry, offering two solutions: First, mobile payments for retail customers and cannabis delivery; and second, a simple API allows dispensaries or cannabis tech companies to quickly embed digital payments in their own platforms. Working with Chicago-based Burling Bank, who will manage payment clearances from buyer to seller. Rather than rely on credit card rails or an ATM system, Spence utilizes Automated Clearing House (ACH) payments, the system typically used for transfers between banking institutions for automated bill pay and payroll direct deposit.