Paybotic

Paybotic is a cannabis merchant-services and payments company based in West Palm Beach, Florida. Its homepage says it has powered cannabis payments for more than 10 years but gives no founding year. Founder and CEO Max Miller leads the company, and COO Jacob Miller is also managing partner of Millers Insurance Group, a cannabis and hemp insurance agency. Paybotic lists 26 states where it transacts, from Alaska to West Virginia, and serves dispensaries, delivery and curbside operators, CBD and hemp sellers, and cannabis e-commerce.

Its card product for dispensaries accepts debit cards and PIN-enabled credit cards. The shopper enters a PIN and pays a small convenience fee, which Paybotic compares to an out-of-network ATM charge, and the dispensary pays no processing fee. Paybotic says no POS integration is needed, settlement comes as early as the next business day, and approval can be same-day. Other services include eCheck and ACH, gift card programs, merchant cash advances, cannabis banking, cannabis and hemp insurance, and a Smart Safe program that counts cash at the point of sale, with weekly pickups and deposits credited the next business day.

Paybotic does not publish rates. Its site cites low upfront costs, waived monthly maintenance fees and a promotion of up to five free terminals per location, and it runs ISO partner and referral programs. Buyers comparing it with pay-by-bank apps should ask how its transactions are routed and which bank partner settles them, since the model depends on the card being used as debit with a PIN. Its site also carries a page for each of its 26 state markets and a merchant FAQ.