In 2016, the legal sales of medical and recreational marijuana reached approximately $6.7 billion. With this number only going up with more states agreeing to legalize this plant, there are many companies searching for a quality dispensary merchant account service provider. Due to the demand for these services, there are more than a few options out there. Some tips to find the right company can be found here.
Find a Company that Understands the Industry Jargon
When it comes to marijuana processing solutions, it’s important to find a company that understands the often-complex jargon used in this industry. The company selected needs to be familiar with CSA, DOJ, BSA, FinCEN, as well as the Cole Amendment and how they apply to various financial institutions. The processing company selected needs to understand the cannabis industry’s legal structure in order to be an asset to a company.
Find a Company that Offers Variety
Each processing company is going to offer different services. It’s important to find a processing solution with a well-designed system that addresses issues in this industry and that is compliant with the local and federal laws and regulations. Be sure that the company can also provide a merchant account for any type of cannabis-related business, which includes cannabis paraphernalia, CBD, and eCommerce.
Gateway, Set-Up and Monthly Fees
An honest company isn’t going to charge monthly fees. They will make this clear to a potential client ahead of time. Make sure to get a glimpse of the whole picture before signing a contract with ay company. The majority of providers will charge clients a fee for each transaction, which means that admin and set-up costs should be completely free. Be careful of blended fees too, as they may surprise someone down the road.
When looking for a company to provide merchant processing, it’s crucial to find a company that meets the criteria listed above. This will help ensure that the highest quality option is found and used. Being informed and knowing what to look for is the best way to ensure that the right payment processing services are used for a cannabis company.