LAS VEGAS, Aug. 14, 2019 /PRNewswire/ -- PRESS RELEASE -- Greenery Map, a cannabis search engine to allow users to search for cannabis products based on their desired mood, medicinal use and method of consumption, has teamed up with PayHouse Consulting Group to offer merchant and bank account services to cannabis businesses. This partnership allows dispensaries the opportunity to legally accept credit card payments without the need for workarounds, and it offers all cannabis businesses, from growers to dispensaries, the ability to streamline their finances and reduce the need for cash on hand.
PayHouse offers several banking options for cannabis businesses through their private banking network, Safebank. The Safebank network is comprised of numerous partners who comply with rigorous standards to ensure that at-risk business' money is kept safely and securely. These standards include BSA Compliance, FinCEN requirements, AML, Cole Memo, SARs, and Know-Your-Customer (KYC) due diligence. Greenery Map member businesses have the opportunity to create these accounts and work with a PayHouse specialist for assistance in transitioning from a cash-only operation to a safe and secure next-level business. With an integration to the business' POS or seed-to-sale system, currency transactions are monitored daily, allowing growers and dispensaries alike to track and monitor all transactions and to pay bills and run payroll electronically.
Through the Greenery Map and PayHouse partnership, dispensaries, growers, and other cannabis businesses have the opportunity to open a merchant account at a competitive rate, allowing cannabis transactions to be completed just like any other purchase. Transactions are completely safe and legal, without the need for in-store value cards or any other loopholes that are typically used. This offers the first long-term compliant solution across the industry, and will allow patrons to pay both in store and online. Traditionally, customers spend up to 40 percent more when paying with plastic than they would when they're confined to just the cash in their pockets, and opening a merchant account drastically reduces the need for business to keep cash on hand, thereby reducing risk of miscalculation and mishandling.
Beyond finances, Greenery Map fully integrates with a dispensary's API system to update in real-time and give consumers the most up to date information on dispensary stock for the item they are looking for. App users turn to Greenery Map to help them decide on the strain of cannabis and product that is right for them depending on their desired mood or medicinal effect. Following the matching, consumers are given a detailed history and description of the strain so that they can make educated purchases, cutting down on time that budtenders need to spend with patrons and speeding up the purchase process. Consumers can then see all of the ways to purchase said product, including the nearby dispensaries that have it in stock, online options, and even delivery options through the Greenery Map app.
