Why Ohio Nixing Legalized Pot May Affect the Entire Country

Posted on December 9, 2015 by admin

images Ohioans have spoken: Marijuana – neither medicinal or recreational – should be legalized. While other states have legalized pot in medicinal, recreational, or both forms, Ohioan have taken a stand against it. While it is proven to provide therapeutic care for those with terminal illnesses, and recreational pot will sale whether it is legal or not, this no-go is not only impacting Ohio, but the entire country.

Lawmakers tend to not totally understand what the public wants, but when something is voted against, they listen. Congressmen want to keep their jobs, and since Senator Bernie Sanders from Vermont (who is also a Democratic Presidential candidate) filed a bill for decriminalization of the drug federally, this one state vote could prove important. While few agree with the rulings of the federal government, they can agree when people of a state vote for or against something. Senator Sanders bill may be DOA for many due to the Ohio vote. No one wants to anger their constituents, or appear that the Feds are more important than their own people. This leads to losing re-election, which is something that no one in the Congress or Senate wants.

Even so, more and more states are voting to legalize the drug. This leads to huge tax revenues that are helping to improve cities and states, as well as the overall lives of its citizens. Even if someone does not partake in the drug, he can appreciate increased school funding, infrastructure funding, and booming downtown areas. Merchants can also appreciate a new business venture, but getting started in the legalized marijuana business is one of the toughest “high risk” fields. While traditional “high risk” merchants have a tough time getting funding or a merchant account, an added catch can bring a marijuana merchant’s attempts to a standstill. Banks process plastic card payments – and banks are monitored by the Feds. The Feds have criminalized marijuana, even in state where it is legalized. Federal law trumps state law, so many merchants are stuck with “Cash Only” businesses. This should not happen, and marijuana merchants should look for a MMJ merchant account. This can save you the headache of having your account closed due to “high risk” matters, and an educated and experienced MMJ merchant account provider can help you further understand the ever-changing issues that come with the legalized marijuana industry.

Contact MMA for Marijuana Payment Solutions today!

Tax Free Pot Holiday Brings Many to Denver

Posted on October 14, 2015 by admin

Many areas host “tax free” weekends or holidays for various goods: clothing, electronic, back to school goods. Back in September, Denver got creative and held a tax free marijuana sales day. Thanks to Colorado’s Taxpayer’s Bill of Rights (TABOR), the state had already hit their tax cap on the marijuana dealers. So, for one day the 10% tax was dropped. Sales went up, and unlike the fears of the opposition, nothing bad happened.

Even though Denver has shown much success with their legalized recreational marijuana, many still oppose it. It is successful enough that in mid-September it has already passed the tax dollar threshold for the state. Yet, some still view it dangerous and perhaps a way to spark crime in the area. Unlike the good ol’ street dealer, marijuana dispensaries are highly regulated by the city and state, and this regulation makes it tough for a dispensary to partake in any wrongdoing. It also makes it hard for a dispensary to get off the ground, at all. While a merchant may open a dispensary after a bevy of red tape, there is another important task that lies at hand: dispensary check processing.

Finding a good check processor is tough for every business, but it is even tougher for a legalized recreational marijuana or medical marijuana dispensary. These dispensaries are in the processing industry’s “high risk” category, meaning that they are at a higher risk of having fraudulent charges, and a higher risk of closing up shop. The recreational marijuana industry in Denver is showing that these businesses are profitable, and here to stay, but the processing industry for the most part isn’t buying.

Because of this, it takes effort to find the right dispensary check processor. A good rule of thumb is to ask others who have been in the industry for a while. Not everyone will use the same processor, but you can get ahold of the names and start your research. Many start with Google, but top Google search option are paying to show up in the first page, and may not be the best option overall. Be smart with your searches and research, because a check processor is one of the most important things you will obtain for your dispensary.

Contact us for Marijuana Dispensary Check Processing Options today!

Florida Residents Petitioning for Recreational Marijuana

Posted on October 14, 2015 by admin

Close Up Of Man Rolling Marijuana Joint At Home

Colorado and Washington State are currently the only two state that allow recreational marijuana sales. In 2016, Alaska and Oregon will join in the pot game. It seems as though residents are voting for the revenue, and the product, and every year a new state is allowing the legalization of recreational marijuana. Florida residents – and merchants – are petitioning for Florida to be next, but with the conservative government, their wishes may not be granted.

