Swipe It 420 is a BlockChain based solution for the Medical and recreational Cannabis industry

Swipe It 420 is BlockChain based solution for the Medical and recreational Cannabis industry. We offer despensories a solution to help with Seed to sale tracking, Cannabis POS Solution, as well as the ability to conduct transactions using all four major card brands. With the relationships set up with Green Box POS and Mtrac solutions conducted over their Pantented process within BlockChain.

U.S. cannabis companies are forecast to bring in as much as $10 billion in retail sales this year, according to the Marijuana Business Factbook 2018. But much of that money will go unbanked by financial institutions wary of possible sanctions for servicing businesses considered federally illegal.

 

However, as more states legalize cannabis, regulators and lawmakers are scrambling to address the banking issue. Proposals around the country include:

 

Privately funded banks just for the marijuana industry.

 “Closed-loop payment processing systems” that would function similarly to prepaid debit cards.

A state-owned bank.

 

A significant challenge is that banks that serve marijuana businesses – both recreational and medical – must follow a complicated patchwork of federal guidance, memos and costly compliance rules. Otherwise, they risk losing their charter.

That’s left many banks sitting on the sidelines, said James Thurston, a spokesman for the Ohio Bankers League.

 

“We do have many banks that have an interest in banking these businesses,” he said, “but as long as there remains this conflict with federal policy, they remain very reticent to go near marijuana businesses because there is just too much risk and work.”

 

Whether proposals being floated by lawmakers are the answer remains to be seen.

 

“The bottom line is that compliant cannabis banking requires full transparent supervision by a regulated financial institution,” said Nathaniel Gurien, founder and CEO of Fincann, a Manhattan-based payment solutions firm. “No solution is sustainable otherwise.”

 

Here’s a look at where some state banking proposals stand:

 

California wants banks just for the cannabis industry

 

Lawmakers in California will begin meeting this month to mull a proposal that would create privately funded banks just for the MJ industry.

 

In May, Senate lawmakers passed SB 930, a measure proposed by Democratic Sen. Robert Hertzberg that would create a state charter bank license for this purpose.

 

“The key goals of the bill are to start getting some of this cash off the street and to make it safer, easier and more efficient for government to collect it,” said Katie Hanzlik, press secretary for Hertzberg.

 

The state’s Department of Business Oversight would regulate the charter banks, and operations would be limited strictly to licensed cannabis firms and cannabis-related businesses.

 

The banks would be able to issue checks to account holders only to:

 

Pay state and local taxes and fees.

Pay vendors from California for goods and services provided to cannabis businesses.

Pay rent.

Purchase state, local bonds and debt instruments.

The measure is headed to the general assembly and will likely be referred to committees that meet throughout the month.

 

Ohio’s closed-loop payment plan stumbles

 

When Ohio’s first medical marijuana laws went on the books nearly two years ago, lawmakers touted plans to launch a “closed-loop payment processing system” that would function much like prepaid debit cards.

 

Under the legislation, medical marijuana patients and caregivers would have been able to deposit money to an account held by the state’s general revenue account.

 

Medical marijuana dispensaries, growers and testing facilities would also have accounts to pay bills, employees, buy products and pay taxes.

 

But that measure was voted down in committee in May, much to the appeasement of Ohio bankers.

 

“We were very skeptical from the beginning,” said Thurston of the Ohio Bankers League. “We knew Colorado had tried a similar approach, but it basically came down to the legal opinions that this system would put the state in direct conflict with a bunch of federal laws.”

 

The proposal’s failure in Ohio should be a signal to other states, Fincann’s Gurien observed.

 

“The challenge now is primarily just to get the word out so states stop wasting their time and resources on unfeasible public bank proposals and unsustainable short-term payment workarounds,” he said.

 

Banking woes in West Virginia could delay MMJ program

 

In West Virginia, the cannabis banking conundrum could force regulators to pump the brakes on the launch of the state’s newly adopted medical marijuana program, which is supposed to be underway by July 1.

 

Banks that work with the state “are unwilling to accept medical cannabis funds,” according to a May 10 letter from state Treasurer John Perdue to Gov. Jim Justice.

