San Jose – We hear confusing messages relating to cannabis frequently. Attorney General Jeff Sessions wants to recriminalize cannabis and Canada is legalizing cannabis There is an answer, and it is Bitcoin payments with Wampei Register©.
It is not just the cannabis companies that are confused, so are the banks and financial institutions that the US federal government regulates. One thing is clear, we cannot count on innovative credit unions (and there are a few) to get the industry out of this dearth of financial services.
This week representatives from the cannabis industry will meet at the NCIA Cannabis Business Summit 2018 One of the new options available to the industry is Bitcoin payments.
Some of the advantages of Bitcoin payments over other alternative payments are: More than 8% of the adult population already owns Bitcoin; Bitcoin is readily available from over 3,400 Bitcoin ATMs or 30 Internet-based exchanges; Payments are far less expensive than credit card transactions; There are no charge-backs or returned payments; No payment information is shared, so fraud risks are vastly reduced.
Even when a cannabis business gets banking from a forward-looking state credit union like Partner, Numerica Credit Union or MAPS, they still cannot accept credit card or electronic checks. Instead, the vast majority hire armed guards to move money from the store to the Credit Union in armored vans if they are lucky enough to pay 10 times the national average in banking fees for the right to store cash and write checks.
Now, these un- and under-banked businesses have an electronic payment option which can decrease the amount of cash they have to handle. Enter Wampei Register© – electronic payments handled just like cash.
At Wampei, we believe that electronic payments should be available to anyone doing business. We help our customers accept electronic with or without the use of a local bank.
The cannabis industry in the US and Canada are unfairly subjugated to, at best, nearly usurious fees for electronic payment capabilities and at worst a complete reliance on cash. Wampei’s software Wampei Register© allows them to accept payments directly. They can do it without a bank or other third party. Wampei Register© is like a cash register for Bitcoin. Merchants money is always under their control. Funds are available the same day and are not subject to any third party’s policies.
A demonstraion of Wampei Register© is available online.
Wampei helps drive the newer, safer, fraudless eCommerce of the future.