- New Dama financial partnership with PayWana™ integrates online banking solution with self-service technology to minimize wait times and expenses at retail locations across U.S.
- The partnership is designed to uniquely address some of the challenges cash-intensive businesses face
- Holders of Premier accounts managed by Dama can send payments via electronic ACH, wire transfer, or check to approved payees on clients’ behalf
Through a new strategic partnership, Dama Financial is integrating the online banking solution it manages on behalf of its sponsor banks, and its payment processing software Paytender(SM) with PayWana™ self-service technology, Dama Financial announced in a press release (http://ibn.fm/tg8xC). PayWana automated kiosk machines serve as a point-of-sale solution that increase average ticket size, reduce consumer wait times and expenses, and eliminate cash-handling slippage for retail locations nationwide.
The strategic partnership comes at a time when more retailers than ever are relying on innovation and technology to maximize profits. The Premier solution managed by Dama offers retail customers multiple benefits including the option to send payments via electronic ACH, wire transfer or check; to monitor transactions in real time and receive email or text alerts; to receive electronic fund and transfer money quickly between Dama-managed accounts; as well as to schedule secure cash pick-ups and delivery.
Through Paytender payment processing software, which operates like an app-based consumer wallet, users will be able to make electronic payments via QR scan technology. Its integration with the customizable PayWana self-ordering kiosk will offer a seamless workflow to cash-intensive retail businesses and an effective and intuitive interface.
According to Dama Financial CEO Dan Henry, the integration of Paytender with PayWana self-ordering kiosks will revolutionize the retail checkout process by making it automated and frictionless. “PayWana and Paytender software represents the future of consumer checkouts and will no doubt become standard technology at quick service retailers,” Henry explained.
Consumers at retail points equipped with PayWana kiosks and Dama Financial technology will therefore benefit from a fully automated and cashless checkout process using just their phones. The system will allow merchants to keep track of Paytender sales from receipt to electronic settlement from their Premier accounts.
The combination of PayWana and PayTender will fulfill customers’ expectations of shorter lines, smoother transactions online and in-person, and the ability to shop and pay at your own pace, according to PayWanna Vice President of Partnerships Ash Otocki. “Cash-intensive businesses have unique challenges that this PayWana-Paytender partnership solves,” he added.
While not a bank itself, Dama Financial provides cash-intensive industries with access to sustainable banking and payment solutions as an agent of its bank partners. Deposits held at Dama Financial partner banks are FDIC-insured up to $250,000 per account.
Using innovative technology, data and artificial intelligence, Dama Financial exceeds the compliance and regulatory requirements applicable to servicing high-risk businesses, including in the cannabis industry. Many cannabis companies are currently facing financing problems because major banks will not take them on as customers. Only one in about 30 banks or credit unions in the United States accepts a cannabis business as a customer. If accepted, these businesses are charged huge account and transaction fees, in part to help financial institutions offset the extra costs they incur (http://ibn.fm/CHqgK).
Dama Financial helps cannabis-related businesses create a safe environment for their employees and clients by reducing cash on hand, enabling them to pay their vendors and employees either electronically or by check, and receiving fund transfers effortlessly (http://ibn.fm/ALx2C).
Dama Financial is an agent of its partnering financial institutions and licensed money transmitters. Customer funds are deposited into a custodial account maintained for the benefit of account holders at one or more FDIC-insured institutions. Fees, terms and conditions apply to depositing funds into and using an Account managed by Dama. Account Terms and Conditions and Fee Schedule are available upon registration to access the online application.
For more information, visit the company’s website at www.DamaFinancial.com
NOTE TO INVESTORS: The latest news and updates relating to Dama Financial are available in the company’s newsroom at http://ibn.fm/Dama