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Why Cash Is Not King

Cannabis related businesses (CRB’s), experience many challenges unique to their industry.  Top among them is the lack of access to traditional financial services that most retailers take for granted; services such as debit and credit card processing, ecommerce and even access to business bank accounts, forcing them to rely on cash as the sole means of transacting with consumers.

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Cash is Expensive

The costs of this reliance on cash are considerable. When you can’t accept and settle orders online, you reduce the efficiency of your storefronts, unnecessarily occupying a bud tender and a POS to settle a transaction in the store that should be a simple handoff.

Unfortunately, the cost of cash transactions is only a fraction of the total costs associated with operating in cash. The costs of counting, securing, and transporting cash are also significant and further reduce profits for CRBs.  

Additionally, the reliance on cash imposes an artificially burdensome obstacle on customers; requiring them to choose between making a detour to their bank or incurring an ATM fee to make a purchase in your store.

 

Missing Revenue

The combination of ATM withdrawal limits and a reliance on cash puts a modest cap on the amount of money that your customers can access, and ultimately spend, at your dispensary. All told, conducting business solely in cash results in significant reductions to the revenues your business collects.

Customer withdrawals at in-store ATM’s also increases the average time per customer visit by approximately 3 minutes, decreasing overall customer throughput. Eliminating in-store ATM visits can significantly increase customer throughput by approximately 30%, leading to increased revenues.

 

Accept Digital Payments

Alt Thirty Six’s digital payments platform leverages blockchain technology to provide simple and trustworthy digital payments for CRB’s that have been shut out of the traditional banking system due to existing federal laws.

Utilizing the Dash blockchain, a decentralized and transparent payment and settlement mechanism, Alt Thirty Six provides instantaneous and irreversible digital transactions for cannabis purchases. With little inconvenience to customers, cannabis retailers can now conduct sales in a way that greatly reduces the burden of cash-only operations.

Beyond representing an increase to a retailer’s bottom line by eliminating cash, the transparent and immutable transactions conducted through the Alt Thirty Six digital platform are recorded and tracked meticulously with reporting mechanisms for full compliance with regulators and tax authorities.

Finally, both customers and employees can go about their business in a much safer environment, adding up to a more efficient, compliant and secure transaction, all while putting more money in your pocket.

 

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