Cannabis Banking Services
One of the biggest challenges facing owners of cannabis-related businesses (CRB) is access to banking services. For years, businesses have not had a reliable solution to their banking needs and had to rely on cash-only transactions. Those days are over, Higher Yields can help your business with professional banking services, contact us today for a free consultation to see if our banking program is right for you.
If Your Cannabis Business Needs Banking Services, We’ve Got You Covered
Operating a cash-only marijuana business not only creates a lot of barriers to financial security and the needs of running a modern, successful business, but also increases the risk of crime, money laundering, financial corruption, and the violation of state marijuana laws and regulations.
Thankfully, as the industry has grown, cannabis businesses now have access to traditional banking models that are regulated, which gives business owners peace of mind knowing that their money is secure.
If your marijuana business needs banking services, Higher Yields Consulting has you covered. We’ve partnered with top financial institutions that are ready and willing to work with your business and provide the services you need.
How Our Cannabis Banking Program Works
The first step is doing an evaluation of your cannabis business to examine whether or not it is in compliance with FINCEN (Financial Crimes Enforcement Network). Once your business has successfully completed this process, we submit your information to participating financial institutions and work to find the best one that suits your needs.
We then provide the support and services based on your business needs. This includes monitoring your account and integrating and syncing your POS for reporting and verification by your new financial institution.
Key Benefits of our Banking Services for Cannabis-Related Businesses
We foster a direct banking relationship with an established financial institution. This gives you access to checking and savings accounts with check writing, in addition to armored carrier services and vaulting for your cash.
You will also have access to tax and payroll services that allow you to not only pay your employees with actual paychecks and potentially direct-deposit, but also easily withhold for taxes and avoid any penalties associated with paying for your taxes with cash.
All of this allows you to run your cannabis business more effectively and safely. With the increased security of depositing your daily receipts, minimizing the amount of cash passing through hands at your business, and receiving an ongoing level of service that is in compliance with FINCEN, you can focus on what matters most: growing your business and offering a superior level of quality and service to your customers.