OLB Offers Payment Processing Options for Cannabis and CBD Merchants
The OLB Group (NASDAQ: OLB) announced readiness to support merchants selling cannabis and hemp-derived products, including CBD, through its SecurePay payment gateway and OmniSoft business management platform. This initiative comes as U.S. regulatory changes have eased constraints on banking for CBD sellers. CEO Ronny Yakov highlighted that OLB is prepared to onboard these merchants, transitioning them from cash-based to multi-modal payment systems. The SecurePay platform supports diverse payment methods, while OmniSoft offers tools for business management and marketing.
- OLB's SecurePay and OmniSoft platforms are positioned to capitalize on the emerging cannabis and CBD market.
- The company is prepared to transition merchants to an omnicommerce model, increasing potential revenue streams.
- The legislative changes in the U.S. create an opportunity for OLB to attract new clients in a previously restricted market.
- Dependence on regulatory approval for full implementation could delay potential revenue.
- The competitive landscape for payment solutions in the cannabis sector may lead to increased marketing and operational costs.
- The need to navigate varying state laws regarding cannabis sales presents operational complexities.
NEW YORK--(BUSINESS WIRE)--The OLB Group, Inc. (NASDAQ: OLB), a provider of cloud-based omnicommerce and payment acceptance solutions for small- and mid-sized merchants, announced its SecurePay payment gateway and OmniSoft cloud-based business management platform are ready to support merchants selling cannabis- and hemp-derived products, including CBD. The services will be available to merchants as soon as U.S. regulators allow.
A patchwork of legalization across the U.S., combined with federal banking restrictions, have limited bank involvement with CBD and cannabis sellers. But the relaxation of federal administrative rules in 2020, along with the recent approval by voters for legalizing CBD products in multiple states, have encouraged banks to pursue business in this sector.
“Both the legislative and administrative hurdles to offering banking solutions to CBD and cannabis distributors have been removed in 2020, and banks are now stepping up efforts to attract these merchants into their programs,” said Ronny Yakov, chief executive officer of OLB. “As soon as banks are ready to approve these merchants, OLB is prepared to onboard and support their transition from a cash-based payment acceptance process to an omnicommerce business model that includes multiple payment modalities, as well as full-featured business automation and management capabilities.”
OLB’s SecurePay payment gateway platform offers support for traditional card-based payment processing as well as new models, including QR-code, mobile app solutions such as Apple Pay and Google Pay, and automated clearing house (ACH) account-to-account transfers.
In addition, OLB’s OmniSoft business management platform offers merchants a broad range of tools to market, operate, and manage their business. Available features include web-builder tools, e-commerce, in-store, and mobile sales tools, marketing templates and campaigns, and a variety of back-office features for order management and fulfillment, warehouse and inventory operations, and integrated bookkeeping support.
Merchants, including those in the cannabis and CBD sector, interested in implementing omnicommerce services can set up an account at https://cardaccept.com/#contact.
For more information about The OLB Group, please visit www.olb.com and www.olb.com/investors-data.
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Safe Harbor Statement
All statements from The OLB Group, Inc. in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning the impact of COVID-19 on our operations and financial condition our ability to implement our proprietary merchant boarding and CRM system and to roll out our Omni Commerce applications to our current merchants and the integration of our secure payment gateway with our crowdfunding platform. While the Company’s management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include statements regarding the expected revenue and income for operations to be generated by The OLB Group, Inc. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption “Risk Factors” in the Company’s most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.
About The OLB Group, Inc.
The OLB Group, Inc. is a payment facilitator and commerce service provider that delivers cloud-based merchant services for web-based and brick-and-mortar organizations. OLB provides a seamless, end-to-end digital commerce solution that includes site creation, hosting, transaction processing and payment gateway, order fulfillment, customer service, outbound marketing, sales reporting, and fundraising. With services from private label shopping sites designed to maintain the unique look or feel of the merchant website, to order fulfillment and customer service, OLB remains invisible to the user and promotes the merchant’s brand with market-leading technology and solutions. For more information about solutions, services, or to find a reseller, please visit www.olb.com. Investor information is available at www.olb.com/investors-data.
