PayQwick - revolutionary payment processing solution that allows marijuana retailers to pay and accept payments electronically using either a smartphone app or a physical PayQwick Card
PayQwick’s mission is to bring well-established, proven payment processing, regulatory compliance and banking services to the licensed recreational marijuana industry, thereby reducing the risk of violent crime, illegal money laundering and violation of state marijuana regulations. PayQwick only serves state licensed Producers, Processors and Retailers (PPRs). PayQwick does not provide payment processing services to any medical marijuana growers or dispensaries.
Marijuana Payment Solution
24/7 Dedicated Support
PayQwick is Synonymous with Compliance:
First and foremost, PayQwick is a compliance company. PayQwick’s proprietary BSA/AML Compliance Program is custom tailored to each state’s marijuana regulations. PayQwick takes responsibility for all regulatory compliance, which includes conducting rigorous State Regulatory Compliance Assessments, BSA/AML compliance, “Know Your Customer” due diligence, transaction due diligence, filing currency transaction reports (CTRs) and filing “Marijuana Limited” Suspicious Activity Reports (SARs).
The Washington State Department of Financial Institutions (“DFI”) and the Washington State Liquor Control Board (“LCB”) fully support PayQwick’s payment processing system because it reduces the risk of violent crime, ensures BSA/AML compliance, and reinforces compliance with state marijuana regulations. The Director of Banks of the DFI believes that financial institutions providing banking services to PayQwick satisfy their BSA/AML compliance obligations by conducting their due diligence of PayQwick and are not independently responsible for regulatory compliance with regard to PayQwick’s clients.
PayQwick’s Payment Processing Services:
PayQwick is a payment processing solution that provides the following benefits to its account holders:
PayQwick facilitates bank accounts for its PPR clients at normal banking rates because of its BSA/AML Compliance Program and State Regulatory Compliance Assessments.
PayQwick allows marijuana retailers to pay producers/processors for inventory electronically so that no cash need trade hands.
PayQwick allows PPRs to pay their bills electronically via online bill-pay.
PayQwick provides armored car cash pickup services to PPRs so they are not storing large sums of cash on site and are not carrying “bags” of cash to the bank.
PayQwick allows PPRs to pay state excise taxes electronically, thereby eliminating the need to drive to state regulators’ offices with large sums of cash.
PayQwick allows marijuana producers/processors to ensure that the retailer has set aside (in an escrow-type account) the funds need to pay for inventory being shipped to the retailer before the inventory even leaves the producer/processor’s facility.
PayQwick allows marijuana consumers to pay for marijuana electronically using either a smartphone app or a physical PayQwick Card.