Green Pay Banking Plans for Cannabis Industry
Although banks, and other financial instructions, may be federally bared from supporting the growing marijuana industry, cracks are opening in the walls. As more and more states have legalized some type of marijuana use, various federal agencies have begun to outline ways in which these now state legal merchants should conduct business. The fundamental issues are transparency. At the top of the list is a need for transparent cash/money flow tracking.
GreenPay, specializes in delivering innovative solutions that enable secure, real time electronic check transfers at marijuana retail locations. We help legal, state-licensed retailers receive payments electronically, removing the restrictions inherent in an all-cash business. The MJ-Pay app will enable retailers to accept electronic checks and to deposit these eChecks into traditional bank accounts.
Green Pay will provide simple and straight forward software solutions that enable merchants, and their banks, to receive and process real-time payments from retail consumers, other merchants, businesses, and suppliers. Payments can be initiated through the web, online, via point-of-sale terminals, QuickBooks, or your mobile phone.
The solutions include electronic check creation, real-time check authorization, payment fraud scrubs, check clearing, and complete online reporting. We facilitate, on behalf of merchants, moving money from one bank account to another. A simple process that allows the merchant to accept eChecks instead of cash. These eChecks are created and processed under the rules and regulations as outlined in the Federal Reserve’s “Check Clearing for the 21st Century Act” (Check21).
Why GreenPay’s eCheck solutions are good for the Marijuana Industry.
· Facilitates Business/Merchant Direct Deposit Accounts.
· Brings the cash into the system, not just hidden away in unsecure piles.
· Allows the complete financial documentation of the sale.
· Does not require the use of credit cards or ACH, and their ongoing reluctance to embrace the industry.
· The GreenPay fund transfer solutions are local banking transactions, creating new, and transparent, bank / merchant relationships.
· Funds pass directly to the merchant’s bank account. No third party processor money handling. GreenPay only processes the data, does not touch the money.
· Low flat fee per transaction. Saves the merchant money when compared to debit or credit cards, if and when they become available.
· Traditionally higher check transaction clearing rates. Works with all US checking accounts.
· Brings total and complete transparency to the money flow, addressing a host of the regulators’ concerns.
Green Pay believes that they have an elegant and effective solution that allows for the merchants to accept payments in a form other than cash. Electronic Checks do not carry the restrictions and limitations of credit cards, debit cards, ACH transfers and the like.