ATLANTA — Xplor Technologies—a global platform integrating software, payments and commerce-accelerating technologies for businesses—has launched a new solution to help businesses selling cannabidiol (CBD) products.
CBD retailers have been left behind by leading payment providers, Xplor said, which sometimes shy away from CBD and the risks and regulations that come with it. The market for CBD is growing though, with the segment predicted to surpass $20 billion in sales by 2024, Xplor said.
Xplor created a seamless way for small and medium-sized businesses to take payments, retain customers and succeed in this growing marketplace, the company said. Xplor, also known as Clearent, is now one of the few providers offering reliant payment processing specifically designed for the CBD industry.
“We look forward to supporting CBD businesses with our tailored Xplor Pay point-of-sale solution, which will help them reduce operating costs, improve profitability, and build lasting relationships with recurring customers,” said Matt Morrow, chief revenue officer for Xplor Pay at Xplor Technologies. “We understand the pain points CBD retailers face, and we’re uniquely positioned to help them not only overcome these, but also drive more value in this exciting, fast-growing industry.”
With the launch, the company offers a secure and reliable payments platform; profit-enabling programs such as cash discounts and surcharging; and built-in inventory management, marketing and loyalty tools, Xplor said.
“This unique combination will help CBD retailers build lasting communities of buyers as they seamlessly accept payments across multiple sales channels and more easily promote their products to consumers. The solution also provides the ability to reduce operating costs by making back-office tasks more efficient,” the company said.
Xplor also has a team focused on staying up to date on federal, state and local CBD regulations.
Xplor Technologies, Atlanta, served 800 partners in 2021 and helped more than 78,000 businesses process $31 billion in payments. Xplor Pay (Clearent) allows merchants and partners to accept payments anywhere, anytime with its complete range of payment solutions including point-of-sale, e-commerce, mobile, in-app, recurring billing and more.
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