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October 17, 2017

Weed Advisor first to offer a legal, retail credit card platform for cannabis products in Canada

 
Oct 17, 2018, 13:10 ET
 

– National, independent survey shows consumer acceptance toward online and dispensary purchases –

TORONTO, Oct. 17, 2018  /CNW/ - Weed Advisor, a cannabis platform service that supplies the latest access to products, information, business solutions and consumer insights to the cannabis industry, has launched a first-to-market legal retail credit card payment processing platform for hundreds of products and counting, available at weedadvisor.com.
While other online cannabis-focused sites offer sales through e-transfers, C.O.D. transactions and third-party channels such as PayPal, as of Canadian cannabis legalization today, Weed Advisor will offer the same type of PCI compliant transactions utilized to purchase music, furniture, computer hardware & software, food & beverage, and clothing, to name a few industries – virtually everything people have come to grow accustomed to when buying online.
"Consumers look for convenience, insurance and a sense of overall security when shopping online – regardless of the product or service they plan to purchase," says Gregory Luciani, President and CEO of Weed Advisor. "Legalization doesn't always equate to a comfort level of use, which is exactly the problem we are addressing, as industry-wide understanding continues to evolve. We're providing a trusted source for online purchasing that offers significant options and substance."
This allows Weed Advisor to offer direct consumer benefits, as well as a quick and simple sales channel for retailers that may or may not have a bricks-and-mortar presence. Once a license is legally produced and accepted by Weed Advisor, it is just a matter of hours that products are filtered – as another legal step in the process – at the Weed Advisor site and ready for sale.
"This is a new business frontier in Canada, so we were careful in our approach to building block partnerships," says Danny Gurizzan, Chief Executive Officer at PSP Card Services. "Weed Advisor's offerings, original approach and ongoing commitment to customer service align with our own business model, which is why we chose to work with their team right out of the gate."
Supported through multi-million dollars of investment through private equity firms, the initial rollout of the credit card payment processing platform will immediately provide select offerings upon legalization, while products will continue to be added to the in-stock listings going forward.
An early adopter and partner of the Weed Advisor platform is Snowy River International, a world-renowned cyber security firm based out of Alberta that critically ensures safe sharing of information and cyber integrity.
"Snowy River International prides itself on our work behind safety of web-based transactions," says Wayne Ronhaar, CEO of Snowy River International. "Adding our expertise to the Weed Advisor experience in this evolving cannabis market assures we are resilient and responsive to customer needs."
Two other timely initiatives that complement the new payment processing platform include:
  • In-house Weed Advisor financing options for businesses interested in the company's proprietary B2B and B2C suite of solutions; and
  • Soon-to-be-offered Weed Advisor credit cards, offering all the benefits and security of your typical credit card.
 
INDEPENDENT ONLINE STUDY BRINGS CONSUMER OPINIONS TO LIGHT AS LEGALIZATION APPROACHES
Along with its payment platform initiative, Weed Advisor also conducted an independent national survey through its extensive database to identify and explore trends within the Canadian consumer marketplace.
Three key findings reveal:
  • Despite potential for lack of brand familiarity with new, wide ranging options, 63 per cent of respondents say this won't keep them from purchasing through dispensaries and online sites, citing the upside of safety, stability, ingredient information, and a chance to try something new.
  • Legalization will open doors to friends trying/re-connecting with cannabis, according to 60 per cent of those surveyed, based on the ideas surrounding increased access and acceptance.
  • Due to long-term stereotyping and decades of negativity around cannabis use, 85 per cent believe a certain stigma will remain even after legalization.
Other survey results include:
  • 25 per cent plan to purchase cannabis using all three main channels – their black-market source, dispensaries and online
  • "Only through web-based sales" shows the most individual promise for sales at 27 per cent, with "only at dispensaries" at 26 per cent and "only via black market" at 23 per cent
  • 62 per cent are somewhat informed about the new street laws, but feel it's too early to truly tell what will take place regarding enforcement of legal specifics
"Clearly, Canadians have strong opinions on legalization and their approach to the changing environment around cannabis," says Krishnan Wignarajah, Chief Operating & Information Officer at Weed Advisor. "It's encouraging to see definitive positions taken and especially motivating for the industry since there is strong support for dispensaries and online purchasing. It speaks to Canada's open-minded approach to this ground-breaking position on acceptance."

