across the globe are still reluctant to cooperate with industries whose
products are federally illegal, even if it has been legalized in a few states
or some countries. As a result, opening a bank account or doing certain
transactions is difficult, which means that vendors are left without valid bank accounts or the ability to accept card transactions.
run without any hitch? Well, most of them are currently turning to
cryptocurrencies such as Bitcoin and Ethereum as alternative payment options.
therefore, forced to resort to cash-only transactions, which are expensive,
dangerous, and complex. Even worse, a bigger percentage of
customers are willing to pay cash. In a nutshell, not only are cash-only
transactions expensive, but they are also unprofitable.
blockchain, which is a decentralized and unalterable ledger. Since a blockchain is not owned any bank that could be accused of money laundering, it can process Kratom and CBD transactions in cryptocurrency.
the most common way to handle transactions is via mobile payment. Because digital sales are predicted to reach $1.9-4 trillion by 2020,
vendors who adopt cryptocurrency as a payment option will be in business.
business processes easier and faster. Kratom and CBD vendors also don’t
need to think about taxes when making payment for products from certain
regions. Put simply, crypto gives vendors an opportunity to bypass some taxes that are impossible to bypass when dealing with conventional money systems.
minutes. With a Smartphone and an active internet connection, a vendor can receive and make payments—anytime and anywhere. So, for any vendor who is looking to acquire international clients, crypto is the best bet.
impossible for a business to fight unnecessary chargebacks, it takes a lot of
time and effort. Cryptocurrency enables vendors to confidently say goodbye to chargeback frauds and identity theft.
distributed, digital ledger. Put simply, every transaction made is
permanent—can not be modified or deleted.
Vendors never face counterfeit attempts or identity theft issues. Moreover,
blockchain has never been hacked because changing one block requires changing all other blocks that it is connected to in the blockchain. This is enough proof that crypto payments are secure. Most importantly, vendors have complete control of their funds.
Privacy concerns
for bringing the Kratom, CBD, and crypto industries together. Many
Kratom and CBD consumers have expressed a lot of concerns over their credit card transactions being tracked—whether they used them to order Kratom and CBD products from physical dispensaries or online seed shops.
sometimes extend to the entire supply chain. There are several transactions that vendors dealing directly with the green plants—growers, transporters, and retailers—have to do in cash.
goods. This requires strict adherence to a wide range of complex state
regulations. In other words, the supply chain is more complex and expensive than it seems.
securely and ensure regulatory compliance and strain quality, all while facilitating B2B payments. So, for Kratom and CBD vendors and other industry stakeholders, crypto is the way of the future.
crypto, wait to be allowed to transact freely via the traditional banking
systems, or opt for both crypto and conventional payment methods to offer more flexibility to their customers.
