Katie Byrd: Hi Neil, thank you for taking the time to catch us up on what you’ve been up to lately, most notably, launching our new financial automation tool, Leaf Pay. Can you tell us a bit more about Leaf Pay?
Neil Block: Hi Katie! I’m excited to talk about Leaf Pay, because it’s the first ever direct payment solution for cannabis. It means buyers on the Leaf Trade platform can pay cannabis cultivators using ACH, just like any other bill. Our payments are automated, so sellers don’t have to spend time collecting money, and buyers don’t have to spend time paying bills. Truly set it and forget it.
KB: Very interesting. Tell us why Leaf Trade decided to create a financial automation tool for their customers.
NB: Traditionally, most of our industry has run on paper checks and even cash. It’s very expensive to run a business that way, and super inefficient. Our customers are already buying and selling on our platform, so it was a natural progression to add payments to our ordering platform.
KB: Smart! Sounds like it will make life easier for everyone involved with the buying and selling process. Can you explain a bit about how Leaf Pay works?
NB: First, buyers and sellers establish payment terms. That could be due on delivery, net 15 — whatever your normal payment terms are. Once the buyer places the order and the seller accepts it, the payment term period begins ticking. When the term period expires, we automatically transfer payment from the buyer to the seller. And that’s it! Any order in the future automatically reflects the same payment terms, so it’s truly set and forget.
KB: And it’s fully compliant and all information is 100% secure?
NB: Fully compliant and secure. We never share banking information with any party, and we clear all the transactions using a secure banking system that is FDIC insured.
KB: Why should anyone involved in cannabis operations move toward Leaf Pay from Leaf Trade vs. any other financial system out there?
NB: If you’re moving from paper checks or cash, using Leaf Pay is a complete paradigm shift. It’s 2021 and your financial systems should reflect that! Plus, it’s seamlessly integrated into the Leaf Trade platform, allowing you to manage all ordering, fulfillment and payment in one place. Additionally, if you have a pre-existing accounting system, like Sage or Quickbooks, Leaf Pay easily integrates with those systems.
KB: And we have a few early adopters such as LuvBuds and Verano using Leaf Pay. What has the response been thus far?
NB: Our early customers love how easy it was to set up. There’s no bank account to open and payments started flowing the day they activated Leaf Pay.
KB: That’s great to hear! For anyone not on Leaf Trade yet, how do they sign up?
NB Response: Leaf Pay is available starting today for all our existing customers and new customers. For any existing Leaf Trade customers, feel free to reach out to your Customer Success representative or email email@example.com. If you’re a cultivator or dispensary looking to join Leaf Pay, request a free demo from the icon on our website and a member of our sales team will reach out to schedule time with you.