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.