Many businesses in the marijuana industry have already experienced the ups and downs of banking. Some good options are available in a few states. However, many medical and recreational businesses are still without necessary banking services.
An excellent option is to establish a virtual bank account. This is a special platform available for cash businesses that have not been able to obtain a standard bank account.
A virtual bank account gives you a depository bank at a major financial institution. This account can be used to pay taxes, pay employees, vendors, and all other functions associated with a standard bank account.
Best of all, when you have a virtual bank account, you can deposit cash into 27,000 different bank branch locations. That’s right. No more worries about having to store large cash reserves.
And, a virtual bank account can be combined with an ewallet, allowing you to accept card payments at point of sale.
In a classic case of the Federal vs States rights, the Feds still trump Colorado and 22 other states, where marijuana is legal. On the federal level, marijuana is still illegal.
As a result, bank accounts and payment processing services are very challenging to obtain for marijuana businesses. Forcing owners to deal with large amounts of cash.
Think of the challenges for a busineses that have to run operations on a cash-only basis. Employees and vendors must be paid in cash. And unnecessary fines for cash payments of taxes are incurred when electronic payments cannot be sent from a bank account.
There’s no doubt that the marijuana is fast becoming mainstream. The groundswell of positive public opinion combined with political success has legitimized the industry. Inevitably, standard business bank accounts will be available.
Establish your bank account today. Setting up an account is fast and easy. For more information, contact email@example.com