We See Your Cashless ATMs, Marijuana Industry – Visa Sends Chilling Warning to the Cannabis Industry

Cannabis.net

Visa issued this compliance memo on December 2. The memo cites that the financial giant is well-aware of the ongoing scheme practiced by cannabis merchants to conceal cannabis-related transactions. The memo explains that cashless ATMs are not meant to disburse cash to cardholders; instead, they are POS devices that should be used with payment applications that are similar to regular ATMs. The cashless devices are used for purchases that are falsely labeled as ATM cash withdrawals. Purchase amounts are frequently rounded up to simulate a cash disbursement.

Excerpt only …
READ MORE BELOW
Source : We See Your Cashless ATMs, Marijuana Industry – Visa Sends Chilling Warning to the Cannabis Industry

reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.