Strainly and BTCPay: Revolutionizing Payment Processing for the Cannabis Industry

BTCPay and Strainly have released a case study on the hemp industry.

🌿 The cannabis industry has long been plagued by financial exclusion, with major banks and payment processors refusing to provide their services to businesses within this burgeoning sector. However, Strainly, a cannabis seed and services company, has partnered with BTCPay to facilitate payment processing for underserved and blacklisted industries. In their recently published case study, Strainly highlights the benefits and success of using BTCPay as a payment solution. Let’s delve into the details and explore how this partnership is revolutionizing the cannabis industry.

The Struggles of Financial Exclusion

🏦 Financial institutions hold immense power, effectively controlling who can access financial services and participate in certain markets. Through their influence, governments indirectly dictate societal and economic boundaries, often denying individuals and businesses the ability to transact in markets deemed unacceptable. The cannabis industry has been subject to these restrictions, facing significant hurdles when it comes to financial services and payment processing. Banks refuse to offer accounts, payment processors shy away, and businesses are left dealing with cash-only transactions or expensive, unreliable alternatives.

💔 Strainly has been at the forefront of serving the cannabis industry since 2016, providing cannabis strains, growing equipment, plant clones, and other legal products. Yet, despite the legality of their offerings, they have faced the same financial exclusion as their industry peers. Determined to find a solution, Strainly turned to BTCPay, a renowned payment processing platform that champions censorship resistance.

Introducing BTCPay as a Game-Changer

🚀 BTCPay Server emerged as the ideal payment processing solution for Strainly and the cannabis industry at large. Initially utilized internally by Strainly to process their services, they expanded its integration to foster a peer-to-peer marketplace for their users. With BTCPay Server as the backend infrastructure, vendors can register their own non-custodial wallets for payment processing, allowing the usage of Bitcoin as a viable payment option within the legal cannabis industry.

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🔄 Leveraging BTCPay’s pull payment system, Strainly ensures seamless refunds for vendors and customers while protecting vendors from the chargebacks inherent in the legacy financial system. It also ensures payments between customers and vendors occur without exposing any private financial information. The integration of BTCPay has empowered Strainly to reshape the payment landscape for the cannabis industry.

Simplifying User Experience

💡 Strainly’s commitment to constant improvement became evident when they observed a significant source of friction for buyers on their marketplace. Initially, the service fee, in addition to the vendor invoice, was paid by purchasers, creating confusion and difficulties—especially for newcomers to Bitcoin. To alleviate this friction, Strainly restructured the user flow, with the vendors themselves bearing the marketplace service fee. This change drastically reduced friction for end-users, particularly those who had no prior experience with Bitcoin.

📈 The impact of this change has been remarkable. Strainly now processes 600-800 invoices per month, with an impressive 80% settlement rate for created invoices. These statistics underline Strainly’s success in making Bitcoin use simple and intuitive for regular people, regardless of their familiarity with cryptocurrency. The case study showcasing Strainly’s collaboration with BTCPay demonstrates the true potential of Bitcoin as a censorship-resistant payment infrastructure. For more details on this transformative partnership, you can download the full case study here.

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🔍 Q&A: Addressing Additional Topics That Readers May Find Interesting

Q: Is Bitcoin the only cryptocurrency that can be used with BTCPay? A: While BTCPay is primarily associated with Bitcoin, it actually supports several cryptocurrencies, including Bitcoin Cash, Litecoin, and Ethereum. This flexibility allows businesses and individuals to choose the cryptocurrency that best suits their needs and preferences.

Q: How does BTCPay protect vendors from chargebacks? A: BTCPay’s system leverages the nature of cryptocurrencies to eliminate the risk of chargebacks. Once a transaction is confirmed, it becomes irreversible. This inherent feature ensures that vendors receive their payments securely without any fear of chargebacks, setting them free from the vulnerabilities of traditional payment methods.

Q: What advantages does a non-custodial wallet offer? A: Non-custodial wallets provide users with complete control over their funds and private keys. Unlike custodial wallets, which store users’ private keys on third-party servers, non-custodial wallets ensure that users maintain ownership and sovereignty over their cryptocurrency. This added security and autonomy are particularly important when dealing with industries facing financial exclusion.

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⚡ Looking Ahead: Trends, Analysis, and Recommendations

The successful partnership between Strainly and BTCPay serves as a compelling example of how Bitcoin can revolutionize payment processing for underserved industries. As we move forward, we can expect to see further adoption of cryptocurrencies in sectors facing financial exclusion, such as the cannabis industry. The censorship-resistant properties of Bitcoin make it an ideal solution in these cases, empowering businesses to transact freely and securely.

💼 From an investment standpoint, the growing acceptance of cryptocurrencies within previously untapped markets presents exciting opportunities. Investors can consider diversifying their portfolios by exploring blockchain-based solutions that cater to industries marginalized by traditional financial institutions. However, it’s important to conduct thorough research and exercise due diligence before making any investment decisions.

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📚 References: – BTCPay Server Case Studies – Strainly Case Study

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