MERCHANT PROCESSING FOR MMJ VENDORS
Virtual Checking Solution
Next generation banking solution that provides businesses and consumers a virtual bank account for depositing and managing funds as well as sending or requesting payments from other account holders. Businesses can use the virtual bank accounts to manage financial transactions and eliminate the need for a traditional banking relationship. Obtaining a virtual checking account eliminates the complexity that many experience when applying for a traditional bank account.
Send and receive money to/from account holders instantly
Invite others to join the system to make or send payments
Load accounts with cash, checks, credit or debit card, wire transfer or from a bank account
More secure than using traditional bank accounts
Absolutely no risk of overdraft, forgery or fraud using account
All accounts are FDIC insured up to $250,000
The Virtual Checking Solution (VBS) combines a virtual bank account with the eWallet Payment Solution giving consumers and businesses a seamless all-in-one banking solution. Account holders can add funds and send payments using the account-to- account transfer option instantly! By design, the (VBS) platform eliminates many of the challenges that traditional banking and payment services have. Get paid or send payments to anyone that has an account.
Use as a depository account to hold funds or use as an online or bill pay account. Account holders can also keep only the funds they want in their account and seamlessly push funds to other bank account(s).
• Deposit cash or checks into over 29,000 physical banks across the US.
• Banks include: Wells Fargo, Citi-Bank, Bank Of America and Chase.
• Invite your customers to join by sending an invite through the system
• Accept instant payments from your customers using the virtual account and eWallet features
• Issue and send instant electronic checks to any other user in the system as a form of payment for goods and services.
• Recipient will receive SMS and email notification and can print out check and cash at their local bank location.
• Virtual bank accounts support online bill pay with the 150 Top US Banks.
• Use the virtual account instead and eliminate access to your primary banking account
NO Overdraft Fees
NO Bounced Check Fees
NO Credit Checks
Virtual Checking Solution - FAQ
Q. Do I need to change my banking relationship to use the system?
• Ans: No. The Virtual Checking Solution works independently from any other bank account. However, account holders may connect another banking account to system and transfer or move funds to another bank of choice.
Q. Are the funds in my virtual account safe?
• Ans: Yes. Each account that is established and issued a routing and account number are FDIC Insured up to $250,000. All accounts are set up through Citi-Bank and offer additional reporting capabilities.
Q. Can I withdraw funds from my virtual account at a local bank?
• Ans: Users cannot withdraw cash from local banks. However, account holders may draft an electronic check from the system and bring to any US bank and deposit or cash check against funds held in virtual bank accounts.
Q. Do I get an ATM card to withdraw funds out of an ATM machine?
• Ans: No. The Virtual Bank Accounts do not offer a traditional ATM card for cash withdrawal. Businesses and users of the system can elect to receive a prepaid ATM card that draws funds from the virtual bank account. This card can be funded through virtual account and used the same as a credit or debit card at any participating location who accepts payments from major card brands.
Q. What local branches or banks can I deposit cash and checks for deposit into my virtual account?
• Ans: Users can deposit cash and checks into any Chase, Wells Fargo, Citi -Bank and Bank Of America anywhere in the US. Combined there are over 29,000 physical branch's available to make deposits and cash checks into virtual account. Funds deposited in physical branches will be available within 24hours from deposit.
Q. Can I pay employees, vendors or others using the virtual banking system?
• Ans: Yes. If using as a business you can send payment via echeck to any other user that has an account. Businesses can send immediate echeck for payments to any user with SMS and email notification.
Q. How quickly can my business be set up with services? Is the approval and setup difficult?
• Ans: Most setups only take 24-48 hours depending if the business needs a dedicated routing and account number or not. Setup is simple and requires minimal information and documentation. No underwriting or complex steps are necessary to establish services.