Budtendur by Kore Compliance affords cannabis dispensary consumers a contemporary payment alternative to cash or cashless ATM.
How It Works
Consumers are able to make payment by linking Budtendur to their checking, savings, money market, or investment accounts. Payments from consumer accounts are transferred to the Budtendur app and used to seamlessly and electronically make payment at checkout. The Budtendur app uses a secure QR code that is scanned by the administrative side of the application used by the dispensary budtender allowing payment similar to Venmo.
Budtendur is not a payment processor, but a payment aggregator.
A primary benefit of working with Kore Compliance’s Budtendur product is a dispensary’s immediate access to a myriad of payment options vs. a single payment processor. If a single payment processor is offline or (as is not uncommon in the cannabis sector) shut down, the dispensary and its consumers have other options which remain available. Neither consumers nor dispensaries are inconvenienced.
Why It's Better.
Kore Compliance is perpetually seeking best pricing with the most secure and vetted payment processors. By working with Kore Compliance, all applications with payment processors are managed by Kore Compliance, not the dispensary, eliminating the hassle and resources inevitably allocated to such work. Further, Kore Compliance is working to provide all the resources of the Budtendur product for no more than what current payment processors charge for their existing services.
Creating a Budtendur account is free.
A Consumer account, used by the cannabis dispensary customer, lets consumers access purchase history and link accounts from financial institutions… even those not known to be welcoming of Marijuana Related Business (MRB). As Budtendur evolves and governmental statute permits, additional features include but are not limited to stored value, reward points, VIP services, etc. Security protocols comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations required by the Bank Secrecy Act (BSA) and BSA officers. These policies compel the Kore Compliance’s Budtendur product to verify the identity of users by requiring a government issued ID, use of bio-authentication (e.g., facial or finger print identification used by most mobile devices), two-factor security authentication using a consumer’s cell and/or email, and/or other contemporary processes to assure the consumer is who they say they are. Budtendur does charge a $5 per month inactivity fee which deactivates when account balances reach $0.
Dispensaries create an administrative account allowing dispensary employees (typically the budtenders) to accept payment via the Budtendur’s Administrative Portal. By linking a dispensary’s bank account and routing numbers to the dispensary’s Budtendur Administrative Account, payments from consumers will electronically deposit into the dispensary’s bank account. This can take as little as 24 hours but typically no more than 72 hours.