NEW YORK, NY--(Marketwired - Apr 1, 2014) - Excel Corporation (OTCBB: EXCC), a leading innovator and provider of merchant payment processing and merchant cash advance services that delivers credit/debit/prepaid card processing, mobile commerce, and related business solutions, today announced that its wholly-owned subsidiary, 420 Solutions Corp., has signed an exclusive reseller deal to provide medical marijuana dispensaries with a secure, integrated hardware and software system that will enable medical marijuana customers to use their debit cards at the dispensaries as an alternative payment method instead of cash.
This "Point of Banking Payment Processing," or POB Payment Processing, will specifically enable customers of medical marijuana dispensaries to use their debit cards like at any other retailer for the first time in the cannabis and medical marijuana industry. This is a huge leap forward in facilitating merchant transaction within the industry which has been to this point 100% cash based.
Excel's acting CEO and Chairman, Ruby Azrak, points out that POB Payment Processing is a solution for now, unlike traditional POS terminal and merchant payment processing programs that are virtually non-existent. For the consumer, the transaction will look and feel exactly the same as a point of sale debit card transaction. The only difference is how the transaction is processed. Reducing the number of cash transactions will save the medical marijuana dispensaries a significant amount of labor costs, reduce the risk of theft and automate and expedite the check-out process.
Azrak continued, "Last year the Medical Marijuana dispensary industry did more than $2 billion in cash transactions at more than 2,100 Marijuana dispensaries, making medical cannabis and Marijuana dispensaries one of the most lucrative un-tapped merchant segment for credit and debit card companies in the United States. With the industry projected to top $50 billion in the next 6 years, Excel believes that 420 Solutions' upcoming roll out of its POB solution will give it a distinct advantage in the highly coveted marijuana dispensary marketplace."
TransBlue, LLC, a company whose principals have been leading advancements in the retail and cash transaction device hardware and software for more than a decade, will install, support and service all 420 Solution's retail locations as part of 420 Solutions' exclusive agreement.
About Excel Payment Systems
Excel Corporation (OTCBB: EXCC) is a leading New York City-based innovator and provider of electronic payment processing for merchants, including merchant cash advance products and services, credit/debit/prepaid card processing, mobile commerce, and related business solutions for small to medium size businesses. Excel is focused on developing innovative ways to service market segments that do not currently utilize, or which underutilize, merchant processing services.
In accordance with the Private Securities Litigation Reform Act of 1995, we caution you that, whether or not expressly stated, certain statements made in this news release that reflect management's expectations regarding future events and economic performance are forward-looking in nature and, accordingly, are subject to risks and uncertainties. This information is qualified in its entirety by cautionary statements and risk factor disclosures contained in the Company's Securities and Exchange Commission filings, which are available at www.sec.gov. We caution readers that certain important factors may have affected and could in the future affect the Company's actual results and could cause the Company's actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company.