Kind: A mobile payment app designed for big cannabis
Cannabis consumers love mobile payment methods, but dispensary owners are often challenged by the task of finding different ways to pay for purchases. Banks and credit cards have refused to work with marijuana companies. This has resulted in a patchwork of creative ways for consumers to receive the debit and credit card experience while making purchases at legal dispensaries.
KIND founder David Dinenburg believes that his new app will allow growers, dispensaries, and consumers to safely and transparently conduct transactions.
KIND is a seed to sale tracking software that allows regulators to know in real-time how much hemp and cannabis is being sold, grown, and processed. KIND is now expanding even further by getting involved with other cannabis business payment options. KindPay’s launching will see marijuana business people who have been declined in the past have a safe and secure payment method.
Many financial institutions deny cannabis business applications due to the Schedule I classification of the plant. Cannabis is federally illegal, and as such, banks do not want to work with these types of companies even though, by individual state law, they are operating entirely legally.
KIND will provide and support merchants with devices that will enable them to process transactions in a smooth and consistent way that feels just like any other debit or credit transaction. Participating merchants will also be provided with an Application Programming Interface (API), which will allow the vitality of any point of sale system to integrate with KindPay.
Closed-loop payment system
KindPay has created a payment that can be used with specific merchants. The closed-loop payment system will enable users to credit their KindPay account from their debit or credit cards. Specific people in the cannabis industry will be able to use the app, including growers, dispensaries, and consumers.
Herring Bank is powering KindPay, which is the marijuana industry's first accurate closed-loop payment system. The system is FDIC- insured, and various debit and credit cards can use the system, including Discovery, Mastercard, and Visa.
2020 and the COVID19 pandemic has perhaps unfortunately exposed a need for change in business practices. KIND has developed a method that legal operating cannabis businesses will endorse. The cashless system will be an added additional comfort of consumers who are concerned about the coronavirus. The app will be provided at no cost for consumers and available on Google Play Store and the Apple App Store.
In the meantime, dispensaries are attempting to find increasingly creative ways to conduct business sales. Some of the dispensaries install ATMs in their dispensaries for their consumers to use to complete their purchase. Although this method works and has been a preferred payment option for many dispensaries to conduct business, the fact remains that the consumer is forced to pay an additional cost for their cannabis transaction.
The KIND app looks like it might be a promising way for the cannabis industry to conduct business. As we approach 2020 and the U.S. is poised with a new government to lead them for the next four years, cannabis may eventually be removed from the Schedule I classification that it is currently categorized within. Until that time, we will have to look towards other means like Kind to provide the marijuana business with the proper financial assistance that any legal industry is due.