With the changes in medical pot legislation sprouting up in every state, it is no surprise that a business that once managed on a “strictly cash” basis is now turning to merchant accounts. This is especially valid for purveyors of cannabis. They are taking their online businesses, and are now searching for SSL services as well as standard counter based terminals.
The High Life Online
Obviously, many medical pot 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 survive, but obtaining such services has been challenging. Eager to engage this flourishing new market, forward thinking banks are realizing the advantages.
Because the current State-issued legislation is being contested on the National scene, the risks are greater for the merchant account banks than in other, more traditional businesses. Such questions have caused many customers to hesitate in giving agreements with one of these new businesses. However, it is certainly an untrained and potentially lucrative niche. Cannabis THC Edibles Store
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 to serve their clientele, but for such sales credit card processing is essential. This also reduces the amount of cash 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 utilized.
Walking an excellent Line
The one issue that is of concern for the providers and the businesses is that of following the law. While some states have allowed the public sales of medical pot, even placing taxes on such transactions, the government haven’t yet followed suit.