Federally run banking institutions have been instructed to refrain from opening bank accounts with companies involved in the cannabis and hemp industries. If they do, they could receive stiff fines or risk having their doors shut for good. This has caused the emergence of a series of companies focused on providing banking solutions to industry that is largely cash dominate. The following is CCT150’s Top 5 Banking Solutions for cannabis and hemp businesses.
The Management.Group (TM.G) provides a full-service comprehensive solution for your cash management and banking woes. Their company offers financial services that are extremely valuable to companies in the sector such as providing legal banking solutions, cash transportation to depositories, merchant and payment processing, and the company even offers business loans to help expand operations.
Their company provides business owners with comprehensive and in-depth insights to their enterprise’s operations. By hiring TM.G to investigate and provide an in-depth analysis of your businesses financials, owners will be able to operate at full capacity without a wasting a dollar. TM.G and their their payroll service team, can manage and keep track of your payroll whether its paid on a weekly, bimonthly, or monthly basis. Their team can also calculate many complicated aspects of payroll such as health benefits or retirement plans for any type of employee you may hire.
TM.G solves a number of complicated issues facing cannabis business which allows owners to focus on generating revenue. By hiring The Management.Group you can ensure that your bank account will stay open, your employees will be paid on time and that the financial side of your business will be run efficiently and effortlessly.
PayQwick, Inc. was founded in 2014 in Calabasas, California. The company offers licensed cultivators, manufacturers, distributors, and dispensaries banking services, payment processing and help with regulatory compliance. Their electronic payment hub allows retailers to accept and exchange funds with suppliers, vendors, and their customers.
PayQwick offers the ability to send electronic invoices, pay for taxes electronically, schedule armored car cash pick-ups, and receive a bank account at normal rates. The company focused their business model on making financial transactions as simple as possible. PayQwick even has their own mobile application that allows money to be transferred through from smartphone to smartphone. The company has already established an impressive list of clients along the cannabinoid supply chain.
Alliance Financial Network is a technology company that focuses on financial solutions for high risk industries, such as cannabis and industrial hemp. They developed Expo, the Electronic Exchange Portal, to provide a computerized gateway to allow the opportunity for businesses and consumers to legally transfer funds between each other.
The company was founded in 2015 and is based out of Colorado, the first state in the U.S. to go recreationally legal with cannabis. Expo saw a niche that it could fill by developing an electronic portal that contains a wide array of solutions to allow businesses involved in the sector to operate legitimately. The company’s Expo system includes services such as banking, merchant processing, treasury management, ACH, eCheck, lending, and insurance for your business.
MoneyTrac Technology, Inc., wholly owned subsidiary of Global Payout, Inc. (OTC: GOHE), looks to create “The New Age of Currency.” MoneyTrac Technology offers a full service solution for alternative banking with technologies that include payment platforms, Blockchain, Cryto-Commodity Exchange through its MTRAC-Token, E-Wallet, Mobile Apps, and other digital payment solutions for these industries.vMoneyTrac also offers charges as low as 2.5% to high- risk credit merchants, whereas other merchants are charged an average of 7.5% to process their credit card transactions.
CannaTransact partners with banks and credit union in recreational legal states such as Washington, Colorado, Oregon, California, and Nevada to offer legal banking services to those involved in these industries. They are focused on offering businesses high-quality electronic payment solutions that follow each state’s compliance requirements. CannaTransact offers credit and debit card processing for dispensaries, manufacturers, cultivators, and distributors involved with cannabinoids.