How Can I Get A Cannabis Merchant Account
When applying for a cannabis merchant account, there are many factors to take into consideration. One, every state has its own laws and regulations regarding the sale and distribution of cannabis products. Banks and financial institutions are concerned about the legalities and brand associations. There can be problems even for medications such as pharmaceuticals. Online pharmacies will now need to find cannabis payment processing solutions that meet their specific needs. THC content and age verification can also be issues. Merchant Stronghold offers solutions to help merchants determine if they are eligible and keep up with changing regulations.
We know that cannabis payment processing can be difficult. As you build and develop your business, there are many things to consider. Merchant Stronghold can help you find all the information you need to sell cannabis-related products online.
Each of our banks is aware of your products. We can quickly and seamlessly approve your business. We guide you through the entire process and send your business package to banks.
To allow dispensaries to accept credit cards, we have partnered up with banks in the US that have processed debit and credit cards accurately. This is applicable to retail outlets, delivery drivers, wholesale centers, and other locations that require large transaction amounts.
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Although CBD payment processing is considered high-risk, the industry continues to grow year after year. For more information, visit our CBD merchant account page. Hemp merchant accounts, on the other hand, are dependent upon the type of hemp that is used. This product can be found in many forms, including clothing and cigarettes. The most tightly regulated cannabis merchant accounts are those that are licensed. There are few options and laws constantly changing, so it is important to choose the best payment processor for cannabis credit card processing.
Although recreational cannabis has been legalized in 10 states and Washington, D.C., federal law still prohibits its use, growth, and sale. This is a major problem for cannabis merchants, acquiring banks, and payment processors. Major card brands like MasterCard, Visa, and Amex, as well as most acquiring banks, cannot refuse to accept banking services and must abide by federal law. Cannabis is still a Schedule 1 drug for good or ill, just like heroin, ecstasy, and LSD.
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Most banks are financially supported by the Federal Reserve and won’t offer payment processing for cannabis payments, either medical or recreational. However, we have found that independent banks and credit unions are more willing to provide services. Most dispensaries and cannabis stores are limited to cash payments via in-store ATMs. This is not a perfect system and it can be dangerous.
Even wallets such as PayPal, Square, and Venmo (owned by PayPal) won’t accept payment for cannabis. The legal cannabis merchants are desperate to have payment processing for cannabis, and ideally credit or debit card processing. However, this will not change unless the federal law is changed.
Merchants will continue to look for more efficient payment options than cash.
We provide solutions for niche products such as vapes, paraphernalia, and glassware. For more information about opening a vape merchant account, click the link.
For those who are eligible for a cannabis merchant account, we offer payment processing solutions. We also assist eCommerce companies that sell products that fall under this category. These can be used for card-present (swiped), or card-not-present (keyed) transactions. We will help you find the best solutions for your business and teach you how to process high-risk cannabis. You can have a customized account that suits your needs, whether it is debit and credit card payment processing or ACH approval.
To learn more about Merchant Stronghold’s credit card processing opportunities, clients can contact us. For those who know they require our services, click to complete the form.
Merchant Stronghold is the best payment processing company to handle your merchant account requirements. We are familiar with the needs of cannabis businesses. We have developed many relationships with banks to help us become experts in obtaining merchant accounts that accept online payments.