Merchant Account for Medical Marijuana – Currently We do not have any Payment Processing Options for this Industry Type
This is pretty straight forward. You dispense marijuana (cannabis) that is legally prescribed by a certified doctor to patients that need their medicine. The problem is That most of your customers want to pay by credit card, but unfortunately, you only accept cash. It’d be nice if you could accept those cards, would not it?
There is an obvious and legitimate need to credit card processing and merchant account services for dispensaries, so I figured I’d at least try and point you in the right direction.
Just keep in mind that this is still a high-risk category for most providers. So, don’t expect the best terms in the world.
Few people are unaware of the fact that the sale of medical marijuana is now legal in a number of states and in Washington, D.C. itself. This turn of events was heralded as a disaster by some, “about time” by others and with mixed emotions by more than a few. Still, as legal businesses, medical marijuana dispensaries have a legitimate need to process credit cards in their stores. But what about the Internet? Merchant account are not going to provide those services just yet.
Selling medical marijuana products online requires the ability to adapt to unique nuances of these industries and to stay protected from some of the challenges that arise from selling these types of products online. In some cases, these merchants need to work with a merchant account provider that offers offshore merchant accounts, load balancing and additional e-commerce solution to streamline the payment operation and optimize transactions.
Since charge-back can be particular nuisance for regulated industries, merchants should make sure their merchant account provider offers tools and solutions to help mitigate and reduce charge-backs. Receiving too many charge-back leads to fines and penalties from the card brands as well as potential account termination. It’s important for merchants to work with a merchant account provider that not only facilitates online credit card payments, but one that can help guard against charge-backs and act in n advisory capacity if charge-backs become a problem.
Merchants in the medical marijuana product category should be thinking about how e-commerce can positively impact sales. The key to getting started is finding the right payment processor that specializes in high risk merchant accounts. Working with a processor who has experience in the medical marijuana space specifically can also add value as these processors may also be able to recommend on a number of secondary considerations like fraud and charge-back prevention.