 

Perdue has proposed that legislators consider adopting either a closed-loop payment system or open a state-owned bank that would be operated by the state Treasurer’s office. Both options require legislative action.

 

Perdue noted in his letter that “each of the options are complex and have positive and negative attributes.”

 

Neither Perdue nor officials in Justice’s office could be reached for comment.

 

Michigan regulators hunt for help

 

Michigan’s newly regulated medical marijuana program has yet to fully launch, but regulators have said they want to keep the new businesses from operating on an all-cash basis.

 

In April, the chair of Michigan’s MMJ licensing board, Rich Johnson, said the state would begin meeting with vendors that offer payment solutions.

 

Among other groups, state regulators have said they plan to meet with the Michigan Bankers Association, Community Bankers of Michigan and Michigan Credit Union League to discuss “the needs of the banking industry in order to feel comfortable establishing business relationships” with cannabis firms, said David Harns, a spokesman for the state’s Department of Licensing and Regulatory Affairs.

 

Those meetings, however, have yet to be scheduled, Harns noted

Chris Corey

(800)469-6171

Swipe It 420

www.swipeit420.com

Chris Corey

Swipe IT 420 Offers POS And Merchant Solutions To Cannabis Industry

Swipe IT 420 Offers Immediate Funding For Cannabis Industry

Technologies that provides secure cashless solutions that not only make it easier for people to manage their business and purchases but reduce overhead costs for businesses. Each of the products is designed and built in-house, using patented blockchain technology. One of the many revolutionary features of our products is the power to complete transactions almost instantaneously. When cashless transactions take place on our network, the exchange is immediate. There is no third-party intermediary, no banks, or pending purchases. All funds move swiftly and securely throughout the GreenBox network via cash, credit, or ACH, with immediate settlement.

www.swipeit420.com

Chris Corey

Anthony Martin

 

Chris Corey

Swipe It Pro To Launch Blockchain- Based Banking Solution

MoneyTrac Technology, a subsidiary of Global Payouts Inc., today launched its blockchain-based banking solution,Swipe It Pro has become an ISO for MTRAC. MTRAC will provide a full-service banking solution powered by GreenBox blockchain technology, targetting the unbanked and, in particular, the legal cannabis industry in California and other states that have recently legalized recreational use of the substance.

MTRAC CEO Vanessa Luna said, in a statement, “The goal of MTRAC, from the beginning, has been to leverage the different technologies available to us to remove the use of cash as the primary form of payment throughout the cannabis industry. While other companies have struggled to find supportive financial solutions, MTRAC opted with Swipe It Pro to take a different approach and one that has relied heavily on the use of blockchain technology to address this problem for a massive and growing industry. I am extremely excited to see MTRAC, our payment solution, officially launch next week. Once this happens, I am confident that every dispensary desiring legitimacy and transparency will jump on board and provide us with a number of new clients to serve.”

Many dispensaries and other members of the emerging legal cannabis supply chain have been unable to receive traditional banking services due to the legal uncertainty created by differences in state and federal law. Where the former has legalized the sale and use of cannabis, the latter still treats the drug as dangerous and illegal to sell or transport across the United States, according to the company’s statement.  

Despite many potentially lucrative clients seeking banking and other financial services, fear of regulatory action for allegedly facilitating illegal activities has kept US banks on the sidelines in this rapidly growing industry, said the company. Greenbox blockchain technology offers to fill this void, in addition to creating an immutable ledger of sales and transactions and helping to reduce fraud and theft in an industry that would benefit from additional supply chain monitoring and a reliable cashless method of processing payments and remittances.

Chris Corey Anthony Martin

Swipe It Inc

www.swipeitpro.com

Thecashdiscount@gmail.com

(810)3080872

Chris Corey

Michigan Cannabis

 

 

Recreational marijuana will become legal on the books in Michigan starting Dec. 6, according to an official with the Secretary of State office.

Fred Woodhams with the Secretary of State office in Lansing tells 13 ON YOUR SIDE, the State Board of Canvassers will meet Monday, Nov. 26 and the new law will officially take effect Dec. 6.

