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New CC network SuperNet to be Cannabis friendly

ChargedUp
Senior Contributor

New CC network SuperNet to be Cannabis friendly

SuperNet looking to become the credit card network for cannabis, and other things. 

 

 

https://techcrunch.com/2021/12/01/supernet-credit-card-cannabis-weed-dispensaries/

 

 

AODFCU 3% Visa ($10K), Amex Gold (NPSL), Amex BCP ($27K), Amex Simply Cash+ ($4K), Amex Business Cash ($22.5K), Discover ($29.7K), Cap 1 Union Plus MC ($2750), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), Elan Everyday Rewards+ Visa Sig($15K), BOC/Elan Max Cash MC ($25K), Buckle ($1.3K), BofA AAA Rewards ($84.5K), Paypal credit ($10K), PNC Points Visa Sig ($7.5K), Cap 1 Savor ($13K), PenFed PCR ($20K), Bank of the West CB MC ($3.6K), PNC Cash Rewards Visa Sig ($19K), NASAFCU Rewards Visa ($20K), BoA Business Customized Cash Rewards MC ($8k), Chase Amazon Visa Sig ($35K), FNBO Evergreen Biz Visa Sig ($15K), Citizens ED Points Biz MC ($5K)
Message 1 of 5
4 REPLIES 4
coldfusion
Community Leader
Super Contributor

Re: New CC network SuperNet to be Cannabis friendly

"There’s even a loyalty program."    That made me laugh out loud. 

 

I can see where they would be coming from as a business model as I remember there were news articles in the Boston Globe when the first wave of dispensaries were preparing to open up in Massachusetts - no payment processor was willing to risk taking them on as clients. 



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Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 2 of 5
ChargedUp
Senior Contributor

Re: New CC network SuperNet to be Cannabis friendly


@coldfusion wrote:

"There’s even a loyalty program."    That made me laugh out loud. 

 

I can see where they would be coming from as a business model as I remember there were news articles in the Boston Globe when the first wave of dispensaries were preparing to open up in Massachusetts - no payment processor was willing to risk taking them on as clients. 


The amount of cash that goes through these places is astronomical. Paying a Visa/MC type processing fee seems like it would be A LOT cheaper than hiring a group of armed security officers, not to mention safer.

 

Looking at the application for merchant services gives hints that there's a CU partnered in all this, which will provide checking/savings associated with the SuperNet merchant account. This (or these) CU's stand to see a ton of money enter their accounts if this all goes as planned.

 

The big question as always... Will the feds leave them alone? Assuming those behind SuperNet have done their homework, I'm figuring they've weighed the risk vs. rewards while entering a market that's maybe 50% legal. In all honestly, the feds have essentially left this industry alone over here in CA. This would also make the merchants books much easier to audit, and thus, collect taxes on. It seems like a win/win to me.... But will the feds see it the same way?

 

On another thought, when an employer pulls a CR on someone for a potential job, will the presence of a SuperNet card raise eyebrows? Could it result in higher car insurance rates? At this time, there's nothing I'm aware of in the law to prevent such acts, is there?

AODFCU 3% Visa ($10K), Amex Gold (NPSL), Amex BCP ($27K), Amex Simply Cash+ ($4K), Amex Business Cash ($22.5K), Discover ($29.7K), Cap 1 Union Plus MC ($2750), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), Elan Everyday Rewards+ Visa Sig($15K), BOC/Elan Max Cash MC ($25K), Buckle ($1.3K), BofA AAA Rewards ($84.5K), Paypal credit ($10K), PNC Points Visa Sig ($7.5K), Cap 1 Savor ($13K), PenFed PCR ($20K), Bank of the West CB MC ($3.6K), PNC Cash Rewards Visa Sig ($19K), NASAFCU Rewards Visa ($20K), BoA Business Customized Cash Rewards MC ($8k), Chase Amazon Visa Sig ($35K), FNBO Evergreen Biz Visa Sig ($15K), Citizens ED Points Biz MC ($5K)
Message 3 of 5
SoCalGardener
Established Contributor

Re: New CC network SuperNet to be Cannabis friendly


@ChargedUp wrote:

SuperNet looking to become the credit card network for cannabis, and other things. 

 

https://techcrunch.com/2021/12/01/supernet-credit-card-cannabis-weed-dispensaries/

 


 I'm happy to see this. it will fill a very definite void.

 

When I was 16, I made a pact with myself that I would not drink, smoke or use drugs. Prior to that, I had indulged in recreational drugs, and had no regrets; my decision had nothing to do with a bad experience or anything like that, I simply decided that that period was done and it was time to move on. I never liked alcohol, and thought smoking was stupid. So I stuck to this pact for decades....

 

Until last year.

 

When sepsis ravaged my body in 2016, causing three organs to fail and keeping me in the hospital for six months, it left me permanently damaged in a number of ways. One being excruciating, chronic pain (muscle and joint); my prescription pain meds are not keeping it well-controlled, and we're looking at a morphine pump as a next move. Two or three years ago I tried CBD products, as I'd heard great things about their usefulness for pain. And since they don't contain THC, I wouldn't be breaking my pact. Nope. Didn't put a dent in my pain at all.

 

Last year, at the urging of friends and relatives, I decided to try marijuana--both for pain and sleep (I also have chronic insomnia, and my prescription meds for that don't work great either). At first, the effects were dramatic--it knocked me out!!  Slept like a baby.  I did NOT get high at all (I wish I did! at least that would make it fun). It helped a little with pain, but since it knocked me out I was only willing to use it last thing at night, so daytimes were still the status quo.

 

My long-winded point actually is that having to pay *cash* for weed is a real pain! I've never been to a dispensary myself--my live-in helper goes for me--but they're only allowed to take cash; even the cannabis delivery services have to be paid in cash. I haven't carried cash since the 1980s! Seriously, back then I figured if I can't pay for something with a debit card, credit card, or check, then I don't need it! The *only* time I ever have cash on me is when I'm going to a casino; then, I stop at BofA and go inside and get money from a teller. I don't use ATMs at all, ever, and that includes at casinos--or marijuana dispensaries. (The money I take with me to a casino is *IT*.  I won't allow myself to cash a check or use an ATM to get more money. Don't want to turn into a gambling addict!)

 

So I never have cash on me and it's a real pain to get some, so I'm happy to see this new cannabis-oriented CC, even though I'm very unlikely to apply for it. Several months ago, I stopped using marijuana. It wasn't helping much any more and even though I was using it strictly for medical purposes, I still felt like I'd gone back on my pact. Despite not getting high or anything.

 

I think this new type of card will make life a lot simpler for customers and dispensaries alike. It strikes me as really ironic that in a day and age where I've lived to see weed become legal, it can't be bought with anything but cash! This will be much safer, too. I've heard story after story of dispensary employees being held up at gunpoint....scary!

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Message 4 of 5
FinStar
Moderator

Re: New CC network SuperNet to be Cannabis friendly


@ChargedUp wrote:

SuperNet looking to become the credit card network for cannabis, and other things. 

 

 

https://techcrunch.com/2021/12/01/supernet-credit-card-cannabis-weed-dispensaries/

 

 


Thanks for sharing!

 

I'm wondering what kind of "charge fees" or APR will come with this card, though 🤔  Will it have any interest free promotions? What about the CLs and what kind of criteria will be used to approve folks? Will there be some 'tiers' based on their loyalty program...such as WeedElite? 😜 

 

Lots of known unknowns for sure, but definitely very innovative by creating their own processing service/network which will definitely have some good competition with the major players if some other partnerships develop and decide to align with SN's pricing and market strategy.

Message 5 of 5
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