Cannabis is now fully legalized throughout Canada for not only medicinal purposes but now also for recreational consumption (aged 21 and over). This has created huge opportunities for not only consumers to take advantage of the many benefits cannabis products can provide, but also for the industry as a whole as well. Because the legal cannabis industry is rather new, there is much room for expansion and growth from new and small businesses of all sizes and kinds. So, if you already do or are considering to begin selling accessories (water pipes, grinders, vapes, etc.), there is a few things you should know about.
Not All Merchant Companies Will Be Ideal
There are various solutions available to accepting credit and debit payments for marijuana accessory businesses. Many stores had been using Shopify without issues, however that solution was stopped when Shopify sent notification that all businesses in this industry would have to find their own 3rd party merchant service provider in order to keep selling on Shopify. This left many businesses to scramble and even have their ability to accept payments online or in person with a card shut off. But there are great solutions that are easily integratable with Shopify so you can continue to sell your products on that platform.
But rates, time frames for direct deposit, and personal assistance will vary greatly from merchant service provider to another. Large institution and agency companies often have hundreds if not thousands of clients, this means that no one there really knows much about any one client or their business. Their rates are not better than smaller service providers and many companies simply get lost amongst the masses. When no one knows your name or your business, it may be a merchant service provider you would consider not working with instead of working with. Smaller more dedicated firms will know who you are, know the ins and outs of your business, and know what is required to get the best rates no matter what variety of Cannabis accessory or product your business sells.
“So, What Should I Look For?”
This will depend on a few key factors. Is your store entirely on the web or are you a brick and mortar or both? What is your monthly sales volume? Are you currently accepting credit and debit payments? More or less this information may be something you don’t know if the business is brand new, but other companies may have an idea and you should relay this information to your merchant service provider. You may be able to get better rates for larger volume but typically its rather consistent depending on which provider you go with. You should be looking for a dedicated team and account manager who actually knows your name and knows your business. Can you get your phone calls answered immediately? Are your emails replied to quickly? If you have an issue who do you call? For large agencies, you can easily get lost amongst their many different clients and may not get timely responses to your queries. This is something you want to keep in mind when determining which provider to go with.
Investors In The Cannabis Industry
Here at Brother Processing, we are a dedicated team who understand the laws and regulations regarding sales of cannabis accessories and products. Being at the forefront of this growing industry we are also investors into the industry itself. Working with many of our clients in a wide range of ways that go beyond the typical scope of a merchant provider. Large agencies are not focused or dedicated to any one industry or business. They have many clients selling many different products and services. Be sure that whoever you go with has knowledge in your specific industry, in this case Cannabis accessories.
For the best in Cannabis Accessory Merchant Service Providers, look no further than right here at BrotherProcessing.com , call today for a free no obligation consultation with Stuart and see how BPS can make the most of your credit and debit card processing today.