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DODO-FAQ

Dispensary Credit Card Processing – Banking – Cash Management

FINCEN compliant credit card processing, cash management, bank account & banking services for marijuana dispensaries.

FEATURES

  • DEBIT & CREDIT CARD INTEGRATION – Accept all major credit cards
  • BANKING & CASH MANAGEMENT – Free vault placement and cash pickups
  • COMPLIANCE – Compliant with local State laws & regulations + FINCEN Certified

OPERATIONAL PROCESS

  • Credit Card Processing – No PIN required for credit cards – More Purchase Power
  • Funds are deposited within 24 to 48 hours – 100% guaranteed and secure
  • Pay bills electronically with your bank account (includes a Visa debit card)
  • Deposit cash into onsite vault, credited real-time to bank account
  • Scheduled Brinks/Loomis armored truck service available for pickups
  • Works for delivery, iPhone & Android device compatible

SETUP PROCESS

  • No setup fee
  • No equipment fee
  • No contract or early termination fee
  • No reserves
  • Approvals within 2 weeks

FAQs

FAQS ABOUT DODOBANC

What is FinCEN?

www.fincen.gov

The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.

Who is DodoBanc?

DODOBANC is a fully licensed SVF (Stored Valued Facility) holding company based in Ireland governed by international laws, and part of the European Central Banking system. DODO INTERNATIONAL and DODOSOFTWARE LIMITED is a software company that authenticates and provides 24/7 banking access to an individual account established in your legal business’ name. DODO SVF is compliant with all laws and regulations specifically, with the Payment Systems (Oversight) Act of 2006. All large deposits including legacy deposits are reported to FINCEN and are traceable. We, DODOBANC cannot view customer balances, engage in loan activities, and or offer interest on deposits to our DODOBANC customers.

What is a Store Value Facility and how safe is my money in it?

Stored Value Facilities (“SVFs”) are corporate structures used for holding and managing online accounts, virtual currencies, prepaid debit cards and online payment processing. The largest and best known SVF is PayPal, which offers services in the US through various entities licensed as Money Service Businesses (MSBs). SVFs cannot use these funds, as funds are in essence in accounts similar to an escrow account with the European Central Bank.

Your money is 100% protected and accessible at all times. You have access on a real time basis to your funds at all times, 24 hours/7 days a week. As the account holder, you are able to ACH/ wire, withdraw your funds whenever you wish. Dodobanc, like traditional banks, never closes via our online account access tools and your Dodobanc ATM debit card.

Please realize that all your funds (legacy cash, processing revenue and deposits) get reported to the US Treasury Department’s FINCEN (Financial Crimes Enforcement Network). As well as each prospective holder should note that Dodobanc abides by the strict compliance with the Payment Systems (Oversight) Act of 2006 (“PS(O)A”) and related regulations.

How is this account structured? Is my bank account in my business name? Do I have a distinct account number and routing number for it to deposit funds as well as to give to vendors to pay bills and payroll?

Each account is in the legal name of the business and has a unique International Bank Account Number (IBAN) associated with it. This along with the bank’s swift code (similar to routing number on US based accounts) allows you to send and receive funds in and out of your account.

What services do I get with my Dodobanc account?

  • Debit card
  • eChecks
  • ACH/Wire to any other account via your Dodobanc Account Portal
  • Bill Pay capabilities

Is my account FDIC insured?

No, Dodobanc is not an FDIC insured institution or holding company. This is actually a beneficial situation, as a Store Value Facility holding company is not able to leverage the funds in their accounts. Thus, your funds can not be loaned out, used as collateral, or any other business investment by the bank and poor underwriting is what historically has caused banks to fail and the FDIC to step in.

Any maximum account size issues?

No max. It is designed for multi-million annual transactions from billion dollar plus companies and multinational corporations

When are my credit card and debit card sales deposited in my bank account? Available to me to use, transfer, etc?

Initially, as with most high risk credit card processing solutions, it can take between 7 and 10 business days for your first batch to clear and transaction deposits be made into your Dodobanc account. After this initial batch, subsequent deposits will be made as the credit card transactions are cleared with the bank which on average occurs between 24 to 48 hours. Once the funds are in your Dodobanc bank account, they are available to you to use, transfer or pay as you wish 24 hrs day/7 days a week with the Dodobanc portal.

With the Cash Vault ATM, what is the maximum amount of money that the ATM can hold?

