Bitcoin & Banks: Your Cash Logistics Solution
When it comes to Bitcoin and banks, things are complicated. Due to derisking, many Bitcoin-related business owners are forced to cross state lines in search of a reliable banking partner. Other businesses are forced to close entirely when they run out of convenient banking options.
In addition to securing and maintaining a Bitcoin bank account, you also need a way to transport cash between the account and the kiosk. The solution to efficiently rotating your working capital between your Bitcoin ATM and your operating bank account is robust nationwide cash logistics.
Bitcoin Cash Logistics
BankLine frees Bitcoin ATM operators from geographic restraints with groundbreaking national Remote Cash Deposit Services. BankLine, in partnership with TransGuardian and Rapid Armored, has launched insured “next day” or 1-3 day transfer of funds via any USPS location in the USA. Bitcoin ATM operators now have a way to securely transport cash for electronic credit to their account.
The service is “bank agnostic”, and eliminates any geographic boundaries of your financial institution service footprint, or its contracted cash logistics courier. BankLine provides a centralized management system that tracks cash shipments from any Bitcoin ATM location in the US.
This is a huge step forward for Bitcoin ATM operators in need of a safe and efficient way to cash deposits for electronic credit to a business operating account. The service can also be used to transport cash from a Bitcoin ATM location to either a bank vault, or to a parent organization’s regional or central location.
TransGuardian was originally formed to handle collectables, fine art, jewelry, gems, and other high value items. BankLine, TransGuardian, and Rapid are now offering Remote Cash Deposit Services to provide the industry with a safe and efficient mechanism for the transportation of cash.
Via TransGuardian’s partnership with the United States Postal Service underwritten by Lloyds of London, BankLine is exclusively licensed to the tracking module RADAR, which enables pro-active tracking and tracing through the mailstream. The USPS can pick up from, and deliver to any business location within the US or its territories.
Rapid is a licensed Armored Car Carrier under the United States Department of Transportation and the New York Department of State. Rapid is fully insured portal-to-portal by Lloyd’s of London. Rapid offers a wide variety of currency services, including cash transportation and money transmitting.
The Cash Logistics Process
TransGuardian and Rapid Armored work together with BankLine to bring coast to coast cash logistics to Bitcoin ATMs. TransGuardian has been in business for 12 years and was initially created handling fine art, jewelry, gems and other high value items. In March 2016, TransGuardian began offering Remote Cash Deposit Services.
TransGuardian’s service can be used to transport cash from a business to either a bank vault or to a parent organization’s regional or central location. The service can also be used to distribute cash from banks or company offices to Bitcoin ATMs. The service is currently offered across the US and its territories (i.e. Puerto Rico, Guam, US Virgin Islands and American Samoa). In early 2017, TransGuardian expects to pilot its program in Canada and the same services offered in the US now would also be available in Canada and from Canada to the USA.
Cash logistics are offered in partnership with the US Postal Service and is covered by TransGuardian’s marine cargo policy underwritten at Lloyds of London. The USPS is responsible for transporting the package and providing tracking for the item. TransGuardian’s tracking module, RADAR, enables pro-active tracking and tracing through the mailstream. The USPS can pick up from and deliver to any location in the US or its territories.
TransGuardian’s Lloyds of London policy provides insurance for the package for up to $25,000 per item. In order to use TransGuardian’s service, agents only need to have access to a printer and a PC, Mac or a tablet. There is no mobile phone application available at this time. TransGuardian’s system is available in both English and Spanish. Web based access allows the TransGuardian system full visibility to the cash when it’s within the TransGuardian network.
The business owner or manager would first log onto the TransGuardian online system and input the details of the deposit (i.e. number of bills of each denomination) and the total amount of the deposit. The system would print out a deposit slip, shipping label and a form for the postal worker to scan. Once the postal worker scans the form and accepts the package, the package is the responsibility of the USPS and it is insured by TransGuardian’s Lloyds of London policy.
The package is then transported through the USPS Priority Mail system during which time it is fully trackable. Once the item is delivered and signed for or scanned at the delivery point, it is no longer the responsibility of the USPS and TransGuardian’s Lloyds insurance no longer applies.
Rapid receives and disburses cash, enabling the deposit and withdrawal of funds from the operating account. Their extensive experience with money processing brings you peace of mind that your cash is being handled securely.
Reliable Bitcoin Banking
Bitcoin cash logistics is only one piece of the Bitcoin banking puzzle… You also need access to a Bitcoin-friendly bank account. Due to ever-changing regulation, many banks refuse to work with Bitcoin-related businesses in an effort to reduce compliance costs. As demand for Bitcoin continues to grow, these businesses are missing out on growth opportunities due to a lack of banking opportunities.
BankLine is the only Bitcoin banking solution offering a portfolio of banking partners to serve the varied needs of the entire Digital Currency Exchange and Bitcoin ATM industry. Our commitment to service and use of technology is reinventing the Digital Asset industry by providing our clients and partner banking institutions new technologies and mechanisms for more expedient, compliant, and efficient transactions while allowing greater control and increased profitability.
Our team of compliance experts is on call 24/7 to answer your questions and keep your business running. If you are ready to scale your business with reliable banking and cash logistics solutions, BankLine is here to help.