Typical application-to-approval times are around 2-4 business days for correct and complete applications.

• Credit cards, essentially a line of credit, are subject to different laws and card brand rules than debit/”check” cards. All of the major credit cards have issued specific statements stating that they will not support any cannabis-related activity on the credit networks, in addition to legislation forbidding certain financial activities.
• A debit card is directly linked to a cardholder’s checking or similar type of cash account. When a cardholder pays for something using a debit card, funds are immediately debited from the cardholder’s account.
• A credit card is linked to a line of credit issued to a particular cardholder based on a financial institution’s evaluation of the cardholder’s creditworthiness. The cardholder pays for goods by charging against the line of available credit. The cardholder is not immediately responsible for the payment/transfer of funds— instead, the credit card network assumes the risk and the cardholder pays off any balance owed at a later date.

Yes — the bank undergoes periodic audits from all of the card brands as a registered member of each card network.

• Cashless ATMs are designed to make transactions appear like cash withdrawals at ATM machines. This is an obvious means of working around certain Card Brand rules, which may result in account termination at any time. Moreover, transactions are typically denominated in $5 or $10 increments, which creates an awkward customer experience due to the “illegitimate” feeling of the transaction. This is not the trajectory of cannabis payments.
• FP’s true Point-of-Purchase solution is based on online, true PIN-Debit environment, where a cardholder is required to enter their PIN for the transaction to be processed. This is also in contrast to “offline” debit transactions which may be processed at a later time over credit card networks despite being a “debit” transaction. PIN-Debit transactions are processed immediately and are true point-of-sale/purchase transactions.