Banking and making payments have been a severe problem in the cannabis industry for many years. So when David Dinenberg saw this financial gap, he resorted to solving it as quickly as possible.
His journey began in the fall of 2012 when he had just left the real estate business and tried to figure out what he would do next. Luckily, David and his wife found a 60-minute episode that talked about the emergence of medical cannabis. For a split second, if you coughed, you would have missed it- they talked about the lack of banking… how it was all cash, and how there was no financial backbone or structure. That’s when it clicked for David; you couldn’t use a bank or credit card either to purchase cannabis.
David couldn’t understand how states, at least sixteen by then (predominantly Colorado and Washington), could legalize something illegal at the federal level and not have a complete thought on providing a business backbone for the industry. Going into this industry was natural for David because his character gravitates towards choosing the most challenging problems and solving them.
Developing The Route Path To Financial Solution
Dinenberg then began to understand that everything was about data. He knew that if they could package enough data through technology, they could offset some of the bank’s risks. They started going down that path., which was called seed to sale. They had software that serviced cannabis business inventory controls, making sure nothing left the premises.
David continued thinking about how he would pull off KindPay, which now is a groundbreaking development. Moving from Philadelphia to Los Angeles, David still believed that the cannabis industry should conduct business like any other industry with proper banking solutions.
In a groundbreaking announcement, Kind Financial announced a new mobile app dubbed “KindPay.” It is powered by Herring Bank and is a closed-loop payment system for cash-free mobile payments to approved merchants.
KindPay makes it easy for consumers to fund their KindPay account with credit or debit cards. Participating retailers across the nation accepted this payment method. KindPay has provided a platform for the cannabis industry to adopt a historic level of transparency and safety. This plan will help many who have had difficulty with banking in the past. This revolutionary app is also allowing dispensaries, growers, and consumers alike to transact transparently and safely. Due to the outbreak of the novel coronavirus that has devastated many industries and lives, KindPay makes contactless and cashless transactions safer to pay.
The KindPay app is different and unique from other apps. Why? It’s different because it is used for deposits in the marketplace. This app is not like those that are fundamentally ACH. with ACH debit; you can only spend what you can spend. However, with KindPay, you can use credit. It increases the shopping cart to between 45 to 65%. KindPay also pulls funds straight from credit and through the closed-loop system. You can also get a fully functioning transparent bank account.
If you are looking for safer and more convenient banking and a way of making payments, try KindPay. KindPay will solve all your financial problems with ease. For more information, you can visit the Kind Financial website or connect to David Dinenberg here.