We have summarized all the key information that any new Abaca Online Banking client should know.
What is covered here?
This article is a directory to other more specific knowledge base articles.
Welcome to Abaca! We are excited to meet your banking needs in this ever-growing industry. This guide outlines what you can expect as an Abaca Online Banking client.
At Abaca, we strongly value customer success. Each Abaca Online Banking customer has access to an Account Specialist. You will have one point of contact that knows your business and can help navigate online banking and other Abaca services.
Feel free to contact them if you have any questions about your account. To reach the entire Abaca Accounts Team, please email firstname.lastname@example.org or call 501-476-6696 ext. 3.
Getting Logged In
Once your account is opened and ready to go, you will receive an email with first-time login instructions. Simply follow the link provided to set your password and your two-factor authentication preferences. You can login into your account here. If you are having trouble, check out our article here
Vendors are the people or organizations you do business with.
Here you can add your own Vendors. You can access your vendor list here. To find a specific vendor, you can type their name into the filter field.
To learn more about how to edit or delete your vendors, click here.
Abaca Online Banking provides you with an easy way to pay bills online and monitor your account transactions.
To pay your newly activated vendor/payee, you have 3 options - ACH, check or wire. You simply select the vendor you wish to pay, enter the amount, and click Submit.
- To learn more about how to send an ACH, click here
- To learn more about how to send a check, click here
- To learn more about how to send a wire, click here
- To learn more about how to check and filter the history of your payments, click here
Payment approval is designed for clients who have multiple users on their Abaca Online Banking account. Based on who is trying to initiate the payment, type of payment and what their approval limit is, payments will need to be approved before going out.
For more details on how this works, see our full guide here.
Switching Between Accounts and Managing Multiple Abaca Accounts
With Abaca, you can enjoy a single sign-in experience for access to all of your accounts. To access and see all of your bank accounts’ info, you can go here. For more information on switching between accounts, click here.
If you have a technical issue, a product improvement idea, or just want to give kudos to the tech team, click on the Submit Ticket tab on the left or go here.
You can capitalize your account by either a wire transfer, ACH, check, or cash. You can learn more about how to make your initial deposit here.
Cash deposits in most service markets are conducted through insured and vetted Cash Logistics providers. To learn more about how to make a cash deposit, you can check out this article.
Additional Information and Services
AbacaPay - Payment Processing for Cannabis Clients
All cannabis customers must use an approved cashless ATM provider or merchant services. The good news is that Abaca has you covered! AbacaPay works universally with all ATM and debit card networks and is a PIN-Based card transaction that is generated by the customer.
Utilizing AbacaPay can help reduce cash volume and the expenses associated with handling and managing cash. With AbacaPay, your customer simply swipes their card, enters their PIN and the funds are debited from their account.
AbacaPay has been proven to increase customer spend by 25% and reduce physical cash handled by 38% on average. In addition, ACH deposits settle into your Abaca Compliant Banking account.
Abaca Merchant Services - Payment Processing for Ancillary Clients
Rockview Payments, a subsidiary of Abaca, is our merchant services processing platform for our CBD/Hemp and Cannabis Ancillary businesses. Abaca Merchant Services is stable, reliable and built for high compliance businesses like yours.
Studies have shown that consumers typically spend more money paying with cashless options. If you are interested in AbacaPay/Abaca Merchant Services merchant processing services or just want more information, contact your Account Specialist who will connect you with our sales team.
Any customer that chooses to use an ATM/Cash Logistics service must use our vetted and approved ATM/Cash Logistics providers. If you are interested in utilizing ATM services or a Cash Logistics provider, please contact your Account Specialist who will be more than happy to assist you.
Please note that ATMs within a dispensary or MRB cannot be owned or controlled by the owner of said business. ATMs must be handled by a third party and approved by Abaca for compliance purposes.
Debit cards are issued once your account has been funded. It usually takes 10-15 business days for cards to arrive. Please activate your card as soon as possible. All debit cards come with a daily limit. Should you need an increase in this daily limit, please reach out to your Account Specialist. All requests to raise the limit must be submitted in writing to your Account Specialist. Each request is evaluated on an individual basis at the discretion of the banking institution.
Due to the sensitive nature of the cannabis industry, regulations require us to remain in constant contact with our customers. We will call you periodically to request certain required documents, such as invoices, tax returns and other financial reporting documents. We will also conduct annual site visits. It is important that you strive to meet our requests within the timeframe provided.
If you have any questions, please contact your Account Specialist and they will be happy to assist you.