The cannabis industry is undergoing a transformation, and payment solutions are at the heart of its evolution. In the latest episode of Branding Like a Boss, host Angela Pih welcomed Aubrey Amatelli, CEO and founder of PayRio, to discuss how innovative payment systems are reshaping the industry.
With over a decade of experience at JP Morgan, Amatelli launched PayRio to provide secure, compliant, and reliable payment solutions tailored to cannabis, alternative medicines, and psychedelics. Her journey from traditional banking to the highly regulated cannabis market highlights her mission to bridge gaps in payment processing for businesses navigating complex financial landscapes.
A Background in Cannabis and Banking
Amatelli’s connection to the cannabis industry dates back to the early 2010s in California, where she witnessed firsthand the challenges faced by growers and businesses as the market evolved. This unique perspective, coupled with her expertise in commercial banking, inspired her to create a company that offers dispensaries and e-commerce businesses access to dependable payment systems.
“Payments and cannabis are in their infancy stages,” Amatelli said. “Taking the learnings from a large payment processor like JP Morgan and applying them to this space has been invaluable.”
PayRio’s Impact on the Cannabis Industry
PayRio’s solutions, ranging from debit and credit card processing to e-debit options for B2B transactions, have garnered clients such as MetaThrive and Cookies. These offerings enable cannabis businesses to move beyond cash-only models, increasing efficiency and consumer satisfaction.
Amatelli highlighted a key finding: dispensaries adopting debit solutions see a 20% lift in average order value, while credit card acceptance boosts it by 34%. Massachusetts retailers, in particular, experienced remarkable growth, with some reporting a 70% increase in basket size.
“Taxes in cannabis are through the roof,” Amatelli explained. “When consumers can use cards, they’re not limited by the cash in their wallets, leading to higher spending and fewer abandoned purchases at checkout.”
The Future of E-Commerce in Cannabis
While in-store payment solutions have driven growth, the e-commerce side of cannabis is poised for a breakthrough. PayRio’s semi-e-commerce tools, which allow consumers to pay through text links, are already enabling smoother transactions.
“The day we can fully integrate payments into online shopping carts for products over 0.3% THC will be a game-changer,” said Amatelli. She predicts e-commerce revenue in cannabis could eventually grow from 20% to 80% of total sales.
Challenges and Opportunities
Operating in a highly regulated industry, PayRio must navigate compliance and reliability issues to ensure its solutions protect businesses from potential risks, such as frozen funds or shutdowns. Amatelli emphasized the importance of leveraging her traditional banking expertise to curate compliant payment products tailored to cannabis retailers’ needs.
A Vision for Industry Growth
Amatelli’s dual role as a business leader and single mother of three motivates her daily. Her passion for fostering innovation and supporting cannabis entrepreneurs has made PayRio a trusted partner in an industry ripe for growth.
“Adding new payment methods not only increases basket size but also attracts new customers,” she noted. “This is about creating a seamless experience for both consumers and retailers.”
With forward-thinking solutions and a commitment to empowering businesses, PayRio is positioned to lead the way in modernizing cannabis payments.
For more insights from Aubrey Amatelli, listen to the full episode of Branding Like a Boss.
*The above article pertains to one discussion point from Branding Like A Boss, a multi-faceted episode. Subscribe to our Beard Bros Network Media Live Series YouTube Channel. New to this B2B live series? Read more here.
