Call Us: (480) 409-4599
Call Us: (480) 409-4599
State-legal cannabis businesses present unique banking challenges but with proper policies and procedures and the right technology, these businesses can be responsibly and profitably banked.
The level of monitoring and transparency required for cannabis businesses far exceeds what traditional banking systems were designed to provide. Gaps between the capabilities of traditional banking systems and the unique demands of cannabis businesses can create considerable risk for financial institutions.
Responsibly and profitably banking marijuana-related businesses requires dedicated cannabis bank compliance technology. Hypur's cannabis banking technology bridges the gaps between the unique requirements of cannabis businesses and your existing systems.
Hypur is the leading provider of dedicated cannabis bank compliance technology. We have spoken at conferences, met with regulators, authored articles, and helped more financial institutions serve cannabis businesses than anyone. Financial institutions have used our technology to process over 1 million secure cannabis payments.
Hypur has helped financial institutions responsibly serve cannabis businesses since 2015, becoming a frequent resource – for state and federal regulators, bank and credit union associations, and the media – on how cannabis businesses can be banked responsibly.
Hypur has the subject matter expertise to help you with best practices, board and regulatory approval, pricing, and customer acquisition strategies – everything you need to launch and scale your cannabis banking program.
Before accepting a deposit from a cannabis business, you should verify that the funds were derived from a sale permissible by your state. Can your banking system do this?
Hypur provides invoice-level sales data so you can compare actual deposits to expected deposits and verify the source of deposits down to the transaction level.
Many demands of banking cannabis businesses fall outside the scope of traditional banking systems, creating considerable administrative work. Hypur picks up where traditional systems leave off, eliminating manual processes that can be error-prone, inefficient, and costly.
Hypur’s life cycle account and document management tools automate the initial and ongoing documentation required to bank cannabis businesses.
Cannabis businesses’ heavy reliance on cash can present significant challenges for financial institutions. How can you be sure cash deposited in your financial institution was the same cash that was received from permissible customer transactions?
Hypur’s cash tracking technology lets you track the specific denominations of cash pickups and the custody of cash until it arrives at your institution where you can compare it to expected cash deposits.