![]() ![]() These merchants happen to be in an industry that the banks label as high risk which means that they have a higher likelihood of chargebacks, disputes and fraud. Who Easy Pay Direct Works WithĮasy Pay Direct works with all kinds of merchants, including, what the banks call, “high risk” merchants. Otherwise, a physical terminal is required to capture payment information. If the merchant account is used for card not present (CNP) or ecommerce transactions then it must be integrated with an online payment gateway. There are multiple types of merchant accounts depending on how the bank categorizes the industry of the merchant. These merchant account providers work with acquiring banks, such as Chase and Wells Fargo, to provide merchant accounts to businesses looking to process credit card payments. To get a merchant account, one must submit an application with a merchant account provider. Typically, a merchant account is used for credit card processing and eCheck processing but can be used for a variety of payment processing needs. Cannabis & Marijuana Credit Card ProcessingĪ merchant account is a specific type of bank account that allows merchants to accept payments. Perhaps the day is coming sooner rather than later that marijuana is legal nationally, as it is in Canada, and more marijuana retailers have access to high risk merchant accounts. ![]() Keep in mind that while retail cannabis dispensaries with a good track record and high processing volume may receive high risk merchant account approval, it’s more difficult when it comes to eCommerce dispensaries or new enterprises. As with debit cards, only the customer’s accessible funds are transferable for payment. Other options for marijuana businesses include secure Automated Clearing House (ACH) and eCheck processing. Unlike credit cards, a customer cannot spend more for items than the funds accessible in their debit card account. Customers then pay by running their Visa or MasterCard debit cards through the terminal. Such a workaround consists of installing a terminal at the point of sale that serves as an ATM. How about debit cards? That answer is yes, but in order to accept debit card payments, a workaround is needed. Only federal legalization will change that fact. It does not matter if marijuana is legal at the state level. Is it possible for your dispensary to accept credit cards for marijuana sales? The answer is no, because the issuing banks in the credit card networks do not permit it. Even some companies specializing in high risk merchant accounts will not deal with those in the marijuana space. Their industry is not legal on a federal level, with cannabis still considered a Schedule I drug. That’s not the case with marijuana entrepreneurs. Some businesses may not realize the credit card processing industry considers them high risk. ![]()
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6/6/2023 01:56:56 pm
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