NEW YORK, April 25, 2018 /PRNewswire/ --
CannabisNewsWire Editorial Coverage
As legalizationspreads, the cannabis industry is achieving a new level of maturity, with a wide range of products and support services. Global Payout, Inc. (OTC: GOHE) (GOHE Profile) is providing payment and consulting services for cannabis
As a result, cannabis companies have been left in need of alternative payment methods. Global Payout and its partner, MoneyTrac technology, are moving to provide that service. Global Payout is a provider of financial services solutions with experience in more mainstream industries. Its Global Reserve Platform (GRP) provides an all-in-one system for companies to make payments and money transfers in an international market. The system connects together all aspects of a business's financial operations, from FOREX to prepaid debit cards. Customizable to the needs of different businesses, it provides a complete and flexible end-to-end finance system. Given the unique circumstances of the cannabis industry, simply adopting this banking-in-a-box system wasn't going to provide the solution. Therefore, it's a new product, created by a Global Payout partner, that is allowing the company to apply its expertise to the sector. New Technology for a New Problem Global Payout's solution for the cannabis sector comes from its former subsidiary, MoneyTrac Technology.. A technology and business development company whose motto is "Key to Cashless™," MoneyTrac is focused on providing alternative options for banking and electronic finance. In its quest to offer payment solutions to the cannabis industry, MoneyTrac has turned to blockchain technology. Blockchain is a distributed ledger system - a form of data keeping where responsibility for the record is shared across a network rather than kept in one place. It's the technology behind cryptocurrencies such as bitcoin. Through cryptocurrencies, blockchain has become the leading way of transferring value outside of the mainstream banking sector. Blockchain payments offer cannabis companies several advantages. Such systems can be accessed by any customer, regardless of whether they themselves have a bank account. The money transfers happen away from the banks, which are wary about involvement in cannabis. Payments are nearly instantaneous, and because records are kept over a distributed network, there are no controllers creating bottlenecks or the risk of a single point of failure. Launched in early April, MoneyTrac's MTRAC payment system is powered by GreenBox blockchain technology (http://cnw.fm/GVSh6) and provides a payment system through which cannabis companies can take electronic payments, distancing themselves from the risks and inefficiencies of working with cash. Any customer can use a MoneyTrac kiosk to load up a card or digital wallet, which they can then use to pay for goods and services. Though currently focused on the cannabis market, this option may benefit other companies in high-risk sectors or that want to benefit from the potential of blockchain. Support Services for a Growing Industry In addition to financial solutions, MoneyTrac provides a range of support services for cannabis businesses. Many cannabis retailers are new businesses looking to expand their scope and expertise. The MoneyTrac team have years of knowledge and experience in business development, allowing them to provide advice and support. They can guide clients through the challenges that come with starting and running profitable businesses.
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