LeafLink Expands Direct Payment Solutions to Six States
Direct Payments and New Digital Onboarding Join Flexible Payments as Part of LeafLink’s Holistic Suite of Payment Solutions
LeafLink’s Technology-Driven Offerings Address Key Pain Points to Help Cannabis Companies Quickly and Seamlessly Process Orders, Saving Time & Money
LeafLink, the world’s largest online wholesale cannabis platform, today announced the expansion of its payments suite to include Direct Payments for customers in six states. LeafLink’s Direct Payments solution enables buyers and sellers to increase the speed and security of wholesale transactions and has officially launched in Colorado, California, Arizona, Massachusetts, Ohio and Nevada this month.
In addition to the Direct Payments solution, this month LeafLink is also launching a new digital onboarding journey for all users, which verifies and approves the company for LeafLink Payments in real-time. Direct Payments and digital onboarding are the latest additions to the LeafLink Payments suite, joining Flexible Payments, a solution that allows sellers to offer buyers risk-free terms while still receiving their payment at the time of delivery.
LeafLink’s Direct Payments solution addresses operational pain points experienced by buyers and sellers who rely on cash transactions, allowing them to seamlessly send and receive compliant ACH payments. For buyers, Direct Payments enables businesses to effectively manage cash flow by eliminating the uncertainty of mailing and clearing checks. Sellers, on the other hand, can leverage Direct Payments to digitize manual cash collections, lower transaction costs and expedite time-to-cash timelines. Complimentary for all LeafLink customers until next year, the service allows brands and retailers to save time, secure their payments and centralize their transaction process within the LeafLink platform.
“Between Direct and Flexible Payments solutions, LeafLink offers a range of holistic digital payments and purchase financing services that simplifies cannabis business operations,” said Ryan G. Smith, CEO and Co-Founder of LeafLink. “Our Direct Payments service gives cannabis operators a seamless, simple and intuitive way to manage digital transactions. The LeafLink team is excited to offer such a necessary solution to our customers across six states and hopes to help more cannabis businesses realize their growth goals in the future.”
“LeafLink’s Direct Payments solution has helped us to streamline both invoicing and payments across the state of Ohio. Payments are received quickly and are invoice-specific, tied to the individual customer. This new solution has optimized our operations by simplifying our accounting records and receivables,” said Richard Comstock, Lab Director at Purpose Leaf.
LeafLink’s new digital onboarding journey, which also launches for all users this month, now offers a fast, simple, and secure way for cannabis operators to start leveraging LeafLink Payments solutions with an intuitive self-serve onboarding experience. By replacing the previous process of manual account setup, this technology will reduce the time and clicks necessary to access the platform and increase the speed to cost savings.
“LeafLink is in a unique position because we are solving for an industry that is very under-served. Whatever side of the equation you’re on in the B2B cannabis space, our goal is to fast-track your growth and efficiently give you the funds that you need. Part of being able to do that is offering a seamless onboarding experience for our customers,” said Harish Mukhami, Senior Vice President of Product for LeafLink. “I expect this will drastically shift the way cannabis operators view digital payments, which haven’t been widely adopted by the industry due to the cumbersome and manual nature of getting started. We’ve addressed that gap and are reducing that friction entirely so that customers can start transacting almost immediately.”
About LeafLink
LeafLink is the cannabis industry’s B2B platform and has revolutionized the way thousands of brands, distributors, and retailers manage their operations. The company’s industry-defining tools make it easier for cannabis businesses to create, manage, pay for, and ship their orders, so they can focus on growing their businesses. LeafLink’s marketplace processed approximately $5 billion in annual orders in 2021, making up an estimated 40% of U.S. wholesale cannabis commerce. Backed by leading venture capital firms and strategic investors including Founders Fund, Thrive Capital, Nosara Capital and Lerer Hippeau, LeafLink has raised more than $131 million of equity to date as well as a $250 million credit facility to provide liquidity to the cannabis supply chain. Learn more at https://LeafLink.com/.