BankLine and B4U Financial have teamed up to integrate B4U's payment solution for cannabis businesses. The proprietary global digital currency payment solution will integrate into the existing Point of Sale (POS) systems of licensed cannabis-related businesses' across the U.S.
The B4U payment network easily integrates with an existing POS via API or may operate as an independent solution. It works on any internet-connected device, computer, tablet, or mobile phone, allowing consumers to use Bitcoin for in-store, online, curbside, and home delivery payments.
Advantages To Retailers For retailers, the service offers the following advantages, according to the companies:
- It attracts a key demographic wishing to conduct transactions with digital currency
- Fees are charged to the customer
- No interchange charges to the retailer
- No chargebacks
- It eliminates cash transactions
- Bitcoin can be used as payment when Visa (NYSE:V) and MasterCard can not
- Settlements are guaranteed
- Settlements can be made in fiat or digital currency
- Comprehensive reporting through the B4U portal
- Complete tracking by POS operator, store, division, state, country, etc.
Advantages To Consumers For consumers, these are the advantages presented by BankLine and B4U:
- It eliminates the need to liquidate Bitcoin via an exchange
- Reduces conversion fees to the customer
- It provides a "peer-to-peer" transaction and it removes the customer's tax implication if they were to convert their Bitcoin via an exchange and then use U.S. dollars for payment
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