SOURCE Weed Advisor

For further information: Media Contact: Joe Roma PR, joe@joeroma.com, 416-705-1723; Business Contact: Krishnan Wignarajah, kw@weedadvisor.com, 647-409-8184

October 15, 2017

Chargebacks Explained: Why Merchants Must Protect their Business

Published on Linkedin on October 15, 2018

Merchant success relies primarily on receiving and clearing payments for goods or services in a timely manner. Most customers pay, the payment clears quickly, and you move on to the next transaction. When chargebacks occur, however, the smooth rise to profit gets interrupted. There are multiple reasons why these problems occur, and preventing them is the ideal goal. However, that is not always possible, so understanding what to do in response is the next best option for minimizing their financial and professional effects on your company.

What is a Chargeback?

Payments clear for most transactions in a matter of hours or days, and that is the end of it until a new purchase or order is made. A chargeback occurs after a payment by credit or debit card is made and the funds land in the merchant's account. This is the term given to any stoppage or reverse of the financial transaction that then removes the money from the account again.

The most common reasons for chargebacks include: 

  • The payer doesn't remember or recognize the charge
  • They cancelled the transaction too late to stop it
  • The customer is not satisfied with the product or service
  • A third-party payer did not have authorization to make the payment
  • Fraud, theft of financial information, or other unscrupulous activity

The end result is that the merchant no longer has the payment they just received.

Why are Chargebacks So Bad?

For the merchant, the most obvious answer to this question is that they no longer have the money in their accounts. This is especially bad if they already provided the service or shipped out the product. This destroys profit and can cause financial trouble.

Other problems occur if a company has too many chargebacks. Each one may include a fee or fine from the bank, which adds insult to injury. Excessive occurrences can convince banks that the merchant is not a good risk and they may push them to a high-fee account for riskier customers or even close the account. entirely.

What Do Merchants Need to Know?

Chargebacks are an unfortunate part of doing business with credit and debit card payments. While your company can protect itself from many of the reasons why people request their money back, there is an ever-growing current of identity theft, fraud, and "gentle fraud" in which people circumvent the regular returns, refund, and complaints process due to laziness or lack of understanding.

Merchants can attempt to prevent chargebacks by collecting more identification information from buyers, requiring the CVV or CVC code from the back of credit or debit cards, using a payment processor that gives receipts automatically, and making the customer service, returns, and refunds process simple and clear.

In the constant quest for profits and your drive toward business success, more knowledge about chargebacks, how to prevent them, and how to recover effectively when they do occur is always better. This is where Payment Solution Providers (PSP) comes in. We actively work with our merchants to help them understand the complexities of Chargebacks by simplifying the process. We simplify the process by working directly with our merchants to explain what the Chargeback is and how they can provide documentation to defend their case. By doing so, our merchants feel more confident in challenging their Chargebacks, where appropriate, in a manner that will allow them to meet the required timelines and with information that is substantial enough to defend their claim. In addition, if our merchants provide sufficient data to challenge a Chargeback, we refund our merchants the Chargeback amount until the final decision by the Card Brand is made. We do so because at PSP we know you work hard for your money and we do our best to ensure minimal disruptions in your business.

Questions about chargebacks and how we can help your business thrive? Call  416-948-3939 to speak with Tony Mignardi at PSP today and visit our website at, https://pspcardservices.com/

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August 16, 2017

PSP Card Services and Planet Payment Launch Pay in Your Currency® and Multi-Currency Pricing

Pay in Your Currency (PYC), Planet Payment’s Dynamic Currency Conversion (DCC) solution, provides eligible international customers with the choice to pay in Canadian Dollars, or the currency they know best – their own. This personalized payment solution provides international visitors with an enhanced level of customized customer service, while helping merchants attract more foreign customers and create a new revenue stream.  This solution, geared toward attracting international customers, comes at a prime time for Canadian merchants. 2016 broke a fourteen year tourism record, with 19.98 million travelers visiting the region. 2017 is also expected to bring an influx of foreign visitors for Canada’s 150th anniversary celebrations.

