08:32:58 EST Thu 09 Feb 2023
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Posabit Systems Corp
Symbol PBIT
Shares Issued 131,902,645
Close 2022-12-06 C$ 0.80
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Posabit Systems happy with its point-of-sale platform

2022-12-06 17:30 ET - News Release

Ms. Christine Foss reports

POSABIT CONTINUES TO CHAMPION PIN DEBIT SOLUTION FOR CANNABIS TO REDUCE CASH RELIANCE

While the cannabis industry continues to struggle with cash-based or alternative -- and often risky -- payment options, Posabit, the premier cannabis point-of-sale and payment platform, continues to champion the industry-leading Posabit payments platform. Leveraging the compliant and highly resilient PIN debit system, Posabit payments take the risk out of other less reliable industry payment platforms like point-of-banking, clunky ACH or expensive third party ATMs.

Cashless ATM solutions (also known as point-of-banking), once seen as the digital solution to cannabis's cash problem, were blocked from accessing traditional ATM networks in early December. Posabit has successfully worked to move most of its customers to PIN debit, accelerating the shift to more reliable and compliant PIN debit in recent months. Unfortunately, many payment providers in the cannabis industry continued to rely on cashless ATM as it became increasingly clear that it was a risk to retailers. As a result, the December shutdown left many retailers without a safe alternative to cash. For those retailers struggling with cashless ATM, Posabit has offered a rapid and low-cost conversion to PIN debit. Posabit PIN debit is available to all Posabit customers in the United States.

"As we've seen in many of the states where we operate, safety is a major concern for our heavily cash-based industry. By reducing reliance on cash, we not only improve safety, but we increase average basket size and allow budtenders to do what they do best -- help customers to choose the best product to meet their needs, regardless of the amount of cash they brought into the store," said Posabit vice-president of product Christine Foss. "Our laser focus on cannabis retailers means we can address those issues in a way that helps to normalize the cannabis experience for our customers and their customers."

For retailers, Posabit works seamlessly with their existing infrastructure to enable PIN debit that just works. The open infrastructure underpinning Posabit means retailers aren't locked into a single solution, but can pick and choose their favorite point-of-sale, loyalty, delivery or other system, and integrate it easily into the Posabit platform. Posabit point-of-sale makes the integration even easier while retaining the open architecture and highly secure, compliant platform for which Posabit is known.

End-users love the ease of using the Posabit platform, which mimics many of their everyday retail experiences. While many cannabis customers have come to expect the ATM fees and careful budgeting with cash, the Posabit platform empowers budtenders with recommendations and customer insights and ensures that the customer experiences a seamless, cashless, friendly retail environment.

About Posabit Systems Corp.

Posabit is a financial technology company that delivers unique and innovative payment processing and point-of-sale systems for cash-only businesses. Posabit specializes in resolving pain points for complex, high-risk, emerging industries like cannabis with an all-in-one solution that is compliant, user-friendly and utilizes top-of-the-line hardware. Posabit's unique solution provides a safe and transparent environment for merchants while creating a better overall experience for the consumer.

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