Hypur, a financial services company and leader in sustainable payments for high-risk, cash-intensive businesses, has announced Thursday that it is partnering with GFA Federal Credit Union to offer digital contactless payments and other options for the credit union’s cannabis business members through Hypur’s platform.
GFA in September 2018 became the first financial institution to offer recreational marijuana businesses in Massachusetts and serves 80% of the state’s cannabis market. The credit union is full service and member-owned, offering personal, business, investment and insurance solutions.
The partnership will underscore both Hypur and GFA’s efforts to give cannabis businesses modern and accessible financial and banking resources, according to a news release from Hypur, which is based in Scottsdale, Arizona.
“We are committed to providing businesses with the financial infrastructure they need to succeed in a rapidly-changing marketplace by reducing the industry’s reliance on the use of cash,” said Tyler Beuerlein, the chief revenue officer at Hypur. “Compliance and safety are our top priorities, which are only becoming increasingly important as digital payments become less of an option and more of a necessity. We are excited to continue to provide meaningful solutions for cannabis businesses with a strong partner like GFA, which is a trusted pioneer in the cannabis banking industry.”
Banking is difficult in the industry as marijuana remains federally illegal.
Hypur said it will bolster GFA’s marijuana retailer and wholesaler network with a variety of digital payment products. Cannabis businesses that partner with Hypur can use the company’s Hypur Pay app, which is aimed to create a safer, convenient payment ecosystem for the marijuana industry.
Hyper will also provide contactless payments for in-store, delivery, and curbside pick-up purchases. The feature also includes tipping delivery drivers and budtenders, according to the news release.
The state’s Cannabis Control Commission earlier this year opened applications for marijuana delivery in Massachusetts. Delivery operations have not started yet.
Ultimately, Hypur technology means customers won’t have to stop at an ATM before purchasing products at a dispensary. The coronavirus pandemic has also put a spotlight on the safety of digital payments rather than cash transactions.
“Hypur’s modern and tailored payment solutions will help us best serve our network of cannabis businesses,” said Tina M. Sbrega, the president and CEO of GFA Federal Credit Union. “Our cannabis clients look to us to assist them in guiding their business banking needs, and we are excited that they will now have access to Hypur’s trusted, streamlined, and safe transaction systems to take their operations to the next level.”
Hypur has partnerships with banks and credit unions across the country. Recently, it announces its new safe checkout feature as part of its latest partnerships with leading cannabis companies Caliva and Dutchie.