The law takes ten days after the election results are certified. But marijuana won’t be commercially available for sale until probably early 2020.

The Detroit Free Press reports this in part because the state must still put regulations in place and issue licenses for recreational sales. “It’s not going to be an earth-shattering change,” said Jeffrey Hank, the East Lansing attorney who was one of the leaders of the effort to get the legalization question on the ballot. But after certification, “Adults will no longer be arrested for simple possession and use of marijuana.”

The recreational proposal once certified will:

  • Allow individuals age 21 and older to purchase, possess and use marijuana and marijuana-infused edibles and grow up to 12 marijuana plants for personal consumption.
  • Impose a 10-ounce limit for marijuana kept at residences and require that amounts over 2.5 ounces be secured in locked containers.
  • Create a state licensing system for marijuana businesses, including growers, processors, transporters and retailers.
  • Allow municipalities to ban or restrict marijuana businesses.
  • Permit commercial sales of marijuana and marijuana-infused edibles through state-licensed retailers, subject to a new 10-percent tax earmarked for schools, road and municipalities where marijuana businesses are located.

Read more:

Medical marijuana shops could run out of pot

Prosecutor dropping pot cases after Mich. vote

Growing marijuana at home in Mich. will be hard

Proposal 1 was approved by voters in Michigan on the Nov. 6 election.

Michigan will become the 10th state in the nation and the first in the Midwest to legalize marijuana for recreational use, joining California, Oregon, Washington, Alaska, Colorado, Nevada, Massachusetts, Vermont, Maine and Washington, D.C.

Some college campuses in Michigan have been reminding students that marijuana is still banned on their campuses.

Chris Corey

810-308-0872

Contributor: Mike Thompson

Chris Corey

Surcharge is NOT the same as Cash Discount

I’ve witnessed a recent spike in interest in cash discount programs. I’ve heard from our sales executives and partners that business owners increasingly are asking about cash discount programs. Google Trends data indicates that searches for “cash discount program” doubled in the second half of 2017.

This activity made me wonder, why the sudden interest in cash discounts? After all, cash discounts have been around for many years. It also made me curious about the interest in cash discount programs compared to convenience fees and surcharges, which have grown in recent years. Upon reflection, I came to realize that, when implemented properly, cash discount programs combine the most attractive elements of cash discounts and surcharges in a single program.

The topic of cash discounts and surcharges can make your head spin, as they are subject to many specific laws and rules. So, what is a cash discount and is it the same thing as a surcharge?

A cash discount is a reduced price paid by customers who use cash or check rather than a credit or debit card. A surcharge is an extra charge that applies to customers who pay with a credit card rather than other forms of payment, including debit cards, cash and check.

The payment networks such as Visa and MasterCard have specific rules for surcharges to comply with a settlement with the U.S. government in 2012. In addition, ten states prohibit surcharging.

Cash discounts are permitted according to U.S. law and Visa and MasterCard rules. One way of implementing a cash discount program is gaining popularity. Businesses post signs indicating that a service fee such as 3% will be added to all posted prices, but the fee will be waived for those who pay with cash or check. In other words, the fee will apply to purchases made via credit card, debit card and prepaid card – anything except cash or check.

The service fee can offset the costs of processing card payments, yielding significant cost savings for merchants. While surcharge programs are limited by rule to credit cards, cash discount programs have the advantage of offsetting the costs of debit card payments as well. Of course, they also motivate more customers to pay with cash and check. I believe this explains the recent interest in cash discount programs.

Is a cash discount program right for your business? That depends on many factors, as discussed in this blog post.

Chris Corey 

Swipe It Inc

(810)308-0872

Chris Corey

Understanding Cash Discount With Swipe It Pro

Cash discount processing with Swipe It Pro allows merchants to eliminate up to 100% of their processing fees by adding a small service charge to the credit card transaction at the point-of-sale, or fully discounting that service charge if a customer pays by cash. Cash discounting is legal in all 50 states and SIP uses patented cash discount technology to service its merchants. 
“Though cash discounting has been available for several years now, most merchants have not heard of it until recently. But once they understand the value, like saving hundreds of dollars per month in processing fees, or more, it’s really a no-brainer,” stated Anthony Martin, Swipe It Pro's Chief Financail Officer.

