SinglePoint Signs Reseller Agreement for High Risk Merchant Processing
SEATTLE, WA -- (Marketwired) -- 05/09/17 -- SinglePoint, Inc. (OTC: SING) has signed a new agreement enabling the company to start onboarding 'high risk' merchant accounts. SinglePoint has committed much time and resources to finding solutions for businesses that are considered 'high risk'. Under this new agreement the company can now start onboarding these businesses. Once a business is approved they will be able to sell their products and services just as any other business does. This is another big step in solidifying SinglePoint's position in the payments space. The next milestone will be working to integrate this solution into the company's Pay by Text solution.
Being able to process high risk accounts is a lucrative industry and company executives believe this is not only a viable solution but a profitable one as well. There are over 100 business types that are considered high risk including, auctions, vape pen sales, gambling, online gaming and more. The cannabis industry is projected to reach $24.5 billion by 2025. The company believes when the banks do open and start accepting cannabis businesses they will start out as a high-risk merchant.
Margins on the high-risk accounts are much larger than traditional accounts and SinglePoint team believes it can utilize its existing relationships to quickly onboard clients. The move helps position SinglePoint as a legitimate contender in the industry.
The company is working on other payment solutions that will be available for all businesses and is hopeful that development of the technology should be done in the coming months. SinglePoint CEO, Greg Lambrecht, states, "We are providing multiple solutions to the cannabis space and we are trying to do the same in the payments space as well. Being able to offer a payment solution to multiple different verticals gives the company a larger target market to tap into. We believe high risk is a huge opportunity and an underserved market at this point."
The solution offers approved merchants the ability to process payments instore, online, through Point of Sale systems and soon through text message by way of SinglePoint's Pay by Text technology.
About SinglePoint, Inc.
SinglePoint, Inc. (SING) has grown from a full-service mobile technology provider to a publicly traded holding company. Through diversification into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued subsidiaries, thereby providing a rich, diversified holding base. Through its subsidiary company SingleSeed the company is providing products and services to the cannabis industry.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
Source: SinglePoint, Inc.
Released May 9, 2017