New Member Spotlight: Monarch Technologies

Please provide a description of your company in 50 words or less.
A leading integrated Cannabis fintech platform for developers & Cannabis license holders in North America. If you’re looking to create your own fintech offering in the Cannabis space, the Monarch platform will allow you to quickly create your own compliance, banking, payments, mobile app and taxation products and services through one, centralized platform.

Why did you join RSPA?
We understand the value of establishing a successful reseller channel and know from personal experience RSPA is second to none for this. I have been a member off and on for the past 3 decades and look forward to continuing the relationships. Monarch has spent 4 years developing and deploying the platform and it is an ideal time to introduce it in mass to the industry. Monarch brings more than just an electronic transaction to the industry and we want to educate the VARs/Resellers about the pillars we have established and the value we deliver. We are certain they will see the solution as invaluable to add to their product offering and really key to enabling bundles for cannabis and Hemp market. Our solution is built for compliance and offers tax authority services, Cash Vault and Pickup Service, Mobile App and e-commerce plug-ins for enabling compliant cashless, secure transactions for B2B and B2C applications. Since we are a technology company, we have flexibility to address most opportunities with our API driven software platform. One solution we want to highlight is our POS Subscribe feature, that will enable other solution providers an ideal method to collect their subscription fees from cannabis and hemp businesses. So, there are many reasons to learn about Monarch.

What are the core values of your company?
Our core values center around financial responsibility and related risks. We handle and track our clients money, whether it be for a tax authority, dispensary or grower. Our SaaS platform was built with these values in mind, using state of the art security and user authentication. The intention being to reduce the risks involved for Cannabis license holders as well as for financial institutions to successfully underwrite, on-board and provide continued compliance, payments and taxation services to cultivators, growers, supply chain, distribution, wholesale, manufacturing and dispensary owners. Our solution includes 24/7 support so that any client can resolve challenges at any time.

What verticals do you serve?
We primarily service the legal cannabis and hemp industries, but our solutions work for any industry interested in our platform for electronic transaction processing using mobile app, e-commerce and retail modules. Works with dispensaries, delivery companies, growers, farmers, nurseries, labs, etc. We also enable SaaS or other subscription models for collection. Anytime a business needs to process a transaction, rather it be B2B or B2C, we can handle it. Our service is also available to tax authorities for compliance and taxation collections.

What products/services do you provide?
Monarch Technologies, Inc. is a fully licensed Money Transmittal Service Provider and Third Party Payment Processor. Currently, we are operating as a Fintech services provider for the legitimate Cannabis/HEMP/CBD industry. Monarch services financial institutions, all Cannabis license holders, governmental compliance entities and consumers. Our products include our centralized console providing access to all transaction types, functions and audit trails for the business operator, including functionality for ISO’s, agents and subagents. A sales organization can then sign up Merchants, Growers, Processors and e-commerce platforms that the industry needs and uses daily to conduct business. Merchants can then signup their consumers so they can pay for their products in a secure, digital format via mobile app. We Incentivize our clients to accept more digital payments which will increase their revenues and reduce cash handling expenses, security and AML violations. The solution can be used with or without an android payment terminal at the POS. The payment terminal future proofs the solution for the client, by being ready to process card payments once it is allowed.

Name one fun fact that makes your company different from others.
One of our products is like “venmo for cannabis”. Our mobile app is just as easy and fast to use as any mass adopted mobile payment apps, but is fully compliant for cannabis businesses to not only pay invoices between each other but also enable consumers to pay for their cannabis or hemp products at the POS. Our onboarding process verifies the entity is legal and licensed, so only legal, compliant transactions are conducted. Our mobile app even runs on an android payment terminal in either a stand alone mode or fully integrated with the POS, e-commerce and delivery systems. The payment terminal also future proofs the installation, being fully compatible with traditional card processing, once legal for the industry. This is important for the reseller partners and end user businesses alike.

What is the most encouraging thing you see for the future of the retail IT industry?
The most encouraging thing is the enablement of integrated solutions for cannabis and hemp business operators. No more pieces and parts to balance, track and maintain manual audit trails for. Well done integrations leave no opportunities for mistakes or fraud in the industry, so that business owners can rest at night, knowing their revenues are secured and controlled when they are not there. This can even include their taxes being paid on time, automatically. Heavy cash industries struggle with the overhead of handling the cash but also the security issues related to storing cash onsite in a business.