We have seen that the cannabis industry is becoming increasingly popular in the US. It has been a great success for this industry to be able to offer products at competitive prices and also offer them in a legal way. The legalization of cannabis has opened up new business opportunities for many Americans.
The struggle these businesses face is related to the payment methods they can offer. Cannabis dispensaries must take all necessary steps to make their payment methods scalable and convenient for their customers. With the new laws governing federal legalization, cannabis businesses can benefit from different payment options, like credit card processing.
To accept credit cards, you need a merchant account provider who will work with you to meet your business needs. It will reduce the risk of freezes, holds, and shutdowns and allow you to maintain steady credit card processing. However, choosing a merchant account provider is not as simple as it seems.
How to Incorporate Cannabis Credit Card Processing into Your Business
The first step in selecting a credit card processing provider is to ensure you understand your business model. If you're operating a cannabis business, you'll need to look for a credit card processing provider that offers services specifically designed for your industry. You should also look for a month-to-month contract and a detailed cost breakdown, instead of lengthy contracts that will restrict your business in the future.
Some banks and credit unions do offer services for cannabis businesses, but not all of them are licensed to accept credit cards. Other cannabis payment processors specialize in this high-risk industry but charge high fees and only work with high-volume, retail-only dispensaries. The best way to get a cannabis credit card processing for your dispensary is to set up a merchant account with a cannabis merchant service provider like us. We will approve your business and make the necessary arrangements with the banks to process credit cards.
The Reason Why Most Dispensaries Do Not Accept Card Payments
Cannabis businesses cannot accept payments via credit cards due to federal regulations. Many Americans have credit cards and are familiar with using them for purchases. However, major credit card companies have banned cannabis businesses from accepting credit card payments. The reason behind this is related to cannabis being a schedule 1 substance. Processing card payments for cannabis products can be seen as money laundering, so banks and other entities tend to steer clear of these transactions.
Scheduled Substances and Cannabis
Scheduled substances are substances with a high risk of abuse or addiction. These substances are typically illegal. The US Department of Health and Human Services (HHS) evaluates drugs to determine if they are likely to be abused and then recommends a schedule for them. The DEA then reviews the recommendation and sets the final schedule.
As the cannabis industry continues to gain acceptance in the United States, payment systems will continue to grow and develop. A recent Pew Research Center Poll showed that ninety-one percent of Americans support the legalization of marijuana. In the next few years, more states will be able to legalize cannabis and integrate payment processing infrastructure.
Cannabis Credit Card Processing Today
Luckily for Cannabis businesses, Cannabis Credit Card Processing Today has brought a solution to their problems. We are a cannabis payment processing company offering standard and delivery contactless transaction payment options. We offer different payment solutions to cannabis businesses to fit their customers' needs.
If you are a cannabis business owner looking for a solution for your only cash payment method, or if you are considering getting into this industry, contact Cannabis Credit Card Processing Today. We will share all the information you need to make your business grow rapidly and succeed with a new and convenient payment method.