CANNABIS BANKING
USA Banking PartnersCannabis Banking for Cash Deposits
Whether you decide to go with a Debit Card solution or the Credit Card solution (TEXT_TO_PAY) you will need a Business Bank Account. We do not provide the free cannabis checking accounts as a stand alone service unless you are a cannabis grower, manufacturer or distributor. They must be tied to our credit card solution. If you need to make cash deposits we recommend either DAMA Financial, PayQwick or Abaca Cannabis Banking. While DAMA is servicing every state where cannabis is legal, PayQwick & Abaca are in a limited number of states. Call to see if your state is included.
The fees for Dama are as follows: Under 1 MM a month in deposits – $750.00 a month. Over 1 MM a month in deposits – $1500.00 a month plus an added fee of 1.00% on all cash deposits. Social equity or incubator programs may qualify for special rates. Cash courier service fees which cover cash pickups will be quoted and billed separately.
The fees for PayQwick are as follows: $300 a month plus a fee of between 1%-1.5% on ALL deposits. The fees for Abaca are as follows: $500 a month plus a fee of 0.5% on ALL deposits. Depending on the size of your business and whether you need to just make electronic deposits or if you need to deposit cash as well, then one of these banks may serve you better than the other.
Some states like Washington, Oregon, Colorado, Oklahoma and Michigan have regional brick & mortar financial institutions that are very friendly to cannabis businesses. All of these banks and credit unions charge extra fees depending on the deposit amounts. We have a list of cannabis friendly banks & credit unions in a number of states. Call to find out if we have one in your state.
Free Cannabis Checking at TEXT-TO-PAY
If you decide to go with TEXT-TO-PAY, our P2P Electronic Payment Processing solution, then we can guarantee you a FREE Cannabis Checking Account. It will accept any electronic transfer but will not allow cash deposits. It will be a full service account in all other respects, including check writing for making payroll, paying taxes and buying inventory. This account is integrated inside the TEXT-TO-PAY platform. There are no hidden fees and no extra charges regardless of deposit amounts. But there is a fee of a $1.50 per check written.
When accepting credit cards on our platform you must have a business bank account. If you already have an account, that’s great… But if not, a Cannabis Checking Account will automatically be provided that can be funded with a credit card, debit card, wires or ACH transfers. It’s inside of our P2P platform and there is no minimum balance required to get started.
If you need to make cash deposits, and depending on the state we may be able to refer you to a traditional brick & mortar bank that can take cash as well as electronic transfers. If there are no options for brick & mortar cash depository banks in your state, then either DAMA Financial, Payqwick or Abaca Cannabis Banking may be the solution.
For smaller businesses our P2P payment platform is the most cost effective way to get started. Even if you already have a bank account you may wish to use the free checking account provided in the TEXT-TO-PAY platform. The number and variety of services available through MMJ Bankers is actually too extensive to have them all posted here. Schedule a brief call to learn more about our Cashless ATM, TEXT-TO-PAY payment platform and banking options.
Wholesale Cannabis Banking
If you are a Cultivator, Manufacturer or Distributor, you know all too well the headaches of handling large amounts of cash. MMJ Bankers has a solution for you. Get a virtual cannabis business checking account. This a FREE service. If you need to write checks for payroll, taxes, etc… there will be $1.50 fee per check. There are no other hidden fees and you can transfer as much money as you want inside the bank for free. But more importantly… you can have as much money transferred to you (for free) by your dispensary clients that have an account on our platform.
What we need is your help. We need you to get on board, and then with your approval contact your clients to make them aware of this service. Beyond the obvious advantage to you, we are willing to pay a referral fee for introductions made either by you or by just having us cold call them with you as the reference.
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