It’s the classic dilemma of Federal vs States rights that makes banking for marijuana businesses so challenging. When it comes to banking the federal level still trumps states like Colorado and Washington who have legalized small amounts of medical marijuana for recreational use. This makes bank accounts and payment processing services very difficult for marijuana businesses to obtain; forcing many shop owners to deal with substantial amounts of cash. This makes many challenges arise such as: paying employees and vendors in cash and unnecessary fines for cash payments of taxes. In spite of these challenges marijuana is gaining widespread support in terms of public opinion and political success and with that inevitably banking solutions will be more available.
Source: denverpost.com
As a result many businesses in the marijuana industry, both recreational and medicinal, have experienced roller coaster esque up and downs when it comes to banking. True some good options are available in a few states, like Oregon, but many legitimate recreational and medicinal businesses remain without necessary banking services.
In some cases the best option available to shop owners is to establish a virtual bank account. This is a unique platform available to cash businesses that have been unable to establish a standard, traditional business bank account.
Source: slate.com
A virtual bank account gives your marijuana business a depository bank at a major financial institution. Through this account you can pay taxes, pay employees, vendors, and have essentially all the functions associated with a standard bank account. Best of all with a virtual bank account you can deposit cash into roughly 27,000 different bank branches and no longer feel like a target for thieves due to keeping large stores of cash on hand. You can even combine your virtual bank account with an ewallet, allowing you to accept card payments at point of sale.
With that in mind check out Cafe Cartel System’s Marijuana point of sale packages for all your POS needs.