Commerce Online launches pre-paid debit, ID card for medical marijuana
Palm Beach, Fla., Oct. 21, 2009 -- Commerce Online Inc. (Pinksheets: CMIB - News) (www.commerceonlineinc.com ), a leading company specializing in both bricks and mortar and online merchant payment solutions, today announced the initial launch of a branded, pre-paid debit and ID card for licensed medical marijuana dispensaries and collectives operating within the states of California and Colorado.
In an effort to keep these collectives within the guidelines of CA Proposition 215 and SB 420, the Commerce pre-paid debit/stored value ID card will offer a unique cash alternative to these regulated dispensaries for both suppliers and members of collectives. Under new legal guidelines to be issued by the Obama administration no longer seeking prosecution of medical marijuana users or suppliers as long as they conform to state laws, Commerce Online will seek to capitalize on this presently untapped and much needed solution.
"Fourteen states presently allow some use of marijuana for medical purposes: Alaska, California, Colorado, Hawaii, Maine, Maryland, Michigan, Montana, Nevada, New Mexico, Oregon, Rhode Island, Vermont and Washington. California is unique among those for the widespread presence of dispensaries - businesses that sell marijuana and even advertise their services. Colorado also has several dispensaries, and Rhode Island and New Mexico are in the process of licensing providers", according to the Marijuana Policy Project, a group that promotes the decriminalization of marijuana use.
"Being an established player within the merchant services sector and aligning ourselves with the strongest banking and technology partners within the space, we believe Commerce Online is uniquely positioned to offer the most reliable pre-paid debit and identification card to the medical marijuana industry, and roll out our pilot program immediately. Presently, most of these operations only accept cash, as well as pay cash to suppliers to the collectives, subjecting operators and collective members to theft, unregulated and potential criminal activity. There is no doubt that with new legislation for the operation of these facilities and potential legalization in select states, there will be tighter safeguards put into place by federal, state and local governments." Stated Kyle Gotshalk CEO of Commerce Online.
"The Commerce branded, pre-paid debit and ID card will be marketed through our new Collective Card Services division, and may be loaded to any denomination of funds through a PCI compliant gateway, via the Internet, POS system or PayPal Account by the member of the collective or medical dispensary . Members of each collective will be provided a card as a registered member. The card will have a photo id, and act as a pre-paid debit card branded and recognized by the collective. Funds may be transferred by the registered user via internet, POS, or mobile phone. In case of theft or loss, the card may be cancelled immediately through an 800 number provided or online. The card will also act as the Collective member's identification having Picture ID, medical id number identifying him/her as a collective member, the collective name, and expiration date of membership. With recent economic issues and more stringent requirements within the banking industry, many Americans may no longer have or qualify for a credit card or checking account to pay for essential needs or medical services and do not want to exchange or carry large amounts of cash to these locations. The Commerce Online "GreenCard" will essentially be the logical choice as a low cost, effective cash alternative to regulated medical marijuana industry", further stated Mr. Gotshalk.
About Commerce Online Inc.
Commerce Online Inc. (www.commerceonlineinc.com ) is positioned to become a market leader in both online and wireless merchant payment solutions. The Company offers a full spectrum of secure and reliable transaction processing solutions using traditional, Internet Point-of-Sale (POS), e-commerce and mobile (wireless) terminals in conjunction with Industry Alliance Partners. The Company's Alliances provide electronic payment processing suite of services enabling merchants to accept all major credit and debit cards, as well as ATM cards and ACH check drafts for payment whether a retail, service, mail-order or Internet merchant. As an industry leader, Commerce Online is dedicated to delivering comprehensive services, such as merchant account activation, gateway connections, Web development and social network engines to a worldwide client base.
Source: Company press release.
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