What is Safebank?
The Safebank Member Network is a suite of financial services formed to help legal cannabis and CBD businesses handle revenue in a more compliant & efficient manner. PayHouse has teamed up bank owners & executives, fintech companies, acquirers, processors, ISOs, lenders, hedge funds, investors, lobbyist, and industry related professionals. This long list of experts & partners have come together to structure the Safebank Member Network, a compiled string of financial services tailored specifically for the cannabis industry. These services include: compliant domestic banking in all legal states, cash logistics, compliance banking software, seed-to-sale technology & POS systems, payment processing, ATM services, payroll service distribution, ancillary business banking, lending, and access to investors.
Until congress moves forward in relaxing regulations surrounding the industry, it is still a difficult road for many cannabis businesses to find standard financial solutions to operate their businesses efficiently and safely. PayHouse has worked relentlessly with our partners to create accessible financial services that are needed to move the legal cannabis sector forward.
Safebank is an invitation-only member network that offers vetted financial solutions to MMJ, CBD, and ancillary companies. Due to restricted compliance guidelines many of these solutions require more in-depth due diligence to assess risk and approve underwriting. Know-Your-Customer (KYC) protocols are crucial to keeping Safebank solutions within rigorous compliance rules to ensure all solutions protect each client’s interest. In addition to KYC protocols there are also FINCEN, BSA, & AML federal guidelines that are strictly followed to enhance the security of a client’s account. Not to mention abiding by federal and state licensing laws to meet compliant legal standards. Each state has different laws & guidelines that Safebank’s compliance teams take into account when vetting clients. This ensures a that our clients have the right protocols in place to protect their interest.
Here’s what our President, Vy Chantharasy, has to say about Safebank:
With the industry moving ahead full steam and revenue possibly topping $10 billion by the end of 2018 it’s important that we help clients handle revenue securely and safely. Safebanks aims to be the premier solution for many legal cannabis businesses looking for ways to manage and attain financing. Our combined experience along with all our partners meets the needs of the industry needing to get full-service compliant banking, handle payment acceptance & cash logistics, ability to pay vendors & payroll, and find funding to expand operations. We’ve acquired or partnered with companies that have the same vision to move the legal cannabis forward in a compliant manner. We’re trying to level the playing field so these businesses no longer have to do business in the dark.
One of the biggest reasons why so many financial services providers are still sitting on the sidelines is purely the risk & legal aspect. Because cannabis is still a federally Schedule I drug, providers are not willing to take that risk. This makes it very difficult to find standard business solutions for this high risk sector. PayHouse works with institutions that have the most strict compliance protocols in place to make sure our services are at the highest standard of safety, security, privacy, and follows all the proper state & federal rules. Let Safebank Member Network be your go-to service for:
- Compliant Full Service Banking- Our network consist of domestic banks
- Payment Acceptance- Credit Card Processing, Online Solutions, eCommerce Consultation
- Loans- Working Capital, Equipment Financing, Startup Capital, Investments
- Payroll Distribution Partners- We partnered with payroll companies that specifically work with this industry and collaborate with our banking groups.
Safebank is Here for All Your Financial Needs.
High Risk Banking
Transparency is the key to providing high risk banking services. The banks that have partner with us are veterans when it comes to making sure the correct guidelines and oversight are in place. This provides regulators with what they needs to deem our clients safe. PayHouse expects these high risk clients to be completely open and transparent about how their business conducts business.
Know-Your-Customer (KYC) due diligence is half the battle when it comes to vetting clients for our Safebank banking partners. Client’s can expect when applying for a high risk bank account that this process can be somewhat intrusive. Requirements to meet & satisfy KYC, BSA, and AML guidelines are stringent in order to protect the bank’s and client’s interest.
While many major banks are opposed to taking in high risk clients, we specialize in doing so. Many banks do not have the protocols in place to handle the labor and cost involved in vetting clients. PayHouse has worked hard to form a program that provides our banking partners with critical KYC information to handle proper background and due diligence. The process is simple, but can be extensive. If you have nothing to hide then we can help you.
If you are having trouble getting banked then email us at banking@payhousesolutions.com or reach out to one of our PayHouse Advisors. See More Here
High Risk Credit Card Processing
Cannabis business are finding it more difficult to find compliant processing, because of the legality and risk surrounding the industry. Many processors don’t want to take the risk of losing money, so the underwriting process becomes a critical key to getting businesses approved for high risk processing. Safebank has partnerships with processing and banking partners that are willing to take that risk.Although we agree with being strict with underwriting process, we also feel it’s unfair & unsafe to do business in cash only. PayHouse has consulted with the best compliance teams in the industry to find a compliant way to process. We offer a variety of options such as: traditional swipe terminals, ecommerce, mobile wallets, and P2P rails. All daily transactions are reported and can easily integrated into your seed-to-sale system or POS.
High risk credit card processing is essential to these types of businesses to operate efficiently and collect revenue. Without it revenue can suffer by 40% or more. If you are looking to apply for an high risk merchant account be prepared to provide additional background information on your business, banking, and personal finances (if a startup). We offer processing to many high risk industries such as: legal cannabis businesses (grows, dispensaries, & distributors), CBD (licensed & non-licensed), Crypto firms, Adult industry, SEO & Tech, Nutra, and Pharma.
If there is a way, Safebank will find it. Email us at processing@payhousesolutions.com Learn More Here
Funding, Loans, & Capital
Finding funds in a high risk industry can be cumbersome. There is only a very select few of finance companies that are willing to take that risk. PayHouse has found those finance companies, private investors, hedge funds, and equity firms that are willing to take that risk. Safebank offers a multitude of options for startups, expansions, equipment financing, working capital, real estate financing, and private investment options. If you looking for any of these financing options then you have found it.
A PayHouse advisor will work on your behalf to find what you need to grow your business. Before you consider these options it’s important to understand that you must be compliant and have banking already in place. If you do not have banking we can also help establishing a compliant bank account with one of our Safebank member banks. Safebank provides a suite of services to ensure that whatever you need to get funding, we can set it up.
Is financing stopping you from moving forward? Reach out to us today to discuss your options. Read More Here
Ready to Become a Safebank Member?
PayHouse works with clients everyday in this high risk sector and know that it’s difficult to find standard financial solutions. We know there are people or companies out there peddling services without any regard for compliance or regulations. This jeopardizes everything cannabis companies work to build including your legal & license status, seizure of funds, barred from bank accounts, and may put you on the federal watch list. Those companies will eventually get weeded out or shut down. This has been happening across the industry to processors, money service providers, agents, finance companies, attorneys, and crooked brokers. Transparency is key to trust in this industry and Safebank provides that window.
Safebank Member Network establishes a network that is vetted by our legal & compliance teams to ensure that the members in our network are working with the highest standard of ethics. PayHouse holds that same standard to our clients and our partner service providers. Our combined experience of 30 years in the financial, payments, and funding arena provides a suite of financial services your cannabis business can depend on & trust.
To inquiry about joining our Safebank Member Network or get information about those services please email: safebank@payhousesolutions.com
