KindTap is a digital platform that enables customers to buy with credit and pay later.
Aeropay says the new system supports increased dispensary revenue and gives shoppers a modern retail experience in one convenient product.
The system features compliant bank-to-bank transfers and digital credit.
Aeropay says customers may link their bank for seamless Automated Clearing House (ACH) payments or apply for digital credit at checkout.
With a quick and seamless sign-up process at participating dispensaries, Aeropay says customers can instantly use their line of credit.
The system is also fee-free for customers, something Aeropay says simplifies the payment experience for consumers and retailers.
Aeropay says the system eliminates the need for physical cards or paper statements.
An Essential for Customers and Retailers
According to the company, compliant, cash-free payments are becoming essential to cannabis companies.
KindTap Co-Founder Cathy Corby Iannuzzelli says they are excited to provide a compliant digital credit option for customers.
“We are seeing our consumer credit platform increase customer basket sizes and monthly spending by up to 50%,” says Iannuzzelli in a press release. “And our purchase now, pay later credit option brings mainstream efficiency to cannabis consumers and merchants.”
Regarding payment options, customers can pay within thirty days with no interest or through monthly installments.
Aeropay says the 18 percent interest rate added to KindTap’s revolving balances is lower than most traditional credit cards.
The system caps lines at $1,500 and has shorter repayment terms to protect customers and simplify money management.
Merchants that already accept Aeropay can add credit whenever they wish.
“As one of Boston’s leading cannabis home delivery operators, we are constantly seeking ways to make our deliveries more efficient and safer by removing cash from the equation,” says KindRun Massachusetts Director of Operations Jessie Heasley. “The combination of Aeropay’s bank-to-bank transfers and now credit, powered by KindTap, is by far the most robust solution available fore compliant, contactless payments. We are truly honored to be one of the first operators to bring this service to market.”