IndicaOnline is a software platform that provides point-of-sale (POS) and inventory management solutions for cannabis dispensaries, delivery services, and growers. The platform includes a feature for processing payments for cannabis-related products and services.
The service is based in Los Angeles, California, and was founded in 2011. The company aims to provide cannabis businesses with the tools they need to manage their operations efficiently and compliantly in an ever-evolving regulatory landscape.
The payment processing feature on IndicaOnline is tailored specifically to the cannabis industry and provides a compliant and secure way for businesses to accept payments. It supports card transactions (both debit and credit) and integrates with multiple payment processors to ensure high reliability and uptime.
The highlights of the service
As part of its services, IndicaOnline offers a feature called SWIPE, which is a new point of banking system designed to facilitate cashless transactions through debit and credit card terminals.
SWIPE allows businesses to process debit and credit card sales securely, quickly, and easily. This eliminates the need for businesses to handle large amounts of cash, making transactions safer and more convenient. The simplicity and convenience of the sale process help to improve the service, thus attracting more customers. High-class service also helps to retain loyal customers of the service.
The platform offers a convenient, robust API for high revenues. The feature can be easily integrated into the client’s website.
SWIPE payment methods
SWIPE includes various payment methods such as PIN debit, Swipe terminal, and cashless ATM. Entrepreneurs can decide what method is appropriate for their enterprise.
If the Swipe terminal is the choice, it enables businesses to accept bank cards, with no need to round up transaction amounts, and charges can be made up to the cent. Thanks to its innovative use of blockchain technology, SWIPE can process payments at internet speeds, ensuring that transactions are quick and reliable.
As for cashless ATMs, this is a payment processing solution that caters to the specific needs of the cannabis industry. Cashless ATMs allow businesses to accept payments through debit cards only, with transactions rounded up to the nearest $5. Clients are required to pay a “convenience fee” and may also be charged an out-of-network fee. With Cashless ATMs, businesses can benefit from fast and reliable payment processing, with money typically deposited in the dispensary’s bank account within one or two business days. Despite its limitations in terms of accepted payment methods and rounding requirements, Cashless ATM provides a secure and compliant payment solution for companies that work in the cannabis industry.
The PIN Debit payment processing system is designed specifically to fulfill the special requirements of the cannabis sector. Businesses can only accept debit card payments with a specific monetary amount when using PIN Debit. As a result, there is no longer a need to round up the amount, and clients enjoy a more precise and transparent payment process. Moreover, PIN Debit enables companies to avoid touching cash, which lowers the possibility of fraud and enhances security for both the company and its clients.
The fees of the system
The pricing plans offered by IndicaOnline are made to be clear and reasonable, with no additional costs or lengthy contracts. The platform provides numerous alternatives for processing payments, each with associated costs.
IndicaOnline imposes a transaction fee of 2.9% + $0.30 per transaction for SWIPE transactions. Transactions at cashless ATMs are subject to a convenience fee of 2.75% plus any relevant out-of-network charges. Transactions involving PIN debit are charged a fixed cost of $0.25.
IndicaOnline may additionally charge a monthly subscription fee for use of its software platform in addition to transaction costs. The cost of the subscription varies depending on the particular plan a company chooses and the number of users who need access to the platform.
Overall, IndicaOnline aims to provide transparent and affordable pricing for its payment processing services, allowing businesses in the cannabis industry to manage their operations efficiently and compliantly.
How to join the system
The company provides a demo of the system, so businesses can try it first before connecting to the platform. To get started, merchants should visit the IndicaOnline website and click on the “Sign Up” button located in the upper right-hand corner of the page. Then they are prompted to provide some basic information about their business (name, email address, phone number, and location). Once this information is provided, it is possible to select the payment processing features and pricing plan that best meets their business needs.