Even though you are not a plant-touching business, payment processing companies and merchant acquirers often lump CPA firms and advisory practices into the same high-risk bucket as cannabis, CBD, or hemp clients you serve.
The challenge is not what you do. The actual challenge is how the banks perceive your proximity to the industry. But the good news is, with the right positioning and documentation, you can certainly improve your approval chances dramatically.
First, you should start by defining your services clearly. Don’t let underwriters mistake that you are a dispensary or product seller. You should make it crystal clear that you are a professional services firm that is offering accounting, compliance, and advisory services, and you do not sell cannabis products. Using the correct NAICS codes, service descriptions, and website language can actually go a long way in reducing the confusion.
Next, you need to make sure that you separate your revenue streams. If part of your client base is cannabis-related and the other part is not, then show the breakdown. By sharing clean financials that separate revenue sources, it will signal transparency. Payment processors actually want to see that your firm is diverse and not fully dependent on one high-risk vertical.
Beyond that, you should also highlight your professional credentials. Licensed CPAs, established business registration, years of operations, and verifiable professional experience can give comfort to payment processors and their underwriting team. Remember that underwriters are far more willing to approve firms that look established, stable, and are credible in the financial services industry.
You should demonstrate that you are aware of compliance. Make sure that you show that you understand the rules of the industries you serve and that your own business is fully compliant.
Make sure that your website has clear disclaimers, that is, we do not sell or distribute cannabis products, and provide documented compliance processes that will reassure the banks and payment processors that you are strictly an ancillary service provider.
You should leverage specialist payment partners abilities. Remember that not all payment processors are created equally. When you work with a provider that understands the nitty-gritty of the high-risk merchant processing ecosystem, then that partner will recognize the difference between a direct cannabis sales business and ancillary professional services, and the partner can position your firm accordingly.
Remember, you can build trust by implementing simple measures. Make sure that you have a professional website with clear service descriptions. Your website should have visible business address and contact details, client testimonials and case studies without sensitive names can also help. Make sure that you update your LinkedIn presence and have an active professional branding.
Remember, at the end of the day, CPAs and business advisory firms don’t sell products, they sell expertise, trust, and guidance. When you position yourself with distinction in a clear manner while truly proactively addressing how your firm operates, you will find this as the fastest way to build confidence with underwriters and potentially get approval of a payment solution that your business needs.