PayQwick has solved the banking problem for the legal and medical marijuana business in Washington and Oregon, so it’s well tested and ready for the California market.
Los Angles, Calif. (PRWEB) November 07, 2016
PayQwick, the only closed-loop payment platform designed for the legal marijuana industry, today announced its payment processing, banking and compliance platform exceeds California State Board of Equalization track-and-trace recommendations and federal guidelines. The PayQwick platform tracks data and ensures appropriate taxes are paid to support the legal marijuana industry should Proposition 64 pass on November 8.
“PayQwick has solved the banking problem for the legal and medical marijuana business in Washington and Oregon, so it’s well tested and ready for the California market,” said Kenneth Berke, CEO of PayQwick, whose closed-loop platform offers merchants the ability to make electronic payments through the entire supply chain – from seed-to-sale. “We combine the functionality of a PayPal®-type B2B payment platform with a consumer-based, prepaid point-of-sale payment vehicle that is safe, secure, trackable and traceable.”
PayQwick reduces cash and improves public safety. By tracing the money it processes, the platform complies with FinCEN and the Cole Memos’ Guidelines, making marijuana money safe for deposit into any financial institution. The company conducts quarterly on-site inspections to ensure compliance with state marijuana laws, the Bank Secrecy Act and the Anti-Money Laundering Control Act.
Legal marijuana producers, processors and retailers can open an account at one of PayQwick’s participating banks with full privileges and transfer funds via ACH between any preapproved financial institution and their PayQwick account. The platform benefits merchants, law enforcement and regulatory agencies by reducing the risk of crime, theft, money laundering and illegal sales of marijuana.
PayQwick is a federally registered Money Services Business licensed by the Washington State Department of Financial Institutions (“DFI”) and the Oregon Division of Finance and Corporate Securities (“DFCS”) as a money transmitter. Founded in 2014, PayQwick brings proven payment processing, cash management and banking services to the licensed medical and adult-use (recreational) marijuana industries. PayQwick is a proprietary technology and regulatory compliance platform that sets the “gold standard” for providing financial services to the marijuana industry. For more information, visit: http://www.PayQwick.com.