Aeropay and KindTap Partner to Create Cannabis Consumer Credit Option

Cannabis payments provider, Aeropay, and KindTap, a cannabis consumer credit company, have partnered to create a credit solution that enables Aeropay-powered cannabis operators to accept digital credit at checkout.

Three-quarters of cannabis stores are still cash-only, Global Cannabis Times reported back in March. A problem compounded by the fact that only around “16 percent of U.S. consumers carry cash.”

Boston based KindTap allows customers to compliantly purchase and pay later with credit. “We are seeing our consumer credit platform increase customer basket sizes and monthly spending by up to 50%,” said KindTap’s president and co-founder, Cathy Corby Iannuzzelli.

The payment option is currently up and running. KindTap says “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 Chicago based Aeropay, added that the integration with KindTap is bringing “everyday payment options to an industry that has been unable to offer a compliant bank-to-bank transfer and credit solution in one product.”

Customers who pay their bill within 30 days face no interest charges. The interest rate added onto KindTap’s revolving balances is 18%. Payment processing via Aeropay is fee-free for customers.