Post date: 2/15/2024

Gaining insight into how Paybotic transforms challenges into opportunities, redefining cannabis banking.

 

WEST PALM BEACH, FL – [2/2/2024] – Paybotic, a trailblazing pioneer in the national cannabis and MRB banking ecosystem, proudly announces its unwavering commitment to operational consistency and growth as it continues to spearhead transformative efforts within the legal cannabis industry.

 

While the United States continues to advance legislative changes aimed at modernizing banking regulations for the cannabis sector, Paybotic has successfully facilitated the processing of billions of dollars annually through its extensive network of thousands of merchants across all legal cannabis markets.

 

As the calendar flips to 2024, Paybotic celebrates its distinguished accomplishments in championing a secure, comprehensive ecosystem that includes payment solutions, banking services, insurance, accounting, risk management, and supply chain solutions tailored to the unique needs of the cannabis industry and marijuana-related businesses (MRBs).

 

Max Miller, Co-founder and CEO of Paybotic, highlights the company’s resilience in the face of these unique challenges, stating, “Proving Paybotic’s strength of payment processing with redundant services, it was unaffected during a sudden moratorium on debit card transactions within the US market.” Miller adds, “Paybotic Financial’s offerings are unaffected by the Card Associations’ rules. Therefore, the Company’s capability is unparalleled with continuous service and support – all designed for cannabis business’ continuity and growth.”

 

The recent moratorium serves as a stark reminder of the urgent need for Congress to pass proposed banking legislation, including the Secure and Fair Enforcement Regulation (SAFER) Banking Act. Such legislation would grant federal authorization for the legal cannabis industry to access the same banking services that non-cannabis-related businesses rely on and participate in.

 

In response to this pressing need, Paybotic introduced a beta program that launched by the end of Q2. Through its partnership with Regent Bank, Member FDIC, Paybotic together with its sister companies, Paybotic Financial, Accountabis Advisors, and Millers Insurance Group, now provides a comprehensive financial ecosystem solution across legal markets in the United States. This empowers cannabis businesses with robust features and benefits, including:

 

  • FDIC-insured checking accounts and electronic payments
  • Seamless online access
  • Centralized log-in with viewing capability for multiple checking accounts
  • Swift same-day and next-day deposit/payment settlements
  • Access to physical and digital business debit cards
  • Flexible card limit and utilization
  • Digital payment options (ACH and domestic wire transfers, cash management & logistics, etc.)

 

Paybotic further solidified its commitment to innovation and excellence by unveiling its full fintech program in October at PBC’s annual gathering of cannabis industry leaders in payment, banking, and compliance. This prestigious event culminated in Paybotic receiving the coveted award for Top Payments Company.

 

 

 

As Paybotic continues to expand and innovate, its new headquarters in downtown West Palm Beach, Florida, positions the company perfectly for future growth. In recognition of its dedication to its employees and outstanding service offerings, Paybotic was ranked 29th out of 75 small companies by the Sun Sentinel’s Top Workplaces in 2023, receiving additional recognition with a Benefit/Service Offering Award.

 

 

 

About Paybotic

Paybotic is the leading provider of digital commercial finance solutions specifically designed for cannabis-related businesses and their customers. Our innovative financial ecosystem enables and empowers cannabis and cannabis-related businesses to transact securely and compliantly. Based in West Palm Beach, Florida, Paybotic was founded in 2022 by a team of leading fintech, compliance, and payment systems experts and premiere cannabis industry payments professionals. Paybotic Financial delivers creative embedded financial solutions for cannabis and cannabis-related businesses to increase revenue, reduce costs, and streamline transaction processing. To get started, visit Paybotic.com and follow Paybotic on LinkedIn for important updates.

 

 

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