Banks, Credit Unions, and Fintechs that offer banking services to Cannabis, CBD, and Hemp Businesses in MT | Type of Financial Institution |
---|---|
Amalgamated Bank | Bank |
Bank of the Rockies | Bank |
BlueSky Bank | Bank |
Chase (CBD Only) | Bank |
Farmers State Bank | Bank |
Green Check | FINTECH |
Herring Bank | Bank |
Native American Bank | Bank |
Safe Harbor Financial | FINTECH |
Type | Description | Common Use Cases | Challenges |
---|---|---|---|
Cash Transactions | Payments made in physical currency. | Frequently used in dispensaries and shops lacking traditional banking services. | Security risks, storage, and logistical issues with handling large cash volumes. |
PIN Debit Transactions | Allows customers to use debit cards, mimicking an ATM withdrawal. | Provides a cashless option for in-store transactions. | Requires specialized POS systems and may incur higher transaction fees. |
ACH and eCheck Payments | Bank-to-bank electronic transfers for purchases. | Often used for online sales or large wholesale orders. | Processing times can be slower, and customers need to provide banking details. |
Specialized Payment Processors | Third-party providers offering tailored payment solutions for cannabis-related businesses. | Widely adopted by businesses needing credit card processing or secure cash management. | Fees may be higher due to the high-risk nature of the industry. |
Prepaid Cards or Wallets | Customers use preloaded cards or digital wallets to make purchases. | Increasingly popular for customer convenience and security. | Limited adoption and potential complexity in setting up the systems. |