VANCOUVER, BC / ACCESSWIRE / January 12, 2017 /FIRST BITCOIN CAPITAL CORP. (OTC-PINK:BITCF), a leading bitcoin and cryptocurrency developer, specializing in both blockchain and online merchant payment solutions for medical marijuana dispensaries and other high-risk merchant accounts and services, today announced the signing of an Exclusive Master Distributor Agreement to distribute a new type of fully automated check cashing ATM designed for use in medical cannabis dispensaries for the State of California. BITCF will add this check cashing ATM service to complete a full suite of financial services for the medical marijuana industry: merchant processing and POS solutions through its alliance network, a fully compliant, user friendly solution to accept Credit and Debit Cards through traditional Merchant Card Processing networks. The check cashing ATMs marketing efforts will be focused toward larger established medical marijuana dispensaries.
Fees for the check cashing services will be competitive. Dispensary customers using the service will be able to cash all types of checks: government issued checks, payroll checks and other types. Cannabis dispensaries service all kinds of customers. Many of those are unbanked and may need to cash checks before purchasing. Offering check cashing services on premises to this group of customers will be a very attractive way to increase revenues, as dispensary owners are looking for new ways to draw more customers because of check cashing convenience.
According to FDIC (Federal Deposit Insurance Corporation) recent 2015 National Survey of Unbanked and Underbanked Households, indicates that more than 7 percent of households in the United States were unbanked in 2015. This proportion represents approximately 9.0 million households. An additional 19.9 percent of U.S. households (24.5 million) were underbanked, meaning that the household had a checking or savings account but also obtained financial products and services outside of the banking system. By offering check cashing, our ATM Division expects that dispensaries will increase their customer base by 18%.
BITCF uses sophisticated fully automated risk analysis algorithms and underwriting procedures, resulting in 100% guarantee to the dispensary owners.
Summary of benefits of our services for the cannabis dispensaries and their customers:
Any types of checks can be cashed, including Payroll checks, Insurance checks, Personal checks, business checks, money orders, government issued checks and the funds can be credited to the Dispensaries bank account instead of their client pulling out and paying in cash.
Regulatory Compliance: The check cashing ATM will be installed pre-programmed to comply with all state, local federal regulations in California.
First Bitcoin is also developing a system that will enable dispensaries to accept Bitcoin and other cryptocurrencies as a form of legal payment. Stater of California has already enacted legislation that makes Bitcoin and similar digital currencies legal tender.
BITCF has developed specific programs to meet the unique needs of the medical cannabis industry. Offering merchant services at competitive rates for businesses operating legally under state law of California and Oregon, the company can now provide financial services not typically available from conventional banks.
While legalization of marijuana in many forms – and in many states – garnered over $5 billion dollars in 2016, the sums are expected to grow for 2017. More innovative and unique products are being created, and the stigma that once surrounded cannabis is slowly fading. These changes are helping the medical cannabis industry to prosper now that federal policies allow dispensaries to sell, grow, or possess cannabis while compliant with state laws. BITCF will only provide these services where federal policies allow our business model to proceed for dispensaries that are fully compliant with state and country laws, rules and regulations.
Should your dispensary be interested in these services please contact us by email: email@example.com
About the company:
First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, financial processing services and the digital currency exchange- www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management’s experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital and blockchain technologies. At this time the Company owns and operates the following digital assets.
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