The world has changed a lot in the past two years. There is an ongoing global pandemic, but it isn’t all bad news everywhere you turn. There are silver linings and outright “wins” for people and businesses previously operating behind closed doors. Let’s take the Cannabis and CBD industry, which despite the pandemic, is growing at a faster rate than ever before.
Full medical and recreational legalization in Canada has paved the way for more and more states to start doing the same in the USA. It has been a watershed moment for those advocating for the legalization and adoption of Cannabis. With the changes in the law, doors are opening to businesses that previously did not exist or were illegal.
Cannabis & CBD Retail Stores Thriving
Cannabis Retail Merchant Services
The legalization of Cannabis has led to a slew of producers, retail stores, and brand names. Some companies have grown so fast that they are now publicly traded on the United States and Canadian stock exchanges. Small dispensaries have grown to add more locations, products, and staff. All while the overall health of the industry is as good as its ever been.
CBD is no different. CBD (aka Cannabidiol) is a hemp or Cannabis derived substance that has loads of therapeutic benefits and contains zero or trace amounts of THC. Therefore it produces no intoxicating effects how traditional Marijuana does. As businesses were closed and people’s stress levels were high due to the pandemic; CBD grew in popularity. Grandmothers used CBD lotion on aching joints, health-conscious individuals added it to smoothies, and others took it in pill form to relax and alleviate chronic pain. It seemed CBD was making its way into every type of conceivable product and that meant good news for businesses.
Retail Stores with No Online Shopping System Left Behind
As physical locations had to close their doors, many struggled to keep afloat. If your customer base is only through the web but you have no website you were left behind. This left businesses of all shapes and sizes (not just the Cannabis or CBD space), to pivot or possibly go out of business. It can be tricky when you’re used to face-to-face sales and have to shift to 100% online sales only. Some businesses handled this need better than others and those who could meet the market demand head-on thrived.
Getting Off Merchant Account “MATCH List”
Whether retail or online, problems with chargebacks in the past may have you blacklisted and put on a “MATCH List”. “MATCH” stands for “Member Alert to Control High-Risk Merchants” and it is not good. This means that you’ll be hard-pressed to get a credit card processing account approved. But it isn’t all bad news!
You’re on a MATCH list if:
- you’ve been terminated or denied by your processor
- had high chargeback ratios in the past
- failed to keep customer information secure
Through Interac, Canadian businesses are able to accept debit card sales (online or offline), even if they’ve been flagged on the “MATCH list”. This is important because it means you can keep your businesses running and eliminate your chargeback risk as Interac only processes debit card sales. Your business can keep operating while you do your best to run things smoothly and wait up to five years to get removed from a merchant “MATCH list”.
Getting Set Up Today
Businesses have opened again. The Delta variant is making its way through our communities and you should consider preparing for the worst. That means being ready for no in-store sales and getting set up to take online orders if you haven’t yet done so. This means a few things:
- Look at your current merchant service account
- What will you do if in-store visits are stopped?
- Is your website online and ready to take orders?
- Do you have a delivery system in place?
These are questions many dispensaries weren’t expecting to answer.
For the best Cannabis Retail Merchant Services, look no further than BrotherProcessing.com. We are investors in the industry and are proud to work with every client on a personal and professional level. We are not a large anonymous agency.
Call today and let’s discuss your businesses processing needs.
