With the changes in medical marijuana legislation popping up all over the country, it is no surprise that a business that once operated on a « strictly cash » basis is now turning to merchant accounts. This is also true for purveyors of cannabis. They are taking their business online, and are now searching for SSL services as well as standard counter based terminals.
The High Life Online
Not surprisingly, many medical marijuana businesses are finding it difficult to obtain merchant services through traditional channels. Internet POS (point of sales), e-commerce, and mobile terminals are all required if a business is to thrive, but obtaining such services has been challenging. Eager to engage with this thriving new market, forward thinking banks are beginning to see the advantages.
Because the current State-issued legislation is being debated on the National scene, the risks are greater for the merchant account banks than in other, more traditional businesses. dabwoods carts Such uncertainties have caused many account holders to hesitate in issuing agreements with these new businesses. However, it is certainly an untapped and potentially lucrative niche.
Advantages for Both
Clearly the ability to accept credit and debit card payments for their product is of significant benefit for shop owners. Their forays into internet sales increase the available market and their ability to serve their clientele, but for such sales credit card processing is essential. This also reduces the amount of cash any such store has on hand, increasing safety.
For those in the business of providing merchant accounts, the advantages are obvious. This is a growing industry with great promise that is, as of yet, barely tapped.
Walking a Fine Line
The one issue that is of concern for both the providers and the businesses is that of following the law. While some states have allowed the public sales of medical marijuana, even placing taxes on such transactions, the Federal government has not yet followed suit.
Michael Rupkalvis operates The Transaction Group website. The site discusses information about ecommerce credit card processing and offers advice about high-risk merchant accounts, along with excellent client support.