Using the electronic payment method, lots of today’s businesses got their earnings. Modern businesses that operate through a “cash-only” option generally fail. With this, even the cannabis industry is not exempted. However, due to strict funding bank regulations, the cannabis businesses are transacting on a cash basis. Moreover, with the growing rate of the cannabis industry, payment methods to manage your cannabis business money are suddenly become widely available.
Bank Account Options as Alternative Money Management
To set-up a bank account helpful for your cannabis business is never been easy. Because of the federal legalization issue, bank operations for rendering services on cannabis business face numbers of challenges. To be able to avoid that, you must understand financial planning and the steps on money management.
The monster of federal banks and money laundering
The usual trend on bank funding is that the federal banks turn away business the moment they found out that it is a cannabis-related one. The reason for this is primarily due to money laundering act once deposits from cannabis establishments are received.
National banks and credit unions
One option is to go to national banks and credit unions for funding purpose. But, the prospects may depend primarily by state.
Zodaka is a banking company that develop various connections having a goal of combining merchants together with cannabis banks that really comply.
It is already easy for now to seek for bank accounts that offer stability for cannabis funding. The only way to do is to be prepared in paying high fees in every deposit.
Other Methods for Managing Cannabis Business Money
Electronic payment is the most common and convenient way for cannabis business transaction. Yet, in case you do not have other choice, here are some cash-basis solutions and other payment options.
This generally heightened the cost of your cannabis business operation due to additional security fees. Moreover, in the cannabis industry, cash is inconvenient for its customers. The reason for this is because marijuana stocks belong to those industries that really requires cash.
• Overseas accounts
Overseas account is usually pretty perfect for those cannabis firms that allows the use of credit cards. Further, this account demands for revolving financial reserve that should be maintained in the merchant account.
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