CannaTrac Technology

The cannabis industry has been slow to adopt new technology, but that's changing. As more states legalize or decriminalize marijuana, different solutions are being offered to help make cashless transactions for all kinds of businesses. Some are even specifically designed for the marijuana business. So, mobile payments solutions for the cannabis industry are the way to go forward. This article will tell you more.

The cannabis industry needs to embrace cashless payments

The cannabis industry is in the midst of a significant boom. It's estimated that by 2021, it will be worth $50 billion. And while much of this revenue will come from recreational sales, there's also a significant number of people who use cannabis for medicinal purposes, and they're likely to buy in cash. This poses a massive problem for the industry. The federal government still classifies cannabis as an illegal substance, and banks and financial institutions that work with dispensaries are breaking the law. 

Mobile payment solutions for the cannabis industry

With an audience hungry for information on how to start their own cannabis business, mobile payment solutions are the best way to get your company's name out there.

Mobile payment solutions are simple ways for you to accept payments through your phone or tablet. All it takes is a little bit of coding knowledge, and you can quickly set up a mobile payment website. Blockchain technology will be the next big thing by allowing to accept payments using digital currency. It's an exciting time for this industry, but it needs to get its name out there to succeed.

Cashless transactions are safe and convenient for customers!

There is a revolution coming. It is coming to the cannabis industry, and it is called cashless transactions. 

Cashless transactions help solve many problems for the cannabis industry and create new opportunities for businesses. They do this by allowing dispensaries to:

· Improve security: No cash handling means no risk of robbery.

·  Increase profits: Businesses save money by no longer paying employees to handle and transport cash. 

· Get paid faster: Businesses get paid within days rather than weeks and months.

Secure, efficient, and cost-effective mobile payment options for your business! 

Who isn't excited about the idea of mobile payments? Most of us are, but plenty of people are hesitant to adopt the technology. Whether it's because they don't trust it or don't see how it can benefit them, there are still many people who aren't convinced that mobile payments are the future. That may be because there are few options out there that offer both convenience and security.

Conclusion

Mobile payments are the future. We need to adopt mobile payment solutions for the cannabis industry as quickly as possible to take advantage of this massive opportunity. If you want to learn more about how your company can implement mobile payments for the cannabis industry, don't hesitate to contact us today!

Whenever you run a company that is subject to such stringent legal requirements as cannabis, there are far too many restrictions that prevent you from efficiently promoting it. To begin, despite the fact that medicinal marijuana has been legal in 33 states & recreational marijuana has become legal in 11 states, marijuana remains illegal on a federal level. Secondly, numerous marketing platforms have outright prohibited the sale of cannabis.

As a cannabis company owner, you could argue that it is unjust, but your arguments will be ignored.

Make a statement

It is critical to get the image of your business through to prospective consumers if you want to be successful in a market with significant competition. Because you are unable to make medical claims about just the items, you should begin by marking them as health enhancers. So think outside the box and market your items in a manner that makes you want to purchase them. However, keep in mind that making false statements about your company might land you serious legal problems.

Increase the impact of your message

Once you've established your foundation and created the appropriate information to assist your clients as they investigate your items, you'll want to get your word out to the general public. Always remember that your content and message must appear in locations where your prospects are likely to be interested. If they aren't on Twitter, there isn't any use in attempting to increase brand exposure on the social media platform. Similarly, if you aren't present in the places where your prospects spend their time, they aren't likely to notice your presence.

Marketing using influencers

To ensure the success of any business, it is necessary to be open to all possible channels for the promotion of the company and its goods. Social media marketing, as well as selling your items on a variety of digital channels, each has its own set of advantages and disadvantages. However, in the cannabis industry, marketing and promoting on social media is not permitted, which means that sponsored adverts cannot be placed there.

Testimonials from customers

Customer reviews are used as a ranking component in the local search results and to boost word-of-mouth marketing. If all else is equal, and your marijuana shop does not have any Google reviews, but your competition has, guess who will have the advantage in this situation.

When you engage with clients, you must keep this in mind on a frequent basis if you want to encourage them to submit an online review. It should become second nature to ask them to evaluate your dispensary.

If you are looking for mobile payments solutions in the cannabis industry that could help you in making your business more popular than, look for the best services online.

