SCOTTSDALE, Ariz. – Payment processing company Hypur Inc. announced last week it has partnered with Salal Credit Union to provide payment processing for cannabis, in an effort to accommodate touch-less delivery, curbside pick-up protocols, and compliance with other coronavirus pandemic-related sales protocols going forward.
“Cannabis businesses rely on accessible and modern financial and banking resources to help their businesses grow. Establishing long-term relationships with trusted financial partners to better serve our customers and their consumers is critical to Hypur’s mission,” Hypur Chief Revenue Officer Tyler Beuerlein said in a statement, as reported by Pymnts.com.
“We are excited to continue helping cannabis companies thrive with Salal, which is also known for their trusted operations across compliance, regulations, and risk management,” Beuerlein continued.
Almost precisely one year ago, Hypur offered payment and merchant banking services to CBD- and hemp-related businesses. “Hypur’s electronic payment solutions for hemp and CBD companies fill the void left by failed payment solutions for the hemp industry,” Hypur Chief Executive Officer Christopher E. Galvin said in a press release, at the time.
Though many states have declared cannabis businesses “essential” during the COVID-19 pandemic crisis, federal prohibition prevents businesses from accessing regular business banking services. Most banks will not risk running afoul of federal regulations, despite cannabis retail sales having been legalized in thirty-three states, so far.
Without access to banking services, cannabis businesses are left to deal with cash-only transactions, which can endanger frontline retail employees who are handling money.