Hypur and Salal Credit Union Announce New Partnership to Offer Digital Payments for Cannabis Businesses
New partnership provides cannabis companies nationwide with a secure, modern payment solution
Apr 23, 2020, 06:00 ET
SCOTTSDALE, Ariz., April 23, 2020 /PRNewswire/ -- Hypur Inc. (Hypur), the leading provider of compliant, safe, and sustainable payments for high-risk, cash-intensive businesses, today announced a new partnership with Salal Credit Union (Salal) to offer digital contactless payments, curbside pickup, and delivery options for Salal's cannabis business members via Hypur's platform. The new partnership builds upon Hypur's extensive network of banks and credit unions and reflects both institutions' efforts to improve public safety by limiting the use of cash, increasing digital payment solutions and tax revenues, and helping cannabis companies thrive with modern banking options.
"Cannabis businesses rely on accessible and modern financial and banking resources to help their businesses grow. Establishing long-term relationships with trusted financial partners to better serve our customers and their consumers is critical to Hypur's mission," says Tyler Beuerlein, Chief Revenue Officer at Hypur. "We are excited to continue helping cannabis companies thrive with Salal, which is also known for their trusted operations across compliance, regulations, and risk management."
As part of the partnership, Hypur will support Salal's cannabis retailer and wholesaler network through a variety of modern, digital payment products. Cannabis operators who choose to partner with Hypur and leverage its financial technology can utilize the company's digital Hypur Pay™ app to create a safer, more convenient payment ecosystem for the cannabis industry. Additionally, Hypur will provide contactless payments for in-store, delivery, and curbside pick-up purchases with a new safe checkout product feature, which includes a tipping feature for delivery drivers and budtenders.
Hypur's reliable and compliant technology reduces cash handling, physical contact at checkout, and eliminates the extra step of stopping at an ATM to get cash to pay for products. The availability of digital payment solutions for cannabis deliveries and purchases is crucial as the cannabis industry has been deemed "essential" in many cities and states across the country during the COVID-19 pandemic. With some dispensaries experiencing a surge in consumer sales during social distancing and shelter-in-place mandates to uphold public health and safety, Hypur keeps these transactions safe.
For over 70 years, Salal has serviced members nationwide with its retail, business, and indirect lending programs. Today, Salal is among the leading financial institutions that provide banking and financial services to the cannabis industry, and it serves some of the largest cannabis dispensaries across the United States.
"Hypur's advanced and unique payment services fuel our ability to help businesses grow," says Brett Ballman, Vice President – Director of Business Banking at Salal. "Businesses that look to Salal for banking, commercial real estate, or other needs will now also get the added benefits of Hypur's streamlined, safe, and compliant transactions."
Hypur is a trusted, experienced payment provider that serves more than 600 customers nationwide and has upwards of 25 partnerships with banking and financial institutions. In its six years of operation, Hypur has never gone down. Hypur recently launched its safe checkout feature with a partnership with leading cannabis consumer brand Caliva, which is now available nationwide. To learn more about Hypur and their digital payment solutions for the cannabis industry and cannabis consumers, visit: Hypur.com.
Established in 2014, Hypur is a payment, banking, and compliance technology for cash-intensive industries like cannabis, CBD, and money services businesses. With features such as Face ID, Touch ID, and auto check-in, the Hypur app dramatically improves the in-store payment process for both consumers and merchants. Hypur can also be used for order-ahead, delivery, online, and business-to-business transactions. Financial institutions benefit from Hypur's streamlined reporting and document management, facilitating compliance with local regulations. Learn more at www.hypur.com.
Based in Seattle, Washington, Salal is one of the larger credit unions in Washington State with more than $700 million in assets and over 40,000 members. It is a full-service financial institution that serves members across the country through its business and indirect lending program. Salal operates four distinct lines of business – retail banking, small business services, mortgages, and dealer direct lending – which provide a wide range of deposit and loan products. Learn more at www.salalcu.org.
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