First and foremost, you need to know that when you set up your merchant account you will be in a high risk account. Don’t be too afraid of that. Most of the nation’s accounts with the merchant’s servicers are in the high risk pool. When you set up your marijuana merchant account, you will need to secure a servicer that is willing to do business with you.
1. Make sure your license is in place and you can provide proof of business when you sign up for your merchant account.
2. Find the best servicer on the market. Negotiate your fees.
3. Be prepared for obstacles and higher per transaction fees.
4. Notice that you have a high risk account
5. Be prepared for a hold back on every transaction for the first 3-6 months.
6. Look for someone that can get you a wireless credit card processor to process payments no matter where you go. You might need extra batteries and a wifi connection to get things working. Be prepared for that.
7. Follow the rules and all should work out just fine.
Due to the areas that medical marijuana clinics work, their connections have been unstable at best. There are now marijuana merchant account services ready to help take care of the challenges faced by these sellers. They have offshore banks ready and prepared to assist in the business practices of medical marijuana clinics and sellers.
Do your research to locate the best one for you and your business. Good luck with your endeavor.