ARVADA, Colo. (PRWEB) March 29, 2018 — Safe Harbor Private Banking, the leading compliance-based banking program for cannabis businesses, and PayQwick, the leader in seed-to-sale electronic payments for the legal cannabis industry, announced their partnership to bring electronic business-to-business (B2B) payments to Colorado.
Safe Harbor Private Banking banks more than $1 billion in compliance-based cannabis funds annually in Colorado, and CEO Sundie Seefried is the clear thought leader in providing compliance-based financial services to the cannabis industry. Seefried spearheaded a pioneering program to offer banking services to cannabis businesses and has written a guidebook to help other financial institutions. Her advice: “document everything, work with reputable partners and heed the law.”
“I was concerned about the risks a cash-based industry poses to our communities,” said Seefried. “Working with companies like PayQwick allows businesses to reduce the use of cash and the risks associated with it.”
PayQwick’s electronic payment hub empowers legal cannabis businesses to pay each other electronically, ensuring cannabis businesses are getting paid safely and efficiently upon delivery. Additionally, PayQwick’s eCommerce solution enables cultivators, manufacturers and distributors to receive payment directly on their websites. PayQwick also allow cannabis retailers, dispensaries and delivery services to accept credit/debit cards.
“Sundie Seefried and Safe Harbor Services are the obvious leaders when it comes to compliance and banking in the cannabis industry. Our partnership makes electronic payments a reality, reducing opportunity for violent crime and money laundering,” said Ken Berke, PayQwick’s co-founder and president.
PayQwick is currently licensed to operate in Washington, Oregon, Alaska and Arizona, and has begun operations in Colorado. PayQwick is expanding into California, Nevada, and Michigan in 2018.
About Partner Colorado Credit Union’s Safe Harbor Services
Safe Harbor Private Banking, a Denver-based division of Partner Colorado Credit Union, is the leader in compliance-based cannabis banking. Concerned about the risks a cash-based industry poses to public safety and in keeping with the credit union philosophy of serving the underserved, Safe Harbor plunged into cannabis banking determined to take money off the streets and to offer law-abiding businesses a solution. CEO Sundie Seefried devised, tested and launched the cannabis banking program in 2015, which has withstood the scrutiny of federal and state regulators, earned praise from legislators and industry leaders and garnered national attention in the Wall Street Journal, Bloomberg News, and Reuters. As a pioneer and advocate, Sundie authored a groundbreaking how-to book, Navigating Safe Harbor: Cannabis Banking in a Time of Uncertainty as a primer for other bankers considering a similar program and for policy makers and regulators eager to bring stability to the marketplace. Safe Harbor now serves 100 cannabis businesses and has banked more than $1 billion in deposits. For more information, visit http://www.safeharborprivatebanking.com.
Founded in 2014, PayQwick brings proven payment processing, cash management and banking services to the licensed medical and adult-use (recreational) cannabis industries. PayQwick is a proprietary technology and regulatory compliance platform that sets the “gold standard” for providing financial services to the cannabis industry. For more information about PayQwick, visit http://www.payqwick.com.