As cannabis has achieved legal status in the country, retailers want to go the extra mile to deliver the best dispensary experiences to customers. Payments are one factor that requires attention because buyers look for a mix of speed, security, and convenience in transactions. Stores need to look beyond cash and credit cards and embrace innovative methods like cryptocurrency to facilitate payments. If you plan to go high-tech with cannabis sales at your dispensary, here are some reasons why crypto makes a great idea.
Ensure secure and seamless transactions
Blockchain tech is practically impossible to hack because the hacker will need to change all the blocks through it to change or remove a single block. Since the data records cannot be touched, there is hardly a chance of payment fraud. Moreover, it is easy to identify theft and chargeback frauds when you use this technology for your retail receipts. Overall, you can assure the buyers about secure and seamless transactions and foster trust in your business.
Widen your customer base
Banks have always taken an apprehensive stand on cannabis–related transactions. Before legalization, merchants had to rely on cash-only transactions, and it is still the most widely used model today. Cash-only or credit card payments may limit your reach at some point because some buyers are not willing to get into bank-related issues. Crypto payments cut down the risk and apprehension, bringing more customers to your retail and e-commerce outlets.
Eliminate banking hassles
The cannabis industry is ridden with numerous legal issues. Sellers also have to bear restrictions by the banking institutions on card processing and banking. There is always a risk of the bank freezing retailer accounts, which can translate into substantial financial losses. But the POSaBIT Payment Process eliminates the entire banking hassle by letting customers purchase Litecoin from your store and use it for shopping. Since the bank is eliminated from the transaction, it means zero hassle for both buyer and seller.
Cut down friction to location-based payments
Cryptocurrencies enable you to facilitate transactions anytime from anywhere. Location-based restrictions are no longer a reason to worry if you sell online to buyers across different cities or even countries. If you want to acquire international clients, switching to crypto is the best way to go. You can even bypass some taxes that are a part of the location-based traditional transaction methods. It also lets you save up on the high processing fees linked with credit card transactions.
Reduces privacy concerns of customers
Customers often fear the tracking of their transactions by insurance companies. Getting into legal trouble for breaking cannabis laws also has them worried. By letting them pay with cryptocurrencies, you can address these legal and privacy concerns of your customers. Crypto transactions give them the option to keep their accounts anonymous while making a purchase, so privacy is no longer a reason to worry.
If you are serious about the growth of your dispensary, embracing crypto tech is not a choice. The technology lets you serve your buyers better with fast and secure experiences that will have them coming back for more.