With a new product from Dama, an industry banking and payments company, cannabis companies will now have more payroll options. The new product, called Dama Payroll, will help with payroll, employee time and attendance, work management, workload planning and other elements of payroll, according to a press release on Thursday (June 24th).
Once released, Dama Payroll will integrate with the company’s other solutions.
“People are the driving force behind every company. By adding Dama Payroll to our range of services, we not only make it easier for our customers to manage their employees, but also to make their company grow. ”Said Anh Hatzopoulos, co-founder and CEO of Dama. “Dama continues to be a one-stop shop where cannabis companies can meet all of their banking and business needs.”
Dama also offers access to FDIC-insured world class banking, installment loans, secured credit cards, cash management and merchant services as well as its Dama Smart Safe.
Legal marijuana companies have had to walk a fine line for years as the laws changed and things began to get better for the industry. One problem with companies was that they were often unable to connect to financial services. Instead, they had to use cash.
MRB Direct President Patrick Chung told PYMNTS that the dangers of using cash is that cannabis companies spend about 10 percent of their time just counting cash. And he said that other side effects are not being able to digitally settle the funds or have no insight into cash flow.
But even now, as legalization picks up, financial institutions working with cannabis companies are facing new problems, including issues like risk and compliance. More and more financial institutions (FIs) have moved into the business side of cannabis, although banks tend to drop marijuana-related customers after a short period of time.
According to Chung, this is because black markets are still being associated with cannabis, which ultimately creates compliance verification issues.
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