Cannabis Industry Gains Banking Solutions with Newly Launched FinTech PlatformIn lieu of legislative changes, a new beta platform promises to bring real banking and financial solutions to the burgeoning cannabis industry.
Affordable banking solutions have been a point of contention for the legal cannabis industry since its inception. Without rescheduling the plant or significant legislative changes at the federal level, legal cannabis operators continue to be excluded from essential financial tools and banking products.
While legalization intended to squelch the illicit market, an excessive tax structure, lack of traditional financial services, and failed regulatory changes have drastically limited the industry’s ability to compete. Costly banking services and cash-only restrictions cripple the legal cannabis business.
However, one cannabis financial services provider hopes to offer cannabis businesses the fintech solutions they deserve.
New Cannabis FinTech Platform to Bridge the Gap
While legislation and tax structure changes take an act of Congress to achieve, technology solutions may provide an effective stopgap in the interim. In a recent announcement, Paybotic Financial, a fintech innovator focused on cannabis industry solutions, is launching the waitlist for its beta platform, offering a range of financial services for the legal cannabis space.
“Having worked in cannabis payments for almost ten years, we fully understand the banking challenges that plague the cannabis industry,” said Eveline Dang, CEO of Paybotic Financial. “Paybotic started as a payment processor with a ‘bring your own bank account’ platform. However, we found that we had to turn a number of our clients away because they lacked the appropriate type of bank account or one at all.”
Banking Benefits Beyond the Basics
In development for over two years, the cannabis financial services suite includes nationwide access to checking accounts and electronic payments, same-day and next-day deposit/payment settlements, and no cannabis vertical is “off-limits,” per the press release.
Paybotic Financial’s services include several key features traditionally unavailable to cannabis businesses, such as physical and digital debit cards, ACH and wire transfer capability, and FDIC-insured depository accounts.
From a user experience perspective, the platform promises to simplify account management with the ability to view multiple accounts from one centralized login. Likewise, the cannabis fintech platform improves the retail UX with a consumer payment portal, digital wallets, instant payments, and even budtender tipping functionality.
Beta Benefits, Account Approvals, and Waitlists
As Paybotic Financial's inaugural product launch, the roadmap includes many additional add-ons and versions, culminating in a full launch in the coming months. Early adopters of Paybotic Financial services can use and test the platform during the beta rollout. Interested cannabis-related businesses are encouraged to sign up for the waitlist to receive more information about the product launch.
Better Banking is Better Business
Better banking solutions help support legal, compliant businesses, allow full transparency for all cannabis financial transactions, and enable safe, reliable retail operations.
Recognizing the desperation for adequate banking solutions, Dang from Paybotic Financial concluded, “…backed by our combined experience and expertise in cannabis over the past ten years, we are proud to provide a supportive solution that works for our clients.”
Learn more about Paybotic Financial’s services on their site at www.payboticfinancial.com.