Banks and credit unions have been reluctant to work with marijuana businesses, leaving many to operate exclusively in cash. The Federal Reserve and the Treasury Department issued guidance in 2014 prohibiting banks from handling transactions generated by marijuana sales. But some members of Congress are trying to change that. The latest banking legislation for the cannabis industry is changing rapidly. 

The Cannabis Banking Legislation

The Cannabis Banking Legislation is one of the most important legislative issues for the cannabis industry. Several bills have been introduced over the past couple of years, but none have passed yet.

This legislation will change things for the better once again. The bill was reintroduced in 2017 after being rejected by a congressional committee last year. It was intended to amend section 5331 of title 31 of the U.S. Code to allow banks and credit unions to conduct transactions with legitimate marijuana businesses operating in states that have been registered. Banks and credit unions are not allowed to deal with cannabis companies or funds associated with them.

Cannabis banking at the federal level

The cannabis industry is the most exciting in the world right now. With legalization coming to more and more states, cannabis companies create jobs, pay taxes, and provide medicine for people who need it.

However, there exists a grey area between state and federal law that is causing problems for the cannabis industry. Because marijuana is still banned on a federal level, many banks refuse to take funds from these enterprises, despite being lawful at the state level. This means that every transaction must be done with cash which can be risky and expensive.

The cannabis industry is in a precarious position in the United States. Although many states have regulated medical and recreational marijuana, it's still illegal at the federal level. This creates significant challenges for legitimate cannabis businesses to operate in the U.S., including opening bank accounts or accessing credit cards.

The future of the cannabis industry

As the industry matures, it is becoming increasingly evident that financial institutions are now taking notice of cannabis-related businesses.

The potential medicinal benefits of marijuana have been recognized for some time now, which has led to more research and innovation in this area. The future is looking on the up for the industry as it will likely continue to grow slowly but surely; however, with the recent passing of legislation allowing banks to work with cannabis-related companies, there's no telling just how high this industry could soar.

Conclusion

As the cannabis industry grows, business owners need to stay up-to-date on all of the latest legislation affecting their businesses. Please contact us immediately to learn more about how we can assist your business in complying with banking rules so that you may focus on your core skills.

The cannabis industry is a booming market. It's expected to reach $75 billion by 2030 if cannabis were legalized on a national level. The profits will be because of the medical side of things as doctors and patients find new ways to use marijuana for pain management, anxiety relief and other ailments. This article will explain why electronic payments for cannabis are the future.

The standing of ordinary payments methods

Payment processing for cannabis-related businesses can be a complicated and confusing subject. Due to federal legal status, marijuana is still considered an illegal substance in the United States and financial institutions do not work with these types of businesses. The result: many cannabis companies don't have access to essential banking services such as bank accounts or credit cards.

Developments

The cannabis industry is increasing. In the United States, marijuana sales were $6.7 billion in 2015 and are expected to reach $20.2 billion by 2020 (according to Forbes). While there has been a lot of talk about Bitcoin and cryptocurrencies as payment options for weed online, another payment option has become increasingly popular. Electronic payments through services like BitPay and Blockchain Merchant allow users to pay with credit cards or bank transfers. 

Laws have begun to shift with the times, but there are still parts of the country where you can get arrested for possessing marijuana, even though it's legal in some form where you live. Getting caught carrying cash could also get you into trouble. However, if you pay with your bank card or phone app instead of money, then there are no traces left behind that connect.

What makes cannabis a particular case?

New technology is causing a stir in the cannabis industry. The payments industry is being driven by both social and legal forces, not just technological innovation or business competition. This situation will create some interesting challenges for businesses that want to accept electronic payments from these users. It's called cashless electronic payments for cannabis with an electronic wallet, commonly called an e-wallet or e-commerce solution.

Cashless payments are growing every year and are used in most countries throughout the world. The fact that they can be used to purchase cannabis is driving towards this technology being integrated into dispensaries in future years. This has to be a drastic significant change in the way people buy weed in America for some time.

Closing thoughts

While there are some limitations to electronic cannabis payments, it's clear that they are the future of payment processing. Companies that don't adopt these new technologies will quickly fall behind their competitors. As you can see from this article, there are many benefits to e-payments that make them especially useful for the cannabis industry if you have any questions about electronic payments or how we can help your business get compliant and start accepting these forms of payment.

