Finally some merchant banking solutions for the cannabis market
In the latest marijuana news, two cannabis-related companies join forces to help the industry move forward. Even the most enthusiastic cannabis users may not have heard of Greenery Map or PayHouse Consulting Group. These two firms are now working together to help make the cannabis industry more efficient and streamlined. While Greenery Map is geared toward end-users it is still not well known. It’s a search engine that enables users to find the right cannabis products for their needs. With filters for preferred consumption method, mood, and medical concerns, this is a fantastic resource for both medicinal and recreational users. Both business owners and clients will reap the rewards of this partnership.
Fewer people may be aware of PayHouse Consulting Group and what they do. They are working with Greenery Map to provide merchant banking services to legal dispensaries, growers, and other related businesses. This means that those shops will then be able to accept credit cards in addition to cash. The issue of having so much cash on hand has been a cause of major concern throughout the industry since it began.
There will be a number of different options available to cannabis businesses
PayHouse has established a private bank known as Safebank, that is comprised of a number of different parties that create the banking network. These partners are fully vetted and the guidelines to join the network are quite stringent. The partners will need to adhere to rigorous guidelines that ensure that the deposited funds, considered by many as “at-risk” are safely held.
Pursuant to banking industry standards, the partnership will adhere to:
• BSA Compliance
• Cole Memo
• FinCEN requirements
• Know-Your-Customer (KYC)
This is a huge development for business owners in the cannabis industry as it will allow them to migrate from being a “cash-only” business to one that has many more financial options. In addition to being able to better serve their clients and customers, business owners will also be able to scale their business endeavors without the added risks that come with having a large amount of cash on hand. Once they sign up for Greenery Map membership, the opportunities that will be available to these businesses will be game-changing.
Full financial integration
The PayHouse system can be fully integrated into the shops existing POS or into the grower’s seed-to-sale setup. The implications are huge: businesses can keep a running tally of their sales, outflows, and deposits electronically without having to secure a ton of cash. There are also changes available for employees as they will no longer need to be paid in cash. Being able to pay via check makes everyone’s life easier and makes the bi-monthly payroll process a lot more streamlined and secure.
This partnership between PayHouse and Greenery Map lets owners accept payment both in-store and online while being fully compliant with financial regulations. Merchant accounts are offered at competitive rates and the cost is easily offset by the added convenience and safety. Owners now have an endless number of improvements that they can make to their overall customer experience while offering a safe and secure buying experience.
An increase in payment options often translates to higher sales
Think about your own spending habits, are you more likely to spend more when you are able to use your debit or credit card? When customers no longer have to make a stop at an ATM before visiting your shop, they are more likely to visit more often and to spend more while they are there. Another improvement will be that your reliance on having to keep a lot of cash on hand in order to manage transactions throughout the day. This can help keep the chance of errors and miscalculations lower as well as reduce the possibility of theft or robbery.
Enhanced services via the Greenery Map app
The advantages aren’t just financial. Greenery Map offers a fully robust API system that can help you better communicate with your dispensary customers via integration with your current system. Now, when your clients are looking for a certain mood enhancement or are seeking help for a certain ailment, they can discover this information via the Greenery Map app. It will be fully integrated with your current inventory and will allow a more self-service and expedient purchasing experience.
The information gleaned from the app will help them to make the right choice more quickly than if they had to wait for information provided by a budtender. Once they know what they are looking for, they are next given purchase options for the particular strain. These options may include dispensaries in the area, online resources, or even delivery sources. In addition to your regular clientele, your shop can now reach all users who use the Greenery Map app, thus giving your overall sales a boost. This can be huge for anyone who is looking to expand into the very lucrative online market.
What does it all mean to the overall cannabis industry?
This new partnership will be instrumental in removing a lot of barriers to entry for many aspiring business owners. For a variety of reasons, there are a lot of people who are uncomfortable with the idea of operating a business on a cash-only basis. These concerns may be about the legality of the overall cannabis industry, but for others, it can be an issue of safety and security. With this new payment and banking alternative, a lot more people are going to feel more comfortable about joining the cannabis industry.
Owners who are already successful in the industry may now feel more comfortable with the idea of expanding their shops, growing sites, or other cannabis-related business. When you don’t have to worry about all of the logistical headaches of dealing exclusively in cash, more options for expansion are available.
Additionally, the merchant services that are now available to end-users will help to expand the number of consumers participating in the legal cannabis industry. Younger consumers are not as likely to carry cash or to conduct many transactions with this payment option. By accepting both credit and debit cards, the industry will likely expand its overall customer base.
Online shopping is also now possible through the merchant services that will be available through the partnership of PayHouse and Greenery Map. Businesses that offer products that contain THC or CBD oil but are used as personal care items or for pets, will likely benefit the most from this expansion. While customers may not want to purchase their cannabis online, they’d likely want to have it there and then rather than having to wait for mail delivery, purchasers of ancillary products will likely welcome the enhanced convenience.
The cannabis industry continues to evolve, and this new feature of merchant services will likely have a monumental impact on the industry overall. We are sure that once the success of this partnership becomes evident, there will be many more financial companies offering similar services. There’s never a dull moment in the burgeoning cannabis industry, and this development is one that is sure to move the industry as a whole forward. Stay tuned as the cannabis industry becomes more accessible and this plant is able to benefit the lives of more and more people!