![]() ![]() “But I still bet we'll be cheaper than them. “It's probably a couple of years away,” he said. These businesspeople aren’t criminals, but in some instances, they are still treated as such.Įide concedes that at some point MasterCard and Visa will enter the industry, but he hopes by then that the relationships will remain. ![]() “We both hold transparency, security, and legitimacy as priorities in this emerging market. "We’ve partnered with CanPay because we see similar values between our approaches to helping cannabis retailers,” said Sundie Seefried, President of Safe Harbor Private Banking, a division of Partner Colorado Credit Union. This closed-loop system ensures that all parties are aware they are working with cannabis clients and are in compliance with all the regulations. The relationship works if the dispensary also banks with one of the existing depository programs that is cannabis compliant. “CanPay solves one of these pain points for us as a business.”ĬanPay only deals with financial institutions that already work within the cannabis industry. The interview has been edited for brevity and clarity. "It’s not an exaggeration to say that cannabis businesses face a huge array of challenges that other industries don’t even need to consider,” said Tim Cullen, Owner of Colorado Harvest Company in Denver, who has deployed CanPay in three retail locations throughout the state. J8 min read An Interview with Tim Cullen Do you want to be part of our private, professional community Join Now We interviewed Tim Cullen, CEO of Colorado Harvest Company, about his growing strategies and business practices. It's great for the customer who may tire of paying high fees for the on-site ATM or is reluctant to make an extra trip to their own bank. This is presented to the retailer for payment, who pays the transaction fee. Then CanPay generates a single use token or a QR code. The customer pays for their dispensary transaction by accessing the cite on their mobile phone. Eide says its system is actually more secure than a credit card or debit card. ![]() Neither would allow CanPay to put their payment app in their mobile stores. CanPay had to create a separate website in order to set up the app. CanPay is the only debit payment app that allows you to pay for your purchases at cannabis retailers with a simple debit to your checking account when you make. Not only do Visa and MasterCard reject cannabis customers, but so does Apple and Google. ![]()
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