Since the legalization of CBD products, the demand for hemp-based products has been rapidly increasing, with the government relaxing its regulations on production and distribution. Seeing the opportunity in this lucrative business, many CBD enthusiasts have stepped into the CBD industry. However, CBD merchants struggle to find a reliable payment method due to some discrepancies in the state laws and the lack of full FDA approval. There are still vague areas in the CBD business and healthcare retail until the federal government legalizes the trade, forcing merchants to rely on payment processors.

The real issue with CBD

Cannabis with more than 0.3% of THC and inferior quality could be illegal under health and wellness products regulations. That is why most payment processing companies refuse to provide services for CBD merchant accounts, considering the risk and assessment. So if you are initiating a venture in CBD products, you have to fully understand the risk and advantages of using a payment method. Here are things you need to look at when opening a CBD merchant account.

Supports CBD businesses

There was a time when people used to go to a dark alley to buy hemp products from totally creepy dealers. The scenario has changed after the passing of the 2018 Farm Bill, and the CBD industry is slowly developing into legal diligence. However, the industry is still vulnerable to risks, including fraud and charges related to illegal products. To avoid such consequences in your business, choose a payment processor that supports CBD business and handles high-risk transactions.

Accept all major credit cards

Suppose your payment processing company declines the use of some particular card companies. In that case, you might end up doing business with cash-on-delivery or shift to the brick and mortar sector. Some buyers might use quick credit cards, while others would prefer debit cards for safety reasons. Both transaction methods need an integrated website that accepts cards to pay from the holder’s account. Dedicated pay processing companies would provide services to CBD e-commerce businesses.

Customer support

Usually, most payment process companies take fraud attacks rather seriously to reduce the problem under regulations. They will evaluate the nature of your business using AI technology to get rid of fraudulent transactions so that their norms comply with federal laws. They implement policies and rules to minimize the financial impact. As long as your payment processor keeps a vigilant eye on your transactions the whole time, you can expect an immediate response for handling frauds and disputes. So it is necessary to get a service that provides real-time supports to make sure you can avoid chargebacks that are huge losses for the business.

When you finally decide to proceed with the plan to open a CBD e-commerce enterprise, opt for the most reliable credit card processing for CBD products. Whether you purchase raw materials from cultivators or sell them on your website, the transaction must have an end-to-end processor.

With time and awareness, more and more states are legalizing both medical and recreational marijuana. And as marijuana sales continue to increase, more and more people are beginning to support the legalization process.

However, one hurdle still comes in the way of efficient working of the marijuana business. That is the banking challenge. There are only a few banking options for the cannabis industry available right now.

It is true that only about 3.5% of banks in the US accept clients from the legal marijuana industry, which means that cannabis businesses find difficulty in opening a bank account and manage their finances effectively.

Banks Denying Business With Cannabis

Cannabis banking is among many hurdles cannabis employers have to overcome. The reason behind it is the majority of the national banks being FDIC insured. As a federal organization, FDIC tends to follow federal laws over state laws, which is why banks deny compatibility with marijuana businesses.

Since the national government classifies cannabis as a schedule one drug, many national banks do not prefer to do business out of fear of losing their FDIC insurance.

Finding Available Banking Options For Businesses Centered Around Cannabis

* Find A Reliable Banking Partner

Irrespective of the difficulties and complexities involved, many companies offer cannabis banking solutions across the US. These companies work in conjunction to meet the HR, payroll, and banking needs of cannabis-related businesses.

* Order Up Your Paperwork

Strict financial measures go a long way in helping you secure a bank account. The bank aims at having a look at your financial records, along with other tracking systems. Always make sure that all the relevant paperwork is maintained in advance to make the process seamless.

* Meeting The Bank

Once all the paperwork is done, you will be ready for your first meeting. In this meet, you will be discussing the specifics of your company, explaining what services you’ll be requiring. If everything goes well, they will set you up with a compliant payment process that will work in your business favor and make it thrive.

Using An Integrated Payment System

Cannabis business owners are well aware that manually tracking their finances is a complex and stressful task that is highly susceptible to human error. With these advanced banking solutions, customers are no longer limited by the physical money in their wallets. Overall, it is a better experience, and customers are more likely to return. From a retailer’s perspective, enabling these conveniences for the consumers ultimately means it’s now easier to run your business.

A Point To Note

More and more cannabis businesses are looking for ways to streamline their business and grow profits. Eventually, a cannabis payment solution is an answer that would help you achieve what you want.