If you’re lucky enough to live in a state where marijuana is legal, walking into a well-lit, clean retail store and buying a few grams of cannabis and maybe an edible is so, well, civilized and convenient. But the cash-only model is an outdated drawback.
On the heels of eight states legalizing recreational or medicinal cannabis last week, Colorado-based CanPay is the only legitimate and stable debit payment solution for merchants legalized marijuana markets. CanPay is currently available in 15 retail locations across Washington and Colorado. Oregon is next on the company’s list of states.
Easier Than Ever To Purchase Marijuana
Even as more and more states legalize marijuana use, the banking system has been reluctant to participate in the industry. Since the federal government still considers cannabis an illegal Schedule I drug, financial institutions refrain from servicing the industry for fear of hefty fines. So cash is king at marijuana stores.
“CanPay is the future of payments for emerging industries, and is quickly becoming the preferred method of payment for cannabis businesses and banking institutions alike,” said Dustin Eide, CEO of CanPay. “As more and more states move to legalize medical and recreational cannabis within their borders, the time has come for a legitimate payment solution. With regulations being determined across the newly approved states, we will be expanding CanPay into each market in partnership with those institutions offering compliant banking to cannabis retailers.”
Consumers using CanPay will no longer need to carry large sums of cash into a store or use an ATM where the average fee is nearly $5 per cash withdrawal. Both merchants and consumers benefit from the ability of the consumer to decide what they are going to buy at checkout rather than predetermining their spending limit based on the cash in their wallet.
“CanPay offers us a quicker, more secure way of doing business while reducing the costs and hassles of cash.,” said Tim Cullen, Owner of Colorado Harvest Company in Denver, who has deployed CanPay in three retail locations throughout the state. “It’s not an exaggeration to say that cannabis businesses face a huge array of challenges that other industries don’t even need to consider. CanPay solves one of these pain points for us as a business, further enabling us deliver on our commitment to a great in-store customer experience by offering a highly-sought after alternative to cash that is free for our customers to use.”
Some of CanPay’s features:
- It’s Fee Free: No “convenience” or other fees when you make a purchase.
- It’s Convenient: No pre-planning to get cash or waiting in ATM lines.
- It’s Safer: No cash to lose.
- It’s Secure: Cutting-edge security means only you can make purchases with your account.
- It’s Simple: Just generate a unique payment PIN in your CanPay app and you’re ready to make a purchase.
- It’s Debit: A debit is made to your checking account in the exact amount of your purchase.
The CanPay App is available for both Apple and Android users by visiting here while on a mobile device.