CanPay – A Legitimate and Stable Payment Option for your Cannabis banking program.
Yes, your compliant cannabis retail clients can now enjoy the benefits of legitimate electronic payments
CanPay is a secure debit network built to facilitate electronic payments between consumers and retailers in highly-regulated and emerging markets, including the State Regulated Cannabis Industry. Merchants with a compliant bank account at a CanPay approved financial institution may join the CanPay network and accept debit transactions from their customers.
Closed-Banking Feedback Loop:
Employing the Closed-Banking Feedback Loop means only cannabis retailers working with financial institutions operating compliance programs built around the Cole Memo and FinCEN Guidance will be allowed to participate in the CanPay network. CanPay utilizes feedback from these financial institutions to help ensure only legitimate transactions from licensed and compliant retailers are allowed to flow through the network. If a merchant loses their bank account with the depository institution for any reason, that merchant also loses access to the CanPay network. In addition to this feedback from the depository institution, CanPay’s ODFI also employs a robust compliance program built around the Cole Memo and FinCEN Guidance.
Why CanPay for your cannabis banking clients?
- It’s Transparent (1): your retailers will conduct business in their DBA name
- It’s Transparent (2): each participant in the payments chain is fully aware of the industries involved
- It’s Low Cost: CanPay is built to be both sustainable and a fair value to retailers
- It’s Legitimate: the Closed-Banking Feedback Loop ensures only retailers with a compliant bank account are allowed to participate in the payment network
- It’s Stable: CanPay is built with the needs and requirements of the industry in mind
- It’s Safer (1): Removing cash from the system is safer for our communities.
- It’s Safer (2): Removing cash from the system is safer for your clients
- It’s Safer (3): Removing cash from the system is safer for your bankers and reduces the need for retailers to visit your branches with loads of cash.
- It Saves Money: Less cash means less cash handling by your staff and/or less cash pickups for your clients
- It’s Better For Business: your retail clients will enjoy increased sales with electronic payments
Your clients have access to compliant banking through your cannabis banking program and now, through your participation in CanPay’s Closed-Banking Feedback Loop, they can also enjoy access to a legitimate and transparent payment solution.
Your clients want and need CanPay. Contact us today and open the CanPay network to them.
CanPay – The Better Way!
Are you considering banking the regulated Cannabis industry? We can connect you with FIs who are already paving the way in developing robust compliance programs. Just ask!