The banking and payment problems in the Cannabis industry are slowly coming to an end. This development came in the wake of launching KindPay, a closed-loop payment system that allows consumers to make cash-free mobile payments. This app enables dispensaries, growers, and consumers alike to transact transparently and safely.
This fantastic app was founded by David Dinenberg, a cannabis expert and Microsoft’s first partner in that space. David is a visionary entrepreneur who had just transitioned from the real estate business to cannabis.
The Origin Of KindPay
The start of KindPay can be traced back to 2012 when the idea was first conceived by watching a “60-minute” episode about the emergence of medical cannabis. Little did they know that this was a channel that would later transform the financial sector in the cannabis industry. In this episode, if you sneezed, you would have missed that there was a lack of banking and how the entire cannabis industry was based on cash.
David saw an opportunity of a lifetime to get into an emerging industry. Two years later, he founded Kind Financial, a leading regulatory technology company focused on improving business operations for the global cannabis and hemp industries. He aimed to make loans and provide other services to Cannabis growers and sellers- customers banks were afraid to work with. For a moment, David did not understand how a business backbone could be lacking in an industry whose federally illegal products have been legalized in some of the states. But, then, he thought of how he could fix the banking and payment issues in the business- and KindPay was the only way.
Why Choose KindPay Mobile Payment System?
Since cannabis is federally illegal, banking is difficult and expensive. For instance, your checking account might cost you 0 to 10 dollars. However, in the cannabis industry, the rate can range from $500 to $2,500 per month instead. Additionally, some banks charge up to 1 percent of your deposit, making it very cumbersome and expensive.
David partnered with an actual physical bank in the United States which has been banking the cannabis industry for a long time. Since they have their internal compliance, they are comfortable with the associated risk of banking cannabis. This app facilitates a deposit into your account via a credit card and then via a closed-loop QR code. You can download the app, fill in some information and add a credit card or a debit card.
Through KindPay, you can fund your KindPay wallets account with credit or debit cards. Participating retailers across the nation accept this payment method. In addition, Kind Financial provides devices for merchants to process transactions with an Application Programming Interface (API), allowing nearly any point of sale to integrate with KindPay.
If you are looking for a cash-free, touchless payment in the cannabis industry, KindPay is your antidote. For more information, you can connect to David here.