Said Chris Corey Nationa lSales Trainor, “For a sales person, the cash discount conversation breaks down the ‘rate’ barrier. So instead of talking about the few basis points they may be able to save a merchant, a sales rep can just talk about eliminating fees. And the attrition rate for merchants using cash discounting goes down significantly. Think about it: what merchant wants to go back to paying hundreds of dollars per month or more in fees after not paying anything? Not to mention the revenue opportunity for the sales person, typically three times that of a merchant not using the product.” 

Set-up for a merchant is easy Swipe It Pro provides all the needed signage for a merchant to be compliant and transparent, from point-of-entry to point-of-sale. Thousands of merchants around the country are offering a cash discount and reaping the financial benefits. But should a merchant decide the product isn’t for them,  Swipe It Pro will, without penalty, put them back on a traditional, fee based model. For more information, please call Chris Corey at 810-308-0872, thecashdiscount@gmail.com or visit Joinpaylo.com/swipeit

Chris Corey

Analysts Blame Gold’s Fall On Bitcoin’s Rise

Analysts Blame Gold’s Fall On Bitcoin’s Rise

Get Mining Bitcoin Learn How Here

As bitcoin’s price has surged, gold has suffered. Some market analysts see a correlation. Gold and bitcoin have both been viewed as safe havens for capital during periods of uncertainty for asset values. 

GDX price for the last three months. Source: Ycharts.com

As bitcoin’s price has soared, some analysts think investors are favoring bitcoin as an investment, causing gold to lose value.

Gold Hits Low Point

GDX, an exchange-traded fund for gold miners, has lost 15% of its value since September while gold prices have fallen to its July low point.

Larry McDonald, who oversees U.S. macro strategy at ACG Analytics, said gold’s declines have been accompanied by lower bond yields, a situation the strategist calls unusual.

McDonald told CNBC that every time rates have declined in the last two years, gold has increased. There has been an 82% correlation between bonds and gold prices, he said, but this past week, that correlation dissolved. He pointed to bitcoin as the cause for this.

The growth of bitcoin and cryptocurrencies could bring an even greater downside for gold, McDonald said.

Also read: 51% of respondents choose bitcoin over gold and fiat; Ron Paul survey

Bitcoin Eats Into Gold

Cryptocurrencies currently have a market capitalization equal to 23% of liquid tradeable gold, McDonald said. That figure has increased 2% or 3% over a year ago, so cryptocurrencies are definitely eating into the gold.

While gold has declined more than 2% in the last month, bitcoin has more than doubled its value.

Sunday’s launch of the CBOE bitcoin futures took bitcoin to close to $16,800 by Monday morning. Gold, meanwhile, has remained near its July lows.

Phillip Streible, a senior market strategist at RJO Futures, said bitcoin futures contracts will hold a key indicator for gold’s future. If bitcoin futures collapse, gold will gain, he said on CNBC’s “Power Lunch.” Gold will regain its attraction as a safe haven store of value.

CME, another exchange, will launch its bitcoin futures on Dec. 18.

Featured image from Shutterstock.

Chris Corey CMO Markethive.com

Start Mining Bitcoin

Contributor: Lester Coleman on 12/12/2017

 

 

 

Chris Corey

Traditional Money on the Decline Amid Rising Interest in Digital Currencies

Paying with traditional banknotes is on the decline as interest in contactless payments and digital currencies rises.

That’s according to the co-founder of the Sohn Conference Foundation. Speaking with CNBC on the sidelines of the Sohn Conference in London, Evan Sohn said that a world without fiat money is quickly approaching, adding:

How far are we from a restaurant that says we only take online payment? If you eat here, you have to download this application and we only take electronic payment, no cash here, no check.

Even though most payments are still conducted with cash, Sohn thinks that we’re not far away from facing a reality that doesn’t include traditional banknotes.

