In the article below, Ganjily interviewed Tyler Beuerlein, Hypur EVP of Business Development, about how Hypur helps banks and credit unions transparently bank highly regulated industries like cannabis.
Tylyer also highlights how Hypur works with financial institutions to provide cannabis payments and greater regulatory compliance.
What is Hypur? And what is your role in it?
Tyler Beuerlein: Hypur is a combination of a Regtech and Fintech technology provider for Financial Institutions that enables banks and credit unions to bank highly regulated industries.
Our clients are banks and credit unions, but our technology touches their merchants and consumers by enabling permissible digital commerce in industries where traditional forms of payment are not available.
My role in the company as EVP of Business Development has touched every aspect of the business over the last four-plus years.
My days are spent with our bank and credit union clients, the operators they bank, State and Federal regulatory bodies, key government officials, the cannabis industry, industry associations, and also media outlets throughout the country.
What is Hypur’s mission? And when was it established?
Tyler Beuerlein: Hypur’s mission is to enable financial institutions to profitably and transparently bank highly regulated industries throughout the country and enable permissible means of payment that enable these industries to thrive.
Why should cannabis businesses choose Hypur? What types of payment do you accept?
Tyler Beuerlein: Cannabis businesses have access to Hypur through our bank and credit union clients. They should choose Hypur because our clients are transparently banking the industry.
In addition, the industry gains access to Hypur Pay, our consumer-to-business payment and B2B payment product. Merchants have access to both a transparent banking relationship and permissible forms of payment through our relationships.
Is it easy to become a merchant in Hypur? How do you vet them?
Tyler Beuerlein: Again, our clients are banks and credit unions. They vet potential clients. We typically place merchants seeking banking in this industry with our bank and credit union clients. They then have access to our payment products through the financial institution. Becoming a Hypur merchant is an easy process once that merchant’s bank account is open.
Merchants are afraid to have their banks shut down. How does Hypur ensure reliability, safety, and security?
Tyler Beuerlein: Hypur helps the financial institutions make the most difficult accounts they bank, the most transparent. Ultimately that is what helps regulatory bodies feel comfortable with these institutions banking the industry.
Hypur Pay also enables these institutions to originate transactions on behalf of their own merchants, getting cash out of the system.
There are a lot of cannabis businesses that are looking for a payment system. How can they apply and what documents do they need to prepare?
Tyler Beuerlein: They can call Hypur and we will them choose the best merchant services depending on a myriad of factors.
What is your advice for ganjapreneurs looking for a payment system?
Tyler Beuerlein: Be aware that the choices you make can potentially have a negative effect on your ability to gain a transparent banking relationship. Always ask your bank or credit union what they are comfortable with you using.
We have seen operators throughout the country make poor choices when evaluating payment options that have ultimately impacted their banking relationships.
Thank you so much Tyler! We are grateful that you took the time to do the interview.
This interview originally appeared on ganjily.com