Although cannabis businesses are legal at the state level, they are still extremely hindered when it comes to financial options and safe banking systems. Inefficiencies are still heavily associated with cash-intensive cannabis operations, even as the legal industry expands. This is where Dama Financial comes in, as the leading provider of access to banking and payment solutions, it can arrange for safe and insured financial services for cannabis-related businesses. Dama Financial has not only solved a huge bank account problem in the industry, by sourcing compliant and sustainable FDIC-Insured banks but also has created an inclusive turn-key financial service.
Led by seasoned veterans of the financial services industry, Dama Financial is pioneering a new industry with old and trusted techniques. Dama’s leaders all have extensive experience in banking and financial services – bringing two different financial services companies public before this venture. They are leading the way with Dama Financial with trusted and simple access to financial infrastructure and safe banking services to ensure cannabis company success.
Sourcing and providing access to FDIC-insured business bank accounts for cannabis industry businesses is not a simple task. Banks are still apprehensive about the transition, but Dama Financial uses their experience and relationships to source compliant and sustainable banks. They find banks who are interested in working with participants in the cannabis industry and help them with the steps and processes they need to move forward – making it easier and more comfortable for the banks. Chief Revenue Officer Eric Kaufman told us, “Sourcing the banks was the most difficult thing to do,” but they were able to prevail. Now cannabis companies can feel confident knowing their money is always theirs and have no fear of sudden shutdowns because they are in the cannabis business.
Along with access to banking services, Dama Financial provides flexible merchant processing, safe business payments and cash management, online marketplace trading, and CashToTax services. Compliant and safe online banking accounts allow cannabis businesses to manage their finances with no limits on cash, ACH, or wire deposits.
Paytender Payment Processing allows retailers to accept electronic payments instore, online, or at delivery. Dama Financial developed this advanced technology to create a seamless payment experience, which creates a quality customer experience and increases sales. Their scan-and-go technology adds ease to every part of the ordering and checkout process. Paytender has predictable and straightforward fees, same-day settlements, and no rolling reserves or NSF risks. You can also view your company’s sales performance and identify trends with digital visual reports.
With cash-intensive businesses, like cannabis, business payments and cash management can pose significant safety risks. Dama Financial’s online technology allows inclusive control of payments to employees and customers. Businesses can track and request cash or electronic payments via online invoices, including terms and due dates. This creates a hassle-free way to transact confidently. Companies can schedule convenient, armored cash pickups with secure and quick deposits. Monitor your deposits anytime and anywhere with mobile access. You can even accommodate your partners’ cash payments with security and ease.
Companies also have the option to apply for an account for the Cannabis Commodity Trading System. Dama Financial provides a safe way to transact with licensed cannabis and hemp wholesalers and distributors; companies can make payments for orders on online marketplaces. Before there was no secure way to settle online, now cannabis businesses no longer have to deal with the risk associated with traditional in-person methods.
Dama Financial even looks out for your business when it comes to taxes. Their CashToTax accounts are quick and easy to sign up for, take the cash off your hands, and instantly schedule electronic tax payments. This makes just one more step of your business that much easier.
All of the above and more can be controlled online, in one place, saving time and creating a more efficient business. Dama Financial is transparent and sustainable, with no hidden charges and a simple fee schedule for each business. Dama Financial exceeds the compliance and regulatory requirements for servicing high-risk businesses using innovative technology, data, and artificial intelligence. They are dedicated to providing equal opportunity to those in the cannabis industry as it rapidly expands.