Running a successful business means managing operations from every level. Whether that means adjusting the products your selling to meet your customer demands, hiring or firing employees, or getting the best deal from your merchant service provider; it doesn’t matter. Business owners know they have to wear a lot of hats to not only keep the doors open but to turn a profit and make your business a success. But how do you know if it’s time to change your credit and debit card processing service? Let’s take a look.
Get a Cannabis CC Processing Quote a Year
Cannabis Credit Card Processing Company
Just like insurance experts recommend you should get a car insurance quote every 6 months to a year, so too should you get updated processing fee quotes. Not all credit card processing merchants are created equal and some don’t look at CBD or Cannabis businesses as viable. That is a huge red flag. If your merchant service looks at CBD or cannabis in any other way than a normal and useful product to be bought and sold, you need to look elsewhere.
With recreation and medical legalization for Cannabis here in Canada and the widespread availability of CBD, this sector is one of the fastest homegrown (no pun intended) industries Canadians are bringing to the table. What did this have to do with your credit card processing? A lot.
See why 2021 will be CBD’s Biggest Year Yet Here
In the past, bank flat refused to work with Cannabis companies (even after legalization) as they deemed cannabis businesses “high-risk”. Putting them on the same level as online gambling websites, pornography websites, and cryptocurrency websites. To be blunt (maybe some pun intended here, wink wink), this was ridiculous but that is what the banks and merchant services did. This meant they could charge fees up to 10% per transaction and hold huge cash reserves. This made it incredibly expensive for cannabis companies who were legally operating to turn a profit.
Their solution was to take cash only as at least that way they wouldn’t be charged huge fees. But that has its own issues. Firstly, cash is gross, and fewer people are handling it every day, even before the pandemic (and way more now). Not only are people using cash less but it also meant business owners would have to take huge amounts of physical cash to deposit it at their banks. There is horror stories of being tailed and held at gunpoint for their business’s income.
Change Your Cannabis Credit Card Processing Company
Luckily for everyone, banks no longer look at cannabis or CBD companies as “high-risk”. This means customers pay less as businesses don’t have to price in huge reserves or processing fees and businesses do better on both fronts because of that reason. If you are paying even slightly more than standard processing rates you should be looking to change your Cannabis merchant service provider straight away.
Contact us today. Brother Processing is a proud investor in the Canadian cannabis industry for over 10 years. We understand the industry and how it can benefit so many. Call today and speak with Stuart for a look at how we can improve your bottom line.
