LOS ANGELES and CHICAGO, Aug. 2, 2021 /PRNewswire/ -- Spence Labs, a bank-backed, compliant digital payment system for the cannabis industry, today announced a full POS integration with BLAZE®, the industry-leading enterprise resource planning and point of sale (POS) platform for legal cannabis. This partnership is a game changer for both dispensaries and customers, who have for far too long relied on cash transactions. Now consumers who order online or in the store can pay in a compliant digital way.
"We are proud to integrate with BLAZE to offer a new level of convenience and security for both consumers and retailers," said Chris Rentner, founder and CEO of Spence. "We are pleased to launch this partnership and make these capabilities available to Blaze's 300-plus client dispensaries in nearly a dozen states, processing more than $1 billion in annual consumer cannabis transaction volume. The scale of this partnership really shows how powerful Spence's payments platform can be when partnered with industry-leading cannabis tech."
"We are excited to launch this innovative payment integration for our customers," said Chris Violas, co-founder and CEO of BLAZE. "Spence offers the most differentiated combination of technology, compliance and banking capabilities in the cannabis payment industry, and we believe consumers using the Spence product will improve the ordering experience for both consumers and retailers."
For consumers ordering through the web, the new payment option eliminates the need to carry cash or use ATMs, which often come with added fees. Now orders placed online can authorize payment at the time of ordering, rather than having to pay cash at pickup or upon delivery. Spence's platform processes the payments and gives customers a unique QR code that's scanned by dispensary staff upon pickup or by a delivery driver upon drop-off. Funds are transferred automatically from a customer's bank account with bank-level encryption and processed by an FDIC-insured banking partner.
For dispensaries, Spence's technology streamlines the sales/payment process. Legal cannabis suffers from a lack of payment availability and transactions are processed by non-transparent or non-compliant providers. Spence eliminates the need for merchants to sign up with multiple payment facilitators by providing a single solution for various payment products. Spence provides dispensaries with financial tools such as B2C direct payments, consumer credit via "Enjoy Now, Pay Later," and B2B payments for payables/receivables tracking, along with report generation for financial and legal compliance with their financial institution of choice. The platform also offers avenues for increased customer engagement and retention, with the ability to offer coupons, execute frequent-buyer programs and special rewards..
About Spence Labs
Spence Labs, Inc. is an innovative financial technology startup developing integrated and embedded digital payment and customer relationship platforms for the cannabis industry. Spence's suite of payment technologies and digital wallet bring flexibility to B2C and B2B transactions, allowing users to accept traditional currency, cryptocurrencies and credit cards. The company is headquartered in Chicago. For more information, please visit https://www.gospence.com.
Founded in 2017, BLAZE, a VC-backed California technology company, offers unified seed-to-sale software and apps for the cannabis supply chain. Developed by tech entrepreneurs and former cannabis company operators, BLAZE makes tech simple with an easy-to-use frontend powered by an enterprise backend for dispensaries, delivery services, distributors, and cultivators. Customers can be more profitable and productive while creating a better user experience for end customers and employees. The company's software ensures compliance with local laws and taxes. BLAZE offers full APIs and integrates seamlessly with over 40 technology vendors in the cannabis industry. For more information, please visit https://www.blaze.me.