Your first step is to fill out this pre-application form. Once it’s been submitted, a Stronghold representative will guide you through completing the full application. If you have any questions throughout the process, don’t hesitate to reach out to your Customer Success Manager or Stronghold.
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- Do I need a bank account to apply?
- If I have multiple locations, do I need to submit separate applications for each location?
- Why is there so much information required during the application process?
- Is my application information kept confidential?
Do I need a bank account to apply?
Yes, you’ll need a bank account under either the dispensary entity or a management company.
We recognize banking can be challenging for cannabis businesses. If you are having difficulty opening a bank account, please reach out to your Customer Success Manager for resources on the subject that may be helpful.
Note: Personal banking accounts do not meet the requirement, and are ineligible to apply.
If I have multiple locations, do I need to submit separate applications for each location?
You’ll only need to submit one of the pre-application forms per each ownership entity. When you’re completing the application, enter both addresses in the Address field. For example, John Smith, Inc owns two dispensaries: Blue St. and Green St. He’d complete one online application for John Smith, Inc. and enter the addresses for both Blue St. and Green St. on the form.
Why is there so much information required during the application process?
Stronghold’s standard process for onboarding merchants may seem like a lot of information, but it’s vital for them to have a thorough understanding of your business. Stronghold payments are fully transparent and compliant, unlike some other payment options that operate in an unreliable ‘gray area’, which is why Stronghold operates with a much lower risk of being shut down. It’s important for Stronghold to verify that you’re operating at a level that complies with all of the same regulatory requirements they must meet.
Is my application information kept confidential?
Yes. After submitting the pre-application, you’ll receive a mutual nondisclosure agreement (NDA) from Stronghold to complete. Stronghold will only ever share information relevant from a regulatory perspective with their originating depository financial institution (ODFI). This information is not shared with Treez.
Once I’m approved, what does the onboarding process entail?
Getting started with TreezPay ACH is a breeze, and believe it or not, it typically takes about 30 minutes. After you’re approved, Stronghold will schedule a time for training and set up. This process includes defining your fees, configuring your SMS messages, and walking you through what your customers and budtenders will see when using TreezPay ACH.
Do I need to submit my logo during the onboarding process? What are the specifications?
Yes, your logo is required for certain elements of the integration. For example, we display your shop’s logo on the page where customers confirm their payment to your dispensary. The ideal specifications are 500 x 500 px.
How do I access my Stronghold Merchant Dashboard?
After your application is approved, Stronghold will send you login instructions to access your Stronghold Merchant Dashboard where you can view transaction-level reporting and settlement information.
What fees are operators subject to?
Standard fees are 3.9% of the order total plus $0.50/transaction. The ability to automatically collect fees from your customers to offset this cost is built into the integration. Subject to change.
How can operators recoup fees from customers?
The integration with Treez allows you to apply flat dollar amount fees to TreezPay ACH orders to recoup operating fees in the form of a convenience fee. During the onboarding process, your Customer Success Manager will help you decide what amount makes sense for your business and set up your fee structure.
How are customer fees applied?
Customer fees will automatically be applied to the order, and the fees collected will be reflected in your daily deposits from Stronghold.
Next up: SellTreez: What Does the TreezPay ACH Onboarding Process Entail?
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