These feelings similarly mimic those of venture capital investor Tim Draper, who believes that digital currencies, such as bitcoin, will replace fiat currency in five years time. At a conference in Portugal, last month, Draper explained:

In five years, if you try to use fiat currency they will laugh at you. Bitcoin and other cryptocurriences will be so relevant … there will be no reason to have the fiat currencies.

According to Draper, the fiat system will eventually disappear as more people turn to bitcoin and ethereum. He also believes that at some point all the digital currencies – currently numbering 1,025 – will interrelate making it simple to use them across borders compared to traditional money.

With the digital currency market increasing in value more interest will naturally turn to investing in them. At present, bitcoin’s is trading around $10,700, recovering from an earlier dip in price that saw it drop to $9,200 earlier this week, amid volatile trading. Whereas, ethereum is hovering around $461, according to CoinMarketCap.

Yet, even though bitcoin is rising in value, its acceptance at retail stores or even restaurants remains limited. Not only that, but with bitcoin’s value continuing its upward trajectory people are more than likely going to hold on to their coins rather than spend them.

One country that has embraced bitcoin payments is Japan. In May, it was reported that around 300,000 retailers and companies in the country may accept the digital currency in 2017. Earlier in the year, Japan imposed legislative changes accepting bitcoin as a legal form of payment, further highlighting bitcoin’s growing popularity in the country.

Sohn adds, though, that while he believes fiat currency will be replaced, he’s not sure if that will be by bitcoin, ethereum, Mastercard or something else, adding:

Chris Corey CMO Markethive Inc

To learn more about cryptocurrency and blockchain come join Markethive for free

Contributor: Rebecca Campbell

Chris Corey

Bitcoin hits record high after developers call off plans to split digital currency

Bitcoin hits record high after developers call off plans to split digital currency

  • Bitcoin was scheduled to upgrade around Nov. 16 following a proposal called SegWit2x, which would have split the digital currency in two.
  • However, more and more major bitcoin developers dropped their support for the upgrade in the last few months.
  • Developers behind SegWit2x announced Wednesday they are calling off plans for the upgrade until there is more agreement in the bitcoin community.

 

Bitcoin developers call off SegWit2x upgrade, avoiding hard fork  2 Hours Ago | 00:49

Bitcoin jumped Wednesday after the developers behind an upcoming split in the digital currency through an upgrade called SegWit2x announced they were suspending plans for the upgrade.

The digital currency hit a record high of $7,879.06, according to CoinDesk. Bitcoin gave up much of those gains Wednesday afternoon to trade near $7,212 after hitting a session low of $7,078.96.

The SegWit2x upgrade was scheduled to take effect around November 16 in an effort to increase the speed and cost of bitcoin transactions. However, more and more major bitcoin developers dropped their support in the last few months.

Bitcoin in the last 24 hours

Source: CoinDesk

"Our goal has always been a smooth upgrade for Bitcoin," a group of leaders in bitcoin development told members of the SegWit2x mailing list Wednesday. "Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin's growth. This was never the goal of Segwit2x."

As fees rise for bitcoin transactions, the developers said they hoped the digital currency community could find agreement on how to solve the problem. "Until then, we are suspending our plans for the upcoming 2MB upgrade."

The statement ended with the names of six major figures in the bitcoin business community:

BitGo CEO Mike Belshe, Xapo CEO Wences Casares, Bitmain co-founder Jihan Wu, BloqInc co-founder Jeff Garzik, Blockchain CEO and co-founder Peter Smith and ShapeShift CEO Erik Voorhees.

For most of this year, investors have had a negative view on bitcoin splits out of uncertainty over the digital currency's future. However, since bitcoin rose to record highs after its August split into bitcoin and bitcoin cash, investors began betting that subsequent splits would send the price of the original bitcoin higher. Investors at the time of a split also technically receive an equivalent amount of the offshoot currency.

Bitcoin cash traded mildly higher near $619 Wednesday, according to CoinMarketCap. Another digital currency, ethereum, rose about 4.5 percent to $307.55, according to CoinDesk.

Chris Corey CMO MarketHive Inc

Author: @chengevelyn

 

Chris Corey