For the longest times banks and credit card processing companies did not easily allow businesses to accept credit or debit card payments for transactions of cannabis accessories. Now in 2020, that is no longer the case and if you run a cannabis based business (whether ecommerce online or physical brick and mortar), then you now have some options to consider. Take a look at the new updates you need to know that could be effecting your business this year.
No Longer High Risk
Originally if merchant service companies and banks did accept cannabis businesses for a merchant account it was under the guise of “high risk”. That meant that processing rates could be as high as 10% and large amounts of cash reserves were held by the banks. This was not only not cost effective but it was very expensive to businesses just trying to sell normal legal goods. No longer is this the case and now your cannabis accessory business doesn’t have to be shunned as black market or “high risk”. Accept debt and credit card transactions just like any other business out there without having to pay huge fees or accept only cash payments. This makes book keeping, profit making, and business banking more stable and secure.
Normal Transaction Rates & Direct Deposit Time Frames
Previously as well when deemed “high risk”, you would not get your payments to your account in 24 hours. It would sometimes have to clear for a week or even longer based on how much of a “risk” the merchant provider deemed your business. Now though, you can expect normal direct deposit time frames. Meaning that when someone comes in and makes a purchase during the day on Monday you will receive the funds to your bank account the following business day. This makes working far more efficient and makes sure you get paid on time. No more waiting a week or more.
Offer Your Customers All Payment Options
Previously customers had to pay with cash when it came to buying any variety of cannabis based or cbd accessories. Now, of course you can still accept cash payments and undoubtedly will in store, but now you can also offer your customers card transactions. If you are ecommerce that means now you can operate normally accept major credit / debit cards right through your websites shopping cart software. In today’s world not nearly as many people carry or normally pay with cash as they did in years past. With new card technology and the speed at which you can now accept payments via card or phones, having this modern option is a must have. Not only for you but for your customers.
Get Started Today
The days are getting longer little by little and it is a new decade. Make the most of this year by making some updates to your credit and debit card processing structure. Already have a processor? Get a better rate today and keep more of the money that you make. Start today with a consultation and discuss your specific business needs today. For the best in Cannabis Accessory Credit Card Processing, look no further than right here at BrotherProcessing.com