Aeropay Partners with KindTap to Offer the Cannabis Industry Consumer Credit for Purchases

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May 09, 2023, 08:00 ET

In addition to bank-to-bank transfers, Aeropay now offers customers a second payment option, compliant digital credit through KindTap.

CHICAGO and BOSTON, May 9, 2023 /PRNewswire/ -- Aeropay, the cannabis industry's leading digital payments provider, announced a partnership and integration with KindTap, the cannabis industry's first consumer credit solution that enables Aeropay-powered cannabis operators to accept digital credit at checkout. In addition to supporting increased dispensary revenue, the integration provides shoppers with a modern retail experience by offering both compliant bank-to-bank transfers and digital credit in one product. At checkout, Aeropay customers can choose to link to their bank for seamless ACH transfers or apply for digital credit, powered by KindTap.

Aeropay Partners with KindTap to Offer the Cannabis Industry Consumer Credit for Purchases

KindTap is a digital payments platform that allows customers to compliantly purchase and pay later with credit. KindTap offers end consumers a seamless sign-up process and a line of credit that can be used instantly after approval at participating Aeropay e-Commerce and brick-and-mortar merchants. Customers can access their account features through Aeropay without the need for any physical credit cards or paper statements.

"We're thrilled to work with the cannabis industry's most trusted and innovative payments provider to expand our reach and provide more end customers with a compliant digital credit solution," said KindTap's President and Co-Founder, Cathy Corby Iannuzzelli. "We are seeing our consumer credit platform increase customer basket sizes and monthly spending by up to 50%, and our purchase now, pay later credit option brings mainstream efficiency to cannabis consumers and merchants." In terms of building customer loyalty, data from several merchants in the KindTap network revealed that over 70% of the customers using KindTap credit returned to the same merchants for repeat purchases and shopped more frequently than customers paying with cash.

Daniel Muller, CEO and Founder of Aeropay added, "It's exciting to see two payment providers collaborating to offer cannabis businesses and their customers a completely cashless checkout. We're thrilled to announce this integration with KindTap and bring everyday payment options to an industry that has been unable to offer a compliant bank-to-bank transfer and credit solution in one product."

Jessie Heasley, Director of Operations for KindRun Massachusetts LLC, a cannabis home delivery platform that utilizes Aeropay, said, "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. The combination of Aeropay's bank-to-bank transfers and now credit, powered by KindTap, is by far the most robust solution available for compliant, contactless payments. We are truly honored to be one of the first operators to bring this service to market."

The credit offering's flexible payment terms allow customers to pay their bill within 30 days with no interest, or to pay their bill over a period of monthly installments. To protect customers from credit card debt, the credit solution, powered by KindTap, grants credit lines of up to $1,500 with shorter repayment terms to make money management more effortless. The interest rate added onto KindTap's revolving balances is 18%, a lower rate than most traditional credit cards.

Adding compliant, cash-free payments is becoming essential to a cannabis company's tech stack. Aeropay allows customers to make digital ACH and credit payments online and in stores by providing simple integration with e-Commerce platforms, state-compliant and secure payments and modern API infrastructure, giving operators complete control of customer experience and branding. Payment processing via Aeropay is fee-free for customers, simplifying the payment experience for merchants and customers.

Merchants already accepting Aeropay can add credit now, as the product is tested and currently in-market.

Find out how to sign-up for Aeropay's merchant features in 30 minutes or less by visiting www.aeropay.com/onboarding/cannabis.

About Aeropay

Aeropay is a financial technology company providing alternative payment solutions to state-legal cannabis businesses. With Aeropay, cannabis businesses can offer compliant and contactless digital payments to their customers both in-store and online. Aeropay operates in every state where cannabis is legal. For more information, visit aeropay.com or email [email protected].

About KindTap

KindTap Technologies, LLC operates a financial technology platform that offers compliant digital credit for highly-regulated industries through a closed-loop network. KindTap offers end consumers a seamless sign-up process with a digital credit account that can be used instantly after approval at participating e-Commerce and brick-and-mortar retailers throughout the U.S. Founded in 2019, the company is backed by several strategic investors with debt capital provided by U.S.-based institutions. For more information, visit kindtap.com or email [email protected].

SOURCE Aeropay