There is a lot that goes into running any business and a cannabis based one is no different. When you start to think about day to day activities, staying in stock, customer support, website updates, shipping, sales, rent, insurance; it can become a bit daunting. One thing you should not have to be worrying about is accepting credit and debit payments in the store or online.
Let’s look at what the best cannabis accessory merchant services can offer your business.
Cannabis & Accessories are No Longer High Risk
There was a time when getting any sort of merchant account approval for businesses involved in the cannabis industry was a difficult prospect. Banks deemed anything cannabis related as “high risk” and that meant if you were lucky enough to get an approval it would be costly. With huge processing fees up to 10%, large cash reserves being held, and the risk your account could be closed; to name a few.
That is no longer the case! Since the legalization of Cannabis for medical and recreational use here in Canada, banks and merchant providers are no longer looking at the industry as a dangerous or criminal enterprise. Any merchant provider who claims your rates must be higher than traditional businesses because of the nature of the products you sell should be considered seriously suspect. Don’t fall for fear tactics that make you feel unclean or like your doing something wrong.
Times Have Changed
There was a time where cannabis accessory shops were being targeted by local, federal, and international authorities for illegal activities. Store owners faced closure, fines, and even jailtime from international courts for simply selling pipes and accessories related to the cannabis industry. But it is 2020 and Canada is now fully backing the Cannabis industry. It is a fast-growing industry (one of the fastest new markets on earth) and with the exponential growth of CBD products that is poised to continue in size and scale. Being sure your merchant service provider is up to scratch is a must.
Growing a Relationship
You can find companies just about anywhere who can offer merchant services to process your transactions online and in-store. But many of these providers are large agencies with hundreds if not thousands of employees. You may be lucky enough to get a dedicated account manager but not always. If your credit card processing company does not know who you are, what your business is, and how they’re serving you; you may have made the wrong choice.
The Cannabis industry is based on relationships. Botanists, medical professionals, shop owners, and many other areas have grown together through the years (excuse the pun). So why should your merchant services be any different? You should be looking for a cannabis merchant service provider who is involved in the industry personally. They should know your name and they should know your business but that is not something you can do with a huge company where you’re just an account number. Working with the best marijuana accessory merchant services you’ll quickly see that you are viewed as a person and as a business, not just a client.
Why Is a Merchant to Business Relationship Important?
It’s simple, helping each other say in business. Let’s look at it this way. If you are a new business and sell cannabis accessories in Canada online, but experience some growing pains and delivery issues to the point where a percentage of customers file a chargeback through their banks. If you have no relationship with your merchant provider, you could face swift account closure and no longer be able to accept credit or debit sales. If you store is 100% online that means no new business.
A relationship matters because a merchant who knows you and your business will be aware that these could be just growing pains or a simple production/shipping issue. Where Stripe may simply close your merchant account, a merchant service provider who knows you will allow more wiggle room. They will allow more room for recovery and can work with you directly to reduce your chargeback ratio. You only get help like this when you have a relationship with a merchant. Working closely with and building a relationship with their credit card processing provider has helped numerous businesses keep their doors open when something goes wrong. You only get this from more dedicated merchants, not from 10,000 employee firms like Stripe.
Finding the Best Cannabis Accessory Merchant Services
Here is where you’ll have to do a bit of hunting. Despite the legality many larger bank owned merchant services are unwilling to work with companies in the Cannabis industry. But with a few questions in mind you can find a suitable small merchant service to help you grow your cannabis accessory business both in person and online. Ask questions about time frames for direct deposit, processing rate per transaction, monthly fees, and anything else you can think of.
For the Best Cannabis Accessory Merchant Services Canada look no further than right here at BrotherProcessing.com – we are investors in the Cannabis industry and work closely with a wide range of cannabis based businesses including growers, dispensaries, and paraphernalia businesses. We’re here to answer questions you have and work directly with every client we take on. No one is overlooked or unknown when working with Brother Processing. Call today and see how we can start building a relationship to grow your business today. Speak Directly To Stuart Lutterman: 1-800-891-8965