Multi-Currency Pricing (MCP), a personalized payment solution for eCommerce, enables online merchants to more effectively expand into foreign markets, by allowing their international customers to view pricing and pay in their own currency. MCP lets online merchants sell in their customers’ currencies while continuing to be paid in Canadian dollars – without affecting current funding schedules. Additionally, merchants can price the same item in multiple currencies, including US Dollars, Euros, Japanese Yen or Mexican Pesos, allowing e-tailers to maximize their global reach.

“PSP Card Services is excited about the successful launch of the Pay in Your Currency and Multi-Currency Pricing in Canada and future International launch,” said Danny Gurizzan CEO and President, PSP Card Services. “In conjunction with our best of breed technology and with the influx of tourism into Canada and the booming global eCommerce market, it is imperative that our merchants have the payment solutions they need to cater to international customers.”

“Planet Payment is very happy to launch our PYC and MCP solutions with PSP Card Services” said Melissa Jones, SVP North American Sales & Acquirer Relations, of Planet Payment.  “We have successfully launched this partnership and are expanding our footprint in Canada and internationally, in the near future, with PSP Card Services, bringing our best-in-class solution to merchants looking to international customers, whether online or at the point-of-sale.”

About PSP Card Services

PSP Card Services, Inc. (PSPCS) is a Canadian Corporation located in Vaughan, Ontario, Canada as a premier payment processor. Dedicated in providing EMV acquiring and issuing programs to their clients, PSPCS focuses on customer satisfaction, sourcing leading edge technologies and fostering long term relationships.

PSPCS specializes in end-to-end e-Payment applications, Point of Sale software, secure transaction networks and smart card solutions. PSPCS continues to challenge the payment processing space by tailoring solutions that meet the needs of today’s unique business models. By providing best in-house technologies and forming strategic partnerships with business’ around the world, PSPCS can tailor and create industry leading solutions. PSPCS works with all business types and sizes to challenge the traditional mindset of payment processing. Working closely with their clients to meet their ever-changing needs.

About Planet Payment

Planet Payment (NASDAQ:PLPM) is a leading provider of international payment and transaction processing and multi-currency processing services. Planet Payment provides services in 22 countries and territories across the Asia Pacific region, the Americas, the Middle East, Africa and Europe, primarily through our 70+ acquiring bank and processor customers. The Company’s point-of-sale and e-commerce services help merchants sell more goods and services to consumers, and together with ATM services, are integrated within the payment card transaction flow enabling acquiring customers, their merchants and consumers to shop, pay, transact and reconcile payment transactions in multiple currencies, geographies and channels. 


PSP Card Services

Elya Ornelas

(416) 780-9293 Ext 105

eornelas@pspcardservices.com

www.pspcardservices.com
 

Planet Payment

Joel Mayer

516-670-3200

jmayer@PlanetPayment.com

www.PlanetPayment.com

http://www.travelweek.ca/news/canada-breaks-14-year-tourism-record-nearly-20m-arrivals-2016/

October 25-28, 2015

As the industry’s primetime conference and trade show, Money20/20 delivers the biggest scale, best audience and most engaging event. Money20/20 is the largest global event focused on payments and financial services innovation for connected commerce at the intersection of mobile, retail, marketing services, data and technology.

With 10,000+ attendees, including more than 1,000 CEOs, from 3,000 companiesand 75 countries, expected at our 2015 U.S. event, Money20/20 is critical to realizing the vision of disruptive ways in which consumers and businesses manage, spend and borrow money.

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Contact Info

Corporate Headquarter

CANADA

400 Applewood Cres., Suite 200
Vaughan, ON L4K 0C3

Head Office:  1 844 780 9293 

 
© 2017 PSP Card Services Inc. All Rights Reserved. :|: PSPCS is a registered ISO of People's Trust Company Vancouver, BC”.

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