Dutchie Launches Dutchie Pay; a Fully Integrated Digital Payment Solution for Cannabis to Reduce Reliance on Cash
Dutchie Pay solves the biggest payment challenges facing both dispensaries and consumers, increasing average order value by 30%
BEND, Ore. - July 20, 2022 (Investorideas.com Newswire) Dutchie - the technology platform powering cannabis commerce - today announced the launch of Dutchie Pay, a fully-integrated digital payment solution that dispensaries and consumers can trust. Dutchie Pay is designed to reduce reliance on cash by providing dispensaries and consumers a convenient and secure way to pay. A closed-loop automatic clearing house (ACH) solution, Dutchie Pay allows consumers to purchase their favorite cannabis products online while automating compliance so that dispensaries can focus on growing their business.
"Cash creates too many safety risks and is inefficient. Our industry cannot meet its full potential without modern payment solutions available at scale," said Dutchie Chief Product Officer and Co-Founder Zach Lipson. "Dutchie exists to create safe and easy access to cannabis. Dutchie Pay advances our mission by integrating a simple and secure product that makes cannabis purchases safer, easier, and more accessible for dispensaries and consumers alike."
Approximately 90% of all dispensary transactions are handled in cash, creating inefficiencies with operations and added safety risks. Providing modern payment solutions is one of the biggest barriers remaining to normalizing the cannabis shopping experience and is essential for the industry to better compete with the illicit market and provide local and state governments with even more critical new tax revenues.
For dispensaries, Dutchie Pay fully integrates with Dutchie's ecommerce and point of sale (POS) solutions, providing businesses with a single-vendor advantage to help streamline operations. Dispensaries no longer need to rely on multiple software providers and with this level of integration, retailers can significantly reduce human error, maximize sales, serve more customers, and generate more revenue. Dutchie Pay is immediately available to Dutchie customers across the United States.
For consumers, Dutchie Pay is a one-click digital payment option for cannabis products online and for delivery via a direct ACH bank transfer. Increasingly, consumers expect cashless, frictionless payment options free of ATM and additional service fees. Dutchie Pay allows consumers to quickly connect their bank account and pay directly at checkout.
Dutchie Pay launched in alpha and beta testing in Q1 and Q2 2022, and is already providing customers with tremendous benefits, including:
- On average, order values increased by 30%.
- Decreased abandoned cart rates by an average of 32%.
- Reduced customers' cash management costs by at least 15%.
- No signup fees and no more ATM fees.
- Dutchie Pay drives repeat purchases, with 82% of consumers making at least a second purchase since signing up.
"Our customers increasingly want to buy cannabis products without using cash and without paying ATM or other fees. Dutchie Pay has improved their overall shopping experience while resulting in higher basket sizes and customer loyalty," said Joshua Kahn, Owner at Takoma Wellness Center. "With Dutchie Pay, I have a one-stop, one-click solution that is fully integrated with ecommerce and point of sale that provides a seamless shopping experience for my customers, a safer work environment for my team, and accelerated growth for my business."
Dutchie Pay is one of the major products launched out of the company's over $100 million research and development investment announced as part of Dutchie's Series D. Leveraging over 50 years of team experience in the payments industry (from Square to Toast to Paypal and more), Dutchie Pay is available everywhere now for online purchases and will be available for in-store purchases in the fall. Dutchie customers and those interested in benefiting from Dutchie Pay can sign up at: https://business.dutchie.com/payments. To learn more about Dutchie, visit: https://business.dutchie.com/.
Dutchie is the cannabis technology platform powering cannabis commerce, streamlining dispensary operations, and providing safe and easy access for consumers. Powering over 5,500 dispensaries throughout the U.S. and Canada and facilitating over $14 billion in sales annually, Dutchie is a one-stop-shop, providing solutions for point of sale, ecommerce, seamless payments, and more.
Dutchie aims to open minds to the positive societal change that cannabis brings to the world. Dutchie's solutions directly serve dispensaries and consumers alike, garnering recognition as one of Fast Company's 10 Most Innovative Companies in North America and LinkedIn's Top 50 Startups for two-years running. To learn more, please visit: https://dutchie.com.
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