NBCU Continues Quest to Bring Safety to Communities in California and Marijuana-Related Businesses Through Partnership With Hypur
North Bay Credit Union (NBCU) announces continued efforts to bring safety to marijuana-related businesses (MRBs) through its partnership with Hypur Inc. (Hypur). NBCU plans to serve MRBs by helping them eliminate cash from their business practices, creating safer businesses and communities throughout California.
SANTA ROSA, Calif., July 11, 2019 (Newswire.com) - North Bay Credit Union (NBCU) announces continued efforts to bring safety to marijuana-related businesses (MRBs) through its partnership with Hypur Inc. (Hypur). NBCU plans to serve MRBs by helping them eliminate cash from their business practices, creating safer businesses and communities throughout California.
Traditionally, MRBs are forced to rely on cash for normal business practices – like paying employees and accepting payment from consumers. NBCU has served the MRB community in California by providing access to more traditional banking services for cannabis businesses. This allows MRBs the ability to function like a more traditional business.
Utilizing Hypur’s technology, NBCU now serves its growing MRB member base even more extensively by facilitating business-to-business (B2B) payments for MRBs and their business partners. Hypur’s B2B payments platform enables more extensive tracking for NBCU regarding exactly where the money is coming from within MRB member accounts, allowing for greater transparency with regulators and law enforcement for both MRBs and NBCU.
Chris Call, NBCU CEO, says “The new cannabis economy has suffered from a banking void that a progressive credit union such as ours can fill. There are thousands of employees working in cannabis enterprises in California that provide economic growth and stability to our local cities.” He added “We’re willing to make this investment because we want our local communities to be safe, thriving places to live and work. Partnering with Hypur allows us to transparently and sustainably bank MRBs throughout California.”
Because of the partnership with Hypur, NBCU members can also accept Hypur as a payment option for consumers at their dispensaries, which helps eliminate cash and promotes safer communities.
“We’re excited to partner with NBCU on their mission to provide sustainable, transparent banking and payment solutions to cannabis businesses throughout California,” said Christopher E. Galvin, CEO of Hypur. “NBCU is a premier example of how financial institutions should be handling MRBs throughout the country.”
Hypur’s payment technology brings transparent, reliable payments to the entire cannabis industry. From cultivator to sale, Hypur is used to facilitate payments between cannabis business partners and consumers. Hypur’s technology, coupled with NBCU’s financial services, removes the need to rely on cash for B2B and consumer transactions, allowing MRBs to function as regular businesses when it comes to payments and other financial services.
About North Bay Credit Union
North Bay Credit Union was founded in 1948 and has assets of $65 million with four branches. Anyone who lives or works in the North Bay can join at www.NorthBayCU.com. The credit union offers a complete range of financial services including car loans and mortgages, as well as specialized products such as manufactured home loans and agricultural loans.
Based in Scottsdale, Arizona, Hypur provides regulatory compliance technology that helps financial institutions serve highly regulated and cash-intensive industries, like cannabis, by filling the gaps between traditional banking systems and the unique regulatory demands of these businesses. Hypur also offers electronic payment solutions for industries without access to traditional payment systems, or when traditional payment systems aren’t a good fit. To learn more, visit hypur.com.
North Bay Credit Union
Chris Call, CEO North Bay Credit Union
304 Sutton Place, Santa Rosa CA 95407
Source: North Bay Credit Union
Categories: Banking, Finance, Insurance