Cannabidiol THC MMJ Merchant Services
Setting Up A Merchant Account For Hemp Oil, Cannabis and MMJ Dispensaries Industry. There can be conflicting issue when you start searching for a merchant account for your hemp oil and cannabis business. There have been many instances when the medical cannabis retail industry has had to suffer denial of credit card processing and banking services. There has been discrimination and conflicts in state and government laws that led to denial by the traditional banks. So if you own a cannabis business, then what is the way to find a payment solution that is legitimate and also allows online as well as payments that are done face-to-face? You need to look for a company that will be able to provide payment solutions that fit all your licensed and legal marijuana or cannabis business needs.
How Green Pay Can Help Your Cannabis Company:
- Years of experience in setting up high-risk merchants
- Online and retail credit card processing solutions
- SSL secured & PCI compliant solutions
- Recurring billing for monthly orders & repeat customers
- ACH & electronic check processing
- Small Business, New Businesses, New Companies Welcome
- Same day funding
- 24/ Customer Relations and Tech Support
- Chargeback insurance available on all accounts
- & Much More
Why do you need an Marijuana MMJ Friendly Processor?
This industry is ever changing and their ability is subjected to many factors. Also when it comes to transparency and competitive pricing, the CBD industry is ready to pay higher than the average rates. With accepting credit cards there is security and convenience which makes rolling reserves and occasion fund hold worth.
The CBD sellers will get a lot of security when they open a merchant account that will make the payments successful. This is a high risk industry and you need to look for one who has a lot of experience in this industry in the domestic as well as the international market.
Cannabis Company Credit Card Processor Options
The company should know how the banks deal with the business that caters to the cannabis industry and also about the precautions before they approve the payment process. Banking policies change and the company should be aware of that and should know how to evolve and adapt to the policies. They should be knowledgeable and be able to provide the latest modes of making payments. The merchant account provider should provide the business with a number of payment options that customers can choose from.
Cannabis Marijuana Flagged as High Risk Merchants
The business of cannabis and hemp oil is high risk. This puts the merchant processors in an unfavourable zone because of many frauds and charge backs. When the merchant is based in the country of business, it becomes easy to trace him through his identification number. However, for those based outside the country, it can be a high risk business. The other issues pertaining to the business are criminal background, bad credit history, and high monthly volumes which add to the business risk. The merchant processing services also charge high rates because apart from being high risk business, there could be issues where the payment is delayed and there could also be cases of rolling reserve funds. The rolling reserve is the percentage of sales that the processor sets aside in order to neutralize the charge backs. The fund gets returned to the merchant but it impacts the cash flow negatively to a huge extent. Look for merchant accounts who work with domestic banks because they will help to minimise the risk of using an offshore bank. This will also save on the foreign currency exchange for you as well as for your customer. An offshore bank also leads to delay in payments. Ensure that the transactions are hassle free and less time consuming and also that the funds get deposited in the account within a few hours.
Benefits of obtaining a CBD/HEMP/THC Friendly Merchant Account Bank
The merchant account should allow fast and quick ways to accept and process credit card. They should be cost effective and also have an option of online check payments. The payment gateway should be compatible with most of the merchant accounts and also provide an e-commerce shopping cart. The payment gateway should allow mobile credit card processing and charge reasonable fees. Most of the merchant account providers will charge the standard gateway fees only and nothing more than that. The account provider should also be transparent in all its processes.
Choose the Cannabis & Marijuana Industry Merchant Account Providers by shortlisting those who :
- Do not charge any application fee
- Charge only gateway fees and no other set up fees as part of any transaction
- Do not charge any equipment costs
- Provide shopping cart
- Provide a virtual terminal that is compatible with most of the merchant accounts Allow API integration
- Provide a recurring bill support to the clients Your main aim is to use the merchant account provider to help your business thrive and be able to benefit from the plastic money payments made through a safe and secure virtual terminal. This will let you use your full potential and you will see an exponential growth of your business.