Visa & Mastercard Processing for Cannabis
Merchant Account for Hemp Oil, Cannabis and Licensed Legal Medical Marijuana Dispensaries Industry. A business requires a merchant account to be able to do multiple transactions and facilitate different payment windows. Now, if you are a merchant dealing in hemp oil, cannabis and medical marijuana based products, you would have known by now that opening a merchant bank account for such types of businesses is very difficult.
CBD Hemp THC Companies are OK
Why are businesses dealing in CBD products seen as controversial? Cannabis, hemp, marijuana have psycho-active effects on their users. But the cannabidiol element in them is known to have many medicinal properties and uses. These medical and health benefits have been well researched over the years and their benefits cannot be denied.
However, the traditional financial institutions and payment processors see this as a very controversial business riddled with high risks and legal complexities. It is not uncommon for such businesses, even though legal, to be rejected or denied access by banks, and credit/ debit card processors and their applications rejected outright.However, we are a group who can provide payment processing solutions for such high-risk and controversial businesses and assist them in setting up and operating merchant accounts for conducting business transactions.
The difficulty in accessing reliable and cost-effective payment processing solutions is inherent to the medical cannabis and marijuana dispensaries industries. This can be attributed to the many conflicting federal, state and international laws. However, the increasing popularity of these products necessitate the need for a legitimate payment solution which includes retail as well as e-commerce business windows.And in the current competitive business environment it is also essential to have diverse payment acceptance methods. These require different payment processing gateways.
High Risk Payment Solutions Providers
If you are looking for a legitimate payment processing solution, we assure you that you have come to the right place. We believe in competitive pricing and transparency with no hidden costs. We are established players who deal in high-risk businesses such as yours and have provided account services and credit card processing requirements for many such businesses from the same industry. When you want to open a merchant account for a high-risk business such as hemp oil, cannabis products, and medical marijuana dispensaries industries with us, we offer the following services:
- Retail as well as internet merchant accounts for such businesses.
- Fully secure virtual terminals that give you the ease of conducting business without the rigours of check drafting and signatures; and the ability to process credit card transactions when there is no physical swiping of the credit cards. A standard retail merchant account with a traditional financial system may not approve of “card not present” transactions and thereby refuse to process them. But we make provisions for these to enable our clients to conduct their businesses smoothly.
- We accept a variety of payments options like Visa, MasterCard, Amex etc., and electronic bank transfers too.
- E-check payment processing options for cannabis and medical marijuana dispensaries industries.
- We offer both domestic as well as offshore payment processing facilities at competitive rates, though the latter may be a little higher than the former because of an increased element of risk.
- Easy application process and reasonable to minimal application processing fees.
- There are no set-up fees for online and retail players.
- Minimal rolling reserve requirements.
- Minimal chargeback rates and competitive transaction fees, because we do understand the hiccups that high-risk accounts face due to unduly high processing fees and charges.
- Recurring bill support to our customers.
Solutions for Your Business Types
Our principles and method of operation: The services that we offer are subject to strict scrutiny and fraud prevention policies that we adopt like the Address Verification Service Card Code (AVS code), fraud detection strategies etc.,. We work with domestic banks and there by minimize the risk of offshore payment transactions and having to deal with a variety of associated issues like foreign exchange, which further cause a delay in fund settlements.
While we do understand the difficulty for medical cannabis and marijuana businesses in getting payment processing approvals, we also strive hard to provide our customers with a fully secure payment gateway. Our approval process is simple and quick without any cumbersome paperwork.
We understand that medical marijuana dispensaries and medical hemp oil, cannabis products etc., are a business that have always been looked at with suspicion. We strictly approve accounts only for legal businesses, though they may classify under the high-risk business category.
We understand that legal policies and banking policies for such products and businesses keep fluctuating and therefore have learnt to adapt ourselves to this ever-changing scenario and continue to seek better and newer payment processing options and gateways. If you need more clarity on the merchant account solutions we provide do contact our customer service and we will be happy to assist you.