POSaBIT Debuts New Version of Cannabis Sales Platform

Cannabis industry FinTech POSaBIT has debuted an enhanced version of its point-of-sale platform as the sector sees continued demand for new payment services.

According to a Tuesday (Nov. 15) news release, POSaBIT 2.0 includes a revamped user interface, upgraded front-end features, new “end-user-centric” enhancements to the tool’s recommendations and preferences platform, and new back-end reporting and insights. The upgraded POS platform has been released to some customers and will be rolled out to its whole customer base within the next month.

“The release of POSaBIT 2.0 provides our users with an improved experience; simple as that,” said CEO Ryan Hamlin, who helped launch the original platform in 2019.

“By building off an already beloved platform and methodically taking feedback from our merchants, the industry at large, and our own internal team, we’ve managed to keep what customers love about POSaBIT, add key features, enhance other features, while also streamlining the UI for a better user experience.”

The cannabis industry is seeing increased demand for B2B payments, cash flow and accounts receivable services, PYMNTS noted in September when the cannabis platform LeafLink marked the $1 billion transaction threshold.

Meanwhile, November has seen other companies look to launch tech solutions to help the cannabis business.

On Monday (Nov. 14), PYMNTS reported that the FinTech Staack had launched a crowdfunding campaign to help the company build a digital payment and business financing solution for cannabis businesses.

“Currently, cannabis businesses operate with cash because very few financial institutions are willing to risk having them as customers,” said Adam Harowicz running the project with his twin brother and Staack founder Alex Harowicz. “Regulations are still a work in progress, and it’s just not worth it for bigger banks.”

Staack hopes to solve this problem for cannabis operators by employing blockchain as an operating system and payment solution for “everything cannabis.”

Earlier this month, enterprise commerce technology platform Treez completed its acquisition of payment solutions platform Swifter. The companies said the deal adds Swifter’s roster of retail cannabis clients to Treez’s customer base and offers enhanced, comprehensive financial services and digital payments solutions to the industry.