Alternative Solutions Fill The Need For Compliant Cannabis Payments
Banking services companies have stepped into the void as an intermediary, specializing in compliant cannabis payments and other financial services.
By working with a banking and payment solution, cannabis-related businesses can take advantage of FDIC-insured bank accounts, lending, payments processing for cannabis, and merchant services. Banking services companies also handle the headache of compliance issues.
These capabilities are enabled through a third-party proprietary platform and are ideal for a wide variety of businesses including MSOs, ancillaries, and hemp companies.
Not only do these solutions allow cannabis businesses to operate as normally as any other non-regulated business; they also eliminate the stress and cost associated with operating solely in cash.
Additionally, legal cannabis states have strict laws that cannabis businesses need to adhere to when it comes to doing business in cash and security compliance. And as you would expect, each state has its own patchwork of laws that are difficult to stay on top of.
When a cannabis business lessens the cash-only and payments processing burdens, they get back time and money.
If you would like to learn more about how Abaca’s cannabis banking platform can benefit your business, get in touch with us here.