A LEGAL Closed Loop Credit Card Payment System For Dispensaries
- ACCEPT All Major Credit Cards & Debit Cards
- GET funded Daily
- ADD Surcharges to cover your fees
- SCAN ID and Medical Cards for customer files
- WORKS Alongside your current POS system
NO MORE VOUCHER SYSTEM & ATMS – ACCEPT CREDIT CARDS LIKE EVERY OTHER BUSINESS.
Take customer payments curbside with our mobile iPad Mini that also has an EMV compliant swiper attached to it. Email or Text them the receipt and onto the next client
Our card readers are attached to an iPad so you can take payments on the GO with our all-in-one mobile system.
About our system
The M POS aims to evolve payment processes in the Cannabis industry. Because of Federal regulations, licensed Marijuana-Related Businesses (MRBs) operating in ‘legal’ states have limited access to banking and are largely forced to run ‘cash only’ operations. With cash being the riskiest and most non-compliant form of currency, the widespread mandated use of cash in the industry compounds the challenges associated with it not only from the merchant’s standpoint, but also from a regulatory perspective as well. For merchants, the omnipresence of cash poses many challenges to business owners, such as the risk of internal and external theft, the exorbitant overhead costs incurred to reconcile and secure cash revenue, and the difficulty in processing normal business expenses. From a legislative perspective, cash creates a number of regulatory concerns, such as the additional layers of oversight needed for tracking the flow of cash, verifying sales reporting and preventing tax evasion. In the name of public safety and to level the playing field of commerce, the MPOS solution provides much needed relief to merchants and legislators through its cashless payment platform to ease the burdens of regulatory oversight, increase tax revenue for local municipalities, while giving merchants a practical, yet robust account on the back-end to manage sales and process business expenses. With MPOS, merchants have the ability to:
• Accept credit and debit card payments
• Digitally pay vendors upstream in the supply chain
• Issue E-checks to pay for items such as payroll, rent, and taxes • Customize sales and payment reports to facilitate regulatory compliance We are confident that the MPOS platform creates peace of mind for business owners and regulators alike, and although our solutions are applicable to any industry, we feel that it is the right solution for Cannabis, which has an immediate need for a safe, transparent, and compliant payment solution.
What is Blockchain?
Blockchain technology enables distributed public ledgers that hold immutable data in a secure and encryptedway and ensure that transactions can never be altered. While Bitcoin and other cryptocurrencies are the most popular examples of blockchain usage, this “distributed ledger technology” (DLT) is finding a broad range of uses.
How does our Blockchain Solution Work?
There are 2 parts to the system.
Part 1 – Authorizing credit cards on the blockchain and doing instant settlement across our blockchain ledger system. Once the transaction is settled instantly it is sent over to part 2.
Part 2 – Taking Instant transaction settlement and storing that information across our blockchain banking system and all the information is in the merchants “wallet” and those funds can be accessed by having an auto-batch to your Bank Account or by using our E-check system to pay vendors, employees, bills and more!
You can also download transactions, batches and other information and merge into your pos or accounting systems to reconcile your books.
Our entire solution is FDIC insured and back by a Publicly Traded Company.
• The payment platform was built on GB POS, private, permissioned, closed loop Blockchain system.
• Accounts (or wallets) are created for Merchants and Consumers and are Tokenized as keys on the blockchain
• ‘Key’ is the term used for codes that represent places (wallets) and transaction values on the blockchain.
• Retail merchants accrue revenue in merchant wallets through consumer sales and can use this revenue to pay vendors upstream in the supply chain
• The Merchant Wallet acts as a bank account where business owners can manage and pay all business expenditures
• In the ecosystem, merchants digitally pay expenses from wallet to wallet
• Outside of the ecosystem, merchants use E-checks, issued from the Merchant Wallet, to digitally pay expenses such as payroll, rent, utilities, state & federal taxes
Transactions & Taxes
• Funds are deposited in the system by consumers for participation in this digital environment
• All transactions occur on the blockchain and are recorded on an immutable ledger in the Merchant Wallet
• Transaction rates are set on Merchant Wallets as a percentage of each transaction
• GB & POS have a Merchant Wallet
• Both companies receive automated revenue in their respective merchant wallets via transaction rate splits, delivered immediately to each wallet after each transaction
• Local municipalities could have a Merchant Wallet and local sales tax could be coded as part of the transaction rate for each merchant in its jurisdiction
• Local municipalities could then receive automated tax revenue with every completed transaction as part of the rate split (Optional)
• Automated tax revenue would increase the efficiency at which tax revenue is received by local municipalities and guarantee proper tax payments for sales generated on the system
• State and Federal tax payments could be issued via E-Check from the Merchant Wallet and received by each tax board as digital payments
Regulatory Compliance & Security
• All merchants go through a Know Your Customer process prior to receiving a Merchant Wallet
• All transactions Consumer to business (C2B) and Business to Business (B2B) are recorded on an immutable, tamper-free ledger in the Merchant Wallet
• The Merchant Wallet hosts the ledger which makes it an easily auditable platform
• The Merchant Wallet includes a robust set of financial management tools including customized reporting tabs for reconciliation and archiving purposes
• The value of all funds on the system are verified upon entry with security features to protect the depositor and the integrity of the ecosystem
• From the time of deposit to the point of exit, all funds remain in a 1:1 ratio
• All currency in the system is backed by the GB POS FDIC insured and aggregated deposit accounts held with multiple U.S. Banks
• Each bank account is third party administered and assigned to a trustee
• All funds withdrawn from the system via E-Check are verified and issued by GB merchant, Checkbook, and debited from the GB POS aggregated accounts
• The tokenized feature of blockchain is a security feature that makes it next to impossible for wallets to be hacked, significantly reducing fraud or eliminating it completely
• Cash can NOT be deposited in Merchant Wallets, and load limit restrictions are placed on Consumer Wallets for AML compliance purposes
• Algorithms are used on the back-end to isolate anomalies and to immediately report on any suspicious or irregular activities on the system
Funds in the MPOS Ecosystem
GB POS, provides a Blockchain commerce platform and is the payment settlement engine for Merchants and Consumers to transact in a closed loop ecosystem. Funds are deposited on the Blockchain into consumer or merchant wallets for participation in this digital environment. Each transaction of fiat currency converted into a value on the system by way of deposited funds is reflected on bank or credit card statements as purchases with the descriptor Cashless ATM. The value of all funds on the system are verified upon entry with security features to protect the depositor and the integrity of the ecosystem. All currency in the ecosystem is backed by GB POS, FDIC insured deposit accounts held with multiple U.S. banks. Each account is third-party administered, assigned to Trustee. Any funds withdrawn from the merchant wallet are verified and issued as eChecks through Checkbook I