Dama’s payroll solution for cannabis companies

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Cannabis companies will now have more payroll options with a new product from Dama, an industry banking and payments company. The new product, called Dama Payroll, will help with payroll, employee timekeeping, work management, workload planning and other payroll elements, a statement from press Thursday June 24.

Depending on the version, Dama Payroll may be integrated with other company solutions.

“People are the driving force behind every business, so by adding Dama Payroll to our range of offerings, we don’t just make it easier for our clients to manage their employees, we make it easier for them to grow their businesses. activities ”said Anh Hatzopoulos, co-founder and CEO of Dama. “Dama continues to become a one-stop-shop where cannabis companies can take care of all of their banking and business needs. “

Dama also offers access to leading banking services, installment loans, secured credit cards, cash management, and FDIC-powered merchant services, as well as its Dama Smart Safe.

Legal marijuana companies have had to walk a fine line for years now as the laws have changed and things have started to improve for the industry. One problem with businesses was that they were often unable to connect to financial services. Instead, they had to use cash.

MRB Direct Chairman Patrick Chung told PYMNTS that the risks of using cash include cannabis companies who spend around 10% of their time counting money. And he said other side effects include the inability to digitally account for funds or have any visibility into the evolution of cash flows.

Even now as legalization expands, financial institutions working with cannabis companies face new challenges, including issues like risk and compliance. More and more financial institutions (FIs) have looked into the business side of cannabis, although banks have tended to abandon marijuana-related customers after a short period of time.

According to Chung, this is because black markets are always associated with cannabis, which ends up creating problems with compliance reviews.

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