With the massive growth and expansion in the CBD industry, it is becoming more and more impossible for cash transactions to serve the needs of the industry; the CBD industry is set to be worth tens of billions of dollars by the beginning of the next decade. It, therefore, needs a more sustainable and secure means of payments and transactions.
CBD industry and financial institutions
Financial institutions still consider CBD a ‘high risk’ product and usually stigmatize businesses and transactions that involve CBD. This has continued to hinder the growth of the CBD industry. Also, the debilitating effects of the global pandemic mean that contactless payment will phase out the old and risky use of cash or physical tenders in business.
During the pandemic; CBD users had to shift to the online market for getting their CBD supply. Alternately, most CBD companies that traded online recorded a very high percentage of turnovers in online transactions. All these, and coupled with the fact that the CBD industry and market need to strategize, and place itself in a good light publicly has led to the necessity of a contactless mode of payment.
The New way by Hypur
Hypur has collaborated with several CBD companies and stakeholders to launch its digital payment processor. Hypur is a leading fin-Tech company and has provided financial solutions and guidance to hundreds of other institutions, agencies, NGOs, SMBs, etc. especially high-risk markets. This mobile payment processor will remove the burdens of drivers (delivery) carrying cash around the state from one delivery point to another. It would also help manufacturers and market analyst to understand its customer wants and needs, and suppliers would be able to process others quickly.
Why you should partner with a CBD payment processor like Hypur’s
The Hypur payment processor is made more secure by the fact that; the number of clients at its disposal is roughly half of the clients of all financial institutions in the U.S. And its integration with other cannabis ‘players will improve the users’ experience with cannabis which has been plagued with a lot of uncertainties in recent years.
Ensures transparency and reduces discrepancies in your business
With a digital payment processor, you can track and record all transactions easily. When you consider the fact that you can also access all your transaction history and records from wherever you are, it makes all the more sense.
Away with the ATMs
Instead of going to the ATM to withdraw cash to pay drivers or make other transactions, you can settle other expenses using the processor. E.g paying for product deliveries, adverts, etc.
Proper integration into your existing system
The payment processor does not nullify all previous transactions you have made; instead, it adds them up as your transaction history. You can also authorize and sanction transactions using this digital payment processor. If your long-term plan involves scaling your CBD business higher, then you should look no further than registering g with a contactless payment method.
While using a CBD payment processor like Hypur’s doesn’t remove the fact that the CBD industry is still hunted by financial institutions due to some govt. policies, it opens a whole new path for the explosion that the industry will experience soon. A contactless mobile payment method will also ensure that CBD users are not left short in CBD during this pandemic.