SAN DIEGO, March 18, 2015 (GLOBE NEWSWIRE) -- Global Payout, Inc. (OTC Pink:GOHE), an emerging leader in innovative payment solutions, announced today that it has developed an electronic, closed-loop payment system that resolves the unique challenges present in the fast-growing medical marijuana and recreational marijuana industries. The closed loop payment platform is specifically designed to reduce the risks associated with cash transactions, and solve the crucial payment and transaction execution issues currently plaguing the industry. The value proposition for the new electronic payment system is the simplified, low cost transfer of money that responsibly records respective tax revenues, and is compliant with other regulatory requirements. Global Payout intends to offer the payment system under partnership directly with state and local governments in states where medical and recreational marijuana has been legalized. If adopted, Global Payout stands to generate substantial streams of revenue.
Jim Hancock, CEO of Global Payout stated, "We developed this custom payment platform specifically for the marijuana industry over the past several years but the industry just wasn't ready for it until now. With many of the recent challenges resulting from interstate marijuana commerce, illegal black market sales, inefficient tax revenue recognition and collection, and the potential crime risks of having excessive cash on hand, we now know the time is right to launch this program to create an effective solution that satisfies the needs of government agencies and marijuana industry dispensaries. We see this as an enormous opportunity for our company, regulators, business owners, government agencies, consumers and marijuana industries as a whole. Our platform aims to help legitimize the financial and compliance aspects of the industry."
Benefits of the closed loop payment platform for state, city and county governments and its registered consumers include:
- Closed loop "reloadable" cards that can be created with uploading dollar limits as well as spending or usage limits for systematic daily, weekly or monthly purchases; and
- Simple and effective online and mobile applications; and
- Cash can be conveniently loaded to cards: at participating retailers, via ACH from bank accounts, from credit/debit cards, and/or via employer direct deposit. (Initial Load will be made by the dispensary or marijuana store when issuing the card); and
- Provision of "Usage" text notices to the authorized cardholder notifying them of a transaction; and
- Card can be used as an ID card (like a license) as well as a Payment Card and contain additional information deemed necessary by the government; and
- Inclusion of Loyalty and Rewards program that can be customized for each retailer and dispensary; and
- Regulation of purchase quantities for in-state, out-of-state and tourist consumers; and
- Government entities receive sales tax, excise tax and other regulatory fees daily with real-time monitoring of cannabis transactions.
Global Payout can also support B2B (business-to-business) payments by dispensaries and retailers to growers, suppliers and contractors by utilizing their proprietary Consolidated Payment Gateway. The gateway allows invoices to be submitted by wholesalers and growers to the retailers and dispensaries, and then payments can be made on the platform to and from bank accounts. B2B payment benefits include:
- Eliminates excessive cash on hand and tracks cash flow from the grower, to the distributor, to the dispensary, and finally, to the consumer; and
- Automatic provision of an audit trail benefiting dispensaries, retailers, government agencies and consumers; and
- Seamlessly and inexpensively pays growers, suppliers and contractors (business to business) on the CPG platform; and
- Reduces the threat of robbery; and
- Provides impediment to unlawful business from organized crime or traffickers; and
- Highly protected, easy to use payment network with reporting of all transactions; and
- Creates B2B invoices for government to track payment and cash flow.
Global Payout and its associates are in a series of ongoing discussions with banks across the nation. If you are a bank providing services to the cannabis industry feel free to contact Global Payout's Executive staff to aid you in meeting Federal transparency guidelines.
About Global Payout, Inc.
Global Payout, Inc. (www.globalpayout.com) is a leading provider of comprehensive, customized electronic payment solutions for domestic, international and multinational businesses, organizations and government agencies worldwide. Global Payout implements payment solutions tailored to a client's specific needs, which may include domestic MoneyTrac® Prepaid Cards, the company's Consolidated Payment Platform (CPG), international prepaid cards, chip and pin cards, custom and co-branded prepaid cards, and merchant processing services. The company targets an estimated $3 trillion market including the estimated 60-70 million unbanked, under-banked and unhappily banked adults in the U.S. and the estimated 2.5 billion around the world.
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Forward-Looking Statements Disclosure:
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will" and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risk, and uncertainties, and by reference to the underlying assumptions.