OLB Offers
Payment
Processing
Options for
Cannabis and CDB Merchants
Citing new
regulatory environment for banks, OLB will
provide a safe
alternative to cash-only for
CBD
merchants
New York,
NY, Nov.
11, 2020 --
InvestorsHub NewsWire –
The OLB Group, Inc. (NASDAQ: OLB), a provider of cloud-based
omnicommerce and
payment acceptance solutions for small- and
mid-sized merchants, announced
its
SecurePay payment gateway and OmniSoft cloud-based business
management platform are ready to support merchants selling
cannabis- and hemp-derived products, including CBD. The services
will be available to merchants as soon as US regulators
allow.
A patchwork of
legalization across the U.S., combined with federal banking
restrictions, have limited bank involvement with CBD and cannabis
sellers. But the relaxation of federal administrative rules in
2020, along with the recent approval by voters for legalizing CBD
products in multiple states, have encouraged banks to pursue
business in this sector.
"Both
the
legislative and
administrative hurdles to offering banking solutions to CBD and
cannabis distributors
have been
removed in 2020, and banks are
now
stepping up
efforts to attract these merchants
into
their programs," said Ronny
Yakov, chief
executive officer of OLB. "As soon as banks are ready to approve
these merchants, OLB is prepared to onboard and support
their transition from a
cash-based payment acceptance
process to an
omnicommerce business model that includes multiple
payment
modalities, as
well as full-featured business automation
and management capabilities."
OLB's SecurePay
payment gateway platform offers support for traditional card-based
payment processing as well as new models, including QR-code, mobile
app solutions such as Apple Pay and Google Pay, and automated
clearing house (ACH) account-to-account transfers.
In addition,
OLB's OmniSoft business management platform offers merchants a
broad range of tools to market, operate, and manage their business.
Available features include web-builder tools, e-commerce, in-store,
and mobile sales tools, marketing templates and campaigns, and a
variety of back-office features for order management and
fulfillment, warehouse and inventory operations, and integrated
bookkeeping support.
Merchants,
including those in the cannabis and CBD sector, interested in
implementing omnicommerce services can set up an account at
https://cardaccept.com/#contact.
For more
information about The OLB Group, please visit
www.olb.com and
www.olb.com/investors-data.
Investor
Database for Future Press Releases and Industry
Updates
Interested
investors and shareholders are invited to be added to the
corporate email database for corporate press
releases and industry updates by sending an email to
investorrelations@OLB.com.
Safe Harbor
Statement
All statements
from The OLB Group, Inc. in this news release that are not based on
historical fact are "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995 and the
provisions of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements include, but are not
limited to, statements concerning the impact of COVID-19 on our
operations and financial condition our ability to implement our
proprietary merchant boarding and CRM system and to roll out our
Omni Commerce applications to our current merchants and the
integration of our secure payment gateway with our crowdfunding
platform. While the Company's management has based any
forward-looking statements contained herein on its current
expectations, the information on which such expectations were based
may change. These forward-looking statements rely on a number of
assumptions concerning future events and are subject to a number of
risks, uncertainties, and other factors, many of which are outside
of our control, that could cause actual results to materially
differ from such statements. Such risks, uncertainties, and other
factors include statements regarding the expected revenue and
income for operations to be generated by The OLB Group, Inc. For
other factors that may cause our actual results to differ from
those that are expected, see the information under the caption
"Risk Factors" in the Company's most recent Form 10-K and 10-Q
filings, and amendments thereto, as well as other public filings
with the SEC since such date. The Company operates in a rapidly
changing and competitive environment, and new risks may arise.
Accordingly, investors should not place any reliance on
forward-looking statements as a prediction of actual results. The
Company disclaims any intention to, and undertakes no obligation
to, update or revise any forward-looking statement.
About
The
OLB Group,
Inc.
The OLB Group,
Inc. is a payment facilitator and commerce service provider that
delivers cloud-based merchant services for web-based and
brick-and-mortar organizations. OLB provides a seamless, end-to-end
digital commerce solution that includes site creation, hosting,
transaction processing and payment gateway, order fulfillment,
customer service, outbound marketing, sales reporting, and
fundraising. With services from private label shopping sites
designed to maintain the unique look or feel of the merchant
website, to order fulfillment and customer service, OLB remains
invisible to the user and promotes the merchant's brand with
market-leading technology and solutions. For more information about
solutions, services, or to find a reseller, please visit
www.olb.com. Investor information is
available at
www.olb.com/investors-data.
Contact:
Glenn
Goldberg
Parallel
Communications, Inc.
ggoldberg@parallelpr.com
+1
516-705-6116
The OLB Group -
Investor Relations
Rick
Lutz
InvestorRelations@olb.com
(212) 278-0900
EXT: 333