For consumers and entrepreneurs alike in the marijuana industry, there has been an ongoing battle to find safe and secure ways to handle payments. Due to fuzzy regulations regarding the handling of money from marijuana transactions, nearly all banks have refused service to dispensaries. This has left them holding large amounts of cash that they were unable to transfer into digital transactions such as credit or debit cards. Now, CanPay is helping to solve this problem by creating a whole new payment system from the ground up.
CanPay is a payment system designed to help both dispensaries and consumers make more secure transactions. It is an app based payment system that allows consumers to make purchases directly from their checking accounts at any local dispensary in the CanPay system. Once you have your account set up, which only takes a few minutes when you have all the necessary information, all you have to do is open the app, request a pin, and begin the transaction. The dispensary will open the app on their end, accept the transaction and send it through. This whole process takes only moments and works similarly to other app-based payment systems, such as Venmo.
During the creation of CanPay, there were a number of challenges to overcome. First and foremost, the creators wanted something that would function similar to a debit payment in Denver dispensaries. This meant that it had to be cash-free and connected to consumer checking accounts for easy access. Another problem was ensuring that the dispensaries held active checking accounts with a local bank following all state regulations regarding marijuana, as well as the federal level Cole Memo guidelines. This ensures that all of the money moving through the system is safe and secure, and there is a high level of transparency. In doing so, you will see a line item on your bank account for each transaction, clearly telling you where the money went so it can be traced back. The system also had to have plenty of security features in place to ensure that the identity of the purchaser is known and no fraud is committed. This means protecting the consumer’s bank account information from the dispensaries as well. Part of their extensive security measures is the use of purchase pins. When you log in to your account to make a purchase, you are given a unique purchase pin that is only good for a one-time use and expires in 30 minutes. It is virtually impossible for someone to steal or hack your sensitive information to make fraudulent purchases!
After adding all of those features, CanPay has become the best way to pay for cannabis purchases all around. It keeps both parties safe, while still being fast and effective at transferring money. CanPay has done their homework to ensure that the money is being moved legally with the consent of both parties. More than anything, it offers a safer, more convenient way to make purchases without carrying a large amount of cash or spending extra money on ATM fees. Options Medical Center in Wheat Ridge is now part of the network accepting your CanPay Denver Dispensary Purchases!
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