๐In this episode of Under the Microscope with Jenny, host Jenny Germano sits down with Michael Andrud, CEO and Founder of Lรผt., to break down operational best practices for cannabis retail payments. Michael shares his background in financial services and how that experience informs his approach to navigating payments in highly regulated cannabis environments. The conversation explores the real risks of cash-heavy operations, common misconceptions around payment processing, and the compliance and regulatory concerns tied to payment options like cashless ATMs. Jenny and Michael also discuss the importance of creating consistent customer payment experiences, aligning payment solutions with business models, and effectively implementing loyalty programs. They dive deeper into staff training, documentation, fraud prevention, transparency, and optimizing payment workflows to reduce risk and improve operational efficiency. This episode offers practical guidance and actionable insights for dispensary operators looking to strengthen their payment processes while navigating an increasingly complex regulatory landscape.
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๐ฟ๐ข๐๐ฟ ๐๐ผ๐๐: Jenny Germano, Founder of ICS Consulting
๐ ๐๐๐ฆ ๐๐ผ๐ป๐๐๐น๐๐ถ๐ป๐ด: https://www.icsconsultingservice.com
๐ฟ๐ข๐๐ฟ ๐๐๐ฒ๐๐: Michael Andrud, CEO and Founder of Lรผt
๐ ๐ช๐ฒ๐ฏ๐๐ถ๐๐ฒ: https://www.mylut.com
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00:57 Guest Introduction: Michael Andrud
03:15 Challenges in Cannabis Payment Processing
05:33 Operational Risks of Cash Reliance
08:01 Common Payment Pitfalls for Dispensaries
10:00 Visa and MasterCard's Stance on Cannabis Payments
23:36 Customer Trust and Payment Consistency
27:47 Leveraging Loyalty Programs for Growth
35:09 Bank-to-Bank Transfer Programs
36:50 Risks of ACH Transactions
41:30 Staff Training and Payment Systems
48:35 AI and Fraud Prevention
54:54 Compliance Banking and Risk Mitigation
57:39 Best Practices & Wrap Up
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๐๐ฒ๐ด๐ฎ๐น ๐๐ถ๐๐ฐ๐น๐ฎ๐ถ๐บ๐ฒ๐ฟ: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcastโs guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
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