With the changes in medical medical marijuana legislation going up whole, it is no surprise that a business that once handled on a “strictly cash” basis is now turning to merchant accounts. This is also true for purveyors of cannabis. They are taking their online business, and are now searching for SSL services as well as standard counter based terminals.
The High Life Online
Unsurprisingly, many medical 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 prosper, but obtaining such services has been challenging. Eager to build relationships this successful new market, forward thinking banks are seeing the advantages.
Because the current State-issued legislation is being disputed on the National scene, the risks are greater for the merchant account banks than in other, more traditional businesses. Such concerns have caused many members to hesitate in providing agreements with your new businesses. However, it is certainly an low compertition 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 capacity serve their clientele, but for such sales credit card processing is essential. This also reduces the amount of cash these store has on hand, increasing safety. Medical Marijuana Patients
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 superb 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 medical marijuana, even placing taxes on such transactions, the federal government hasn’t already yet followed suit.