The Cash Vault ATM can hold approximately 2,000 bills of various denominations at a time. Once it is full, the ATM will automatically send notification for a scheduled pickup. In turn, deposit requests can be made and scheduled with the Dodobanc operational team for New Cash (Current Tax Year) Deposits directly.

How soon after my after my account is approved should I expect to receive my debit cards associated with my bank accounts?

Debit cards are normally issued to the noted correspondence address of record within 10 to 15 business days after your account is fully approved. Special account requirements such as additional operating accounts or additional debit cards linked to the main account should be discussed with the Dodobanc operations team during your initial Account Welcome Call.

Will Armored Car pickup be available? If so at what cost?

Yes, armored car pickup is available for New (Current Tax Year) Cash Deposits and will cost on average between $90 and $150 a scheduled pickup based on local market cost. Fee may be waived at Dodobanc’s discretion for large deposit pickups.

How is DodoBanc ensuring that this solution is compliant with the various state MMJ business regulations?

Dodo International’s legal and financial teams worked directly with the US Treasury Department’s FinCEN division during the development of the DodoBanc and DodoPay solutions. Doing so has ensured full compliance of this solution with all laws and regulations specifically, with the Payment Systems (Oversight) Act of 2006 that is relevant for businesses associated with the Cannabis industry. In addition, Dodo International has worked to ensure both solutions are compliant with any/all current state specific laws and reporting requirements. In the future, as new states legalize either medical or recreational cannabis businesses, Dodo International’s resources will ensure full compliance with any new state or federal requirements as they are added.

Is there any Repatriation Tax Exposure on my sales as a result of the funds being held by Dodobanc but the physical sale originated in the US?

No there is not. Dodobanc is registered Store Value Facility with FinCEN in the US.

Compliant with the Payment Oversight Act 2006 & FinCEN.

http://www.mas.gov.sg/singapore-financial-centre/payment-and-settlement-systems/payment-media/stored-value-facilities.aspx

 

FAQS ABOUT CREDIT CARD PROCESSING

SIC Code?

None is attached to the application.   All merchants are registered with FinCEN/Treasury as licensed MMJ businesses for their reporting system forms.

Marijuana related businesses ok with DodoBanc?

If they are licensed by their respective states.. we can sign it.

EMV reader?

Not as of now

3rd Party POS integration?

No pos integration or API at this time

Revenue?

Based on 5.95% & .30 TTG makes 190 points in total revenue

TTG makes 37.5% over 5.95%

FAQS ABOUT BANKING

Type of account?

USD account backed by the European Central Bank

Debit card that is attached to the dobobanc account?

Visa Debit Card

Account functionality?

Merchant able to pay bills electronically, send wires & comes with a Visa debit card.

Can a merchant deposit checks into their account?

Not in phase 1, they can accept ACH payments from any bank account though.

Legacy Cash Account?

If a merchant has legacy cash, DodoBanc will set them up with 2 bank accounts. One for current sales & one for legacy cash.

Partners comments…

They need a distinct account as new cash is taxable 2017 cash.  Legacy cash assumption is they already paid taxes on it. And is why we try and vett each client before approving. Any past tax issues and they aren’t approved.

Debit cards

Card limits? Can multiple cards be issued?

Yes, on multiples.. had to inquire on the max if any on the amount.  You can ach, wire out etc daily with no cap.

Revenue

none

FAQS ABOUT CASH MANAGEMENT

When is cash % charged?

fees will be taken out on deposits daily.

Is there a limit on the amount of legacy cash they can deposit using the vault?

The legacy cash piece is a nice to have but as you know they are sitting on a lot of money and with the 2000 bill limit most they could deposit is $200K daily if they were all 100s.  

Stored Value Facility accounts which is what this is, cannot be leverage by the financial institution other than basic fee deductions for service, this is in essence what Paypal is worldwide, and can provide protection up to $100 million. For these accounts it provides protection up to $30 million.

Vault

Holds 2000 bills, free placement, up to 1 free pick-up a day

Revenue

The bank takes the first 25 points. TTG makes 75% of the rest.

Example based on 1.95% cash deposit

1.95-25×75= 128 total points for TTG

MISCELLANEOUS FAQS

State Available

All states with a legal med or rec program

Approvals

Approvals within 2 weeks ! 3 weeks maybe with set up

3rd Party POS integration

No pos integration or API at this time

Length of merchant contract & cancellation fee?

No term on contract or cxl fee