The cannabis industry is rapidly growing across North America. With full legalization in Canada and more and more states in the USA getting recreational legalization, it is a boom time for the industry. But it isn’t all fun and games for growers, processors, dispensaries, and other THC and CBD-related businesses. Many are stuck in legacy credit and debit card processing programs that have huge fees and large cash reserves. Others simply don’t offer their clients anything other than cash as an option to make a purchase. 

As the Cannabis industry grows so too does the “business to business” or “B2B” services that operate within it. Take marijuana merchant service providers who are offering standard processing fees only recently. If you run a dispensary or other CBD & THC-related business, it’s time to take a closer look at your credit and debit card system. 

Answer These Simple Processing Questions

Cannabis seedlings don't know if your credit card processing is set up

Cannabis Credit Card Services

If you are already an operating business entity taking credit and debit card sales it’s time to ask some serious questions. The industry has only just gotten going over the past few years and has hit its stride (despite the pandemic), in 2020. People were stuck at home, cannabis sales & deliveries were on the rise, and both the need for medical and recreational availability climbed dramatically. If you’re a business owner in the space you should ask a few simple questions:

  • Are you getting competitive rates?
  • What is the time frame for direct deposit?
  • Is there any cash reserver required?
  • Do they label your business as “high-risk”?
  • Is the fear of your merchant account being pulled a reality?
  • Is your POS system modern and functional?
  • Can you take online sales, orders, and reservations?
  • Are you set up for ecommerce?
  • Is your processing system scalable?
  • Easy to operate? 
  • Easy to train employees on?
  • Easy to track payments?

But the two most important questions are likely:

  • Are you happy?
  • Are your customers happy?

If you don’t have a clear answer to some of these questions or you have a clear answer and it isn’t a good one, now is the time to reconsider your merchant service provider and get some new price quotes. 

Cannabis is Only Getting Started

With the stigma of Marijuana being a dangerous drug fading away year after year, the growth of the industry as a whole is still only just beginning. After all, it has been hard to alter the idea of marijuana to older generations despite all forms of research and proof of its safety and effectiveness in the medical realm. Medical acceptance has been hard but even some very conservative states in the USA have legalized marijuana use for certain medical conditions. This is how the progression has typically worked.

Medical legalization followed by recreational legalization. In lieu of federal legalization in the USA, it is up to each state to determine its marijuana laws. This creates a confusing landscape for operators and banks who want to get into the industry. Cannabis is still federally illegal in the USA and this means getting your merchant service account set up and approved isn’t that straightforward.

Luckily Cannabis Safe Banks Exist

We have been early investors in the Cannabis industry and have seen its growth and change over the past several years. Through working with smaller dedicated regional and partner banks, Cannabis companies can get all the standard services that “normal” businesses have come to expect. But knowing what banks and merchant service providers to work within Canada and the United States is still rather tricky. Much is unclear and federal criminality looms ever-present. 

We’ve taken the risk and uncertainty out of Cannabis Credit Card Processing Services both in the United States and in Canada. Give us a call today and see why we’ve become the leading merchant service for CBD and THC-related businesses. 

Call us today and let’s discuss your business and how we can improve every aspect of your payment acceptance legal compliance and requirements. We’ve been doing this from the start and know the intricacies of these legal aspects that affect your operating procedures. Let’s go over your options today. 

1-800-891-8965