Global Payout merges prepaid payments with cannabis POS tools
Global Payout is providing software to the makers of point of sale hardware for the cannabis industry, integrating payment card processing with other business services common for dispensaries.
The San Diego, Calif.-based prepaid payment provider is releasing its system's application programming interface through its Nevada-based MTrac Tech Corp. unit to allow terminal manufacturers to incorporate payments. MTrac began initial integrations late last year.
The process will merge inventory management and payment processing, eliminating the need for terminal providers to handle payments as a separate channel from features tracking seed to sales data and uploading that information daily into each state's regulatory portal.
"We knew early on the value of getting our API ready for POS integrations, and we are thrilled to be taking the next steps toward making these integrations initiatives a reality," Jason LeBlanc, chief operating officer of MTrac Tech, said in Thursday press release.
"This is the moment when the paradigm shifts," LeBlanc added. "Together with our future partners, we have an opportunity to bring legitimacy to the cannabis industry by offering solutions as a regulatory tool through enhanced transparency, security and compliance."
Global Payout developed its closed-loop platform for marijuana sales for governments three years ago, utilizing a prepaid card in which governments could set limits on and track purchases. The system was set up for the cards to be distributed by medical marijuana dispensaries, allowing users to reload them at participating retailers, through bank accounts, or credit and debit cards.