CHICAGO, Sept. 1, 2020 /PRNewswire/ -- AeroPay, a financial technology company providing digital payments solutions to state legal cannabis businesses, and Safe Harbor Private Banking (a division of Partner Colorado Credit Union), the leading compliance-based banking program for cannabis businesses, announced a strategic partnership today aimed at bringing better payments to CBD, cannabis, and non-plant touching ancillary service businesses throughout the United States. The partnership will leverage AeroPay's technology to facilitate payments, with Safe Harbor Private Banking providing banking services and processing transactions on the back end. In 2019, Safe Harbor Private Banking banked over $2.5 billion in compliant cannabis-related funds.
"For cannabis businesses, compliance is especially important," says Daniel Muller, CEO & Founder of AeroPay. "Our partnership with Safe Harbor Private Banking gives us a proven banking partner that will help us ensure peace-of-mind for our customers, many of whom have run into issues with other solutions in the past. Every step of the process from onboarding to actually running payments follows strict compliance protocols."
Before any new business begins using AeroPay's cannabis payments solutions, Safe Harbor Private Banking provides support for the due diligence, monitoring, and reporting issues that are the typical barriers to establishing a banking relationship for cannabis businesses.
Through the partnership with Safe Harbor Private Banking, AeroPay's suite of payments solutions is able to handle payments both in-person and online for environments through the entire cannabis value chain - from grow ops and suppliers to retail dispensaries and delivery drivers. This includes payments for both business-to-business (B2B) and consumer-to-business (C2B).
Once a business begins running payments, Safe Harbor Private Banking helps verify that each dollar accepted through AeroPay is validated, transparent and accountable for legitimate licensed entities.
"The partnership between Safe Harbor Private Banking and AeroPay is a natural fit, as both organizations are committed to delivering best-in-class financial services to cannabis businesses," says Kim Oliver, Vice President of Special Projects for Safe Harbor Private Banking. "We are impressed by what the team at AeroPay has created and see this as a ground-breaking alliance that will help shape the future of financial services for the growing legal cannabis industry."
The relationship between the two pioneering companies will also allow each to offer an additional set of services through the other. For AeroPay that means the ability to send current and potential customers to an industry leading credit union. For Safe Harbor Private Banking, it will give them a value-added suite of payments solutions to provide to their clients through merchant services.
"We are grateful to the team at Safe Harbor Private Banking for making this partnership a reality and are thrilled to work with them on this initiative," says Ryan Coffey, Director of Business Development at AeroPay. "Together, we are leveling the playing field for cannabis businesses that have often been left behind by traditional financial and technology providers."
About AeroPay AeroPay is a financial technology company providing alternative payments solutions to state legal cannabis businesses.
With AeroPay, cannabis businesses can offer a convenient and contactless digital payment option to their customers, suppliers, and business partners.
AeroPay has been approved to work in every state where cannabis businesses can legally operate as well as Washington D.C.
About Partner Colorado Credit Union Partner Colorado Credit Union was founded in 1931 to serve the underserved. The values of equality, inclusion and diversity are central to Partner Colorado's nearly 90-year history. Today they are a member-owned, not-for-profit cooperative with assets over $500 million and more than 35,000 members. In 2014, concerned about the risks a cash-based industry posed to public safety, the credit union established Safe Harbor Private Banking to serve the cannabis industry.
About Safe Harbor Private Banking Safe Harbor Private Banking is a compliance-based banking program for the cannabis industry, and a division of Partner Colorado Credit Union.
Safe Harbor pioneered the turnkey program to help keep communities safer and stay true to the credit union philosophy of "serving the underserved." The program appears in national editorial coverage, including The New York Times, Bloomberg News, Reuters and the Wall Street Journal, and is featured in a groundbreaking book, Navigating Safe Harbor: Cannabis Banking in a Time of Uncertainty, authored by Safe Harbor's CEO, Sundie Seefried.