One big issue with Florida and its resident’s efforts to legalize recreational marijuana is the lack of medical marijuana legalization. The four states that have legalized recreational marijuana has legalized medical marijuana long before the fun stuff was legalized. The state legislature has caught on, and a few have recently backed a medical marijuana bill. If it passes, the governor may not sign it into law, but at least it will change the tide in the minds of the legislature, and citizens who are still unwilling to believe the healing effects medical marijuana has on those with terminal illnesses.

If it passes, a medical marijuana payment processing account will be needed for any merchant who passes the state’s test to sell it. While there are no tests in place in Florida yet, their test will probably mirror those in other states. Regulations will be tough – as they should be – and finding a payment processor will be tough, as well. This is because these merchants are considered “high risk” in the processing world. The industry is risky, mainly because it is still marijuana in any form is still a hotly contested federal issue. Recreational is firmly illegal to the Feds, and once medical marijuana hits a market, talks of legalized recreational marijuana soon follows. Or, in the case of Florida, they are both argued at the same time, be it by different people.

If, or perhaps when, medical marijuana is legalized in Florida, its merchants will need a payment processor that knows the industry. Few do, and it is important that you search for an established and experienced processor, like MMA, to help you throughout your journey. These businesses are risky, but you will find that the risk is worth the reward when you see the calming effects medical marijuana has on its users.

For Medical Marijuana Payment Processing Solutions contact us today!

Canada’s Medical Marijuana Money Growth

Posted on October 14, 2015 by admin

Marijuana Leaf with the colors of Canadian flag isolated on white

Canada is in the midst of a $3 million dollar medical marijuana financing boom. While medical marijuana patients are not as numerous as the country has hoped, this boom in financing can help get the word out – and get better supply. This mass of cash is something that may not happen in the USA, thanks to marijuana being a villain of the Feds, but it does show that it can bring a lot of funds in to the local and Federal economies. While raising funds and capitol for medical marijuana may be easy in Canada, finding someone to process the customer’s payments is not.

Oddly enough, while merchants are struggling to find a marijuana payment solution for their business, OrganiGram has somehow obtained a $5 million dollar line of credit [http://mjbizdaily.com/canadian-mmj-producer-closes-3m-funding-round/]. While these funds will go to building and operating more grow houses for more supply, the supply will not matter is merchants cannot process their payments. This leaves many turning to either a “cash only” business, which is dangerous, or turning to a subpar processor. There are few processors who are experienced with the industry, and have the willingness to deal with the government when things get tough. Because of this, when an issue arises, processors will either hike up processing rates or all together drop the merchant.

What is curious about OrganiGram is not that they obtained the loan, but that they obtained the loan with few patients for the country’s medical marijuana program. Unlike the USA where people are trying to fake illnesses for a medical marijuana card, Canadians are not as into the program. Perhaps they are wary of it, or perhaps they just do not need or want it. This loan may be what the industry needs, and if it gets people talking about the Canadian medical marijuana industry, that’s great.

Medical marijuana merchants in the USA and Canada need to be careful when obtaining marijuana payment solutions. While OrganiGram somehow ended up with a $5 million dollar loan, this is highly unlikely for any other grower or dispensary. Be sure to go over all of your options before signing with a processor, as the wrong choice can hurt your business – and even your personal finances.

Marijuana payment Solutions today!

Dispensaries Make Money, But Who Will Process Them?

Posted on October 14, 2015 by admin

Legalized marijuana and medical marijuana dispensaries bring in money for the areas that they operate in. Sometimes they are heavily taxed (i.e., Denver’s tax is 10%), but that doesn’t stop the masses from purchasing what they need – or want. While the industry brings in a ton of cash (and checks, and plastic card payments), it can be hard to find a willing payment processor. The banking and processing industry has labeled the industry “high risk”, which makes it a chore to find an experienced, reliable, educated processor.

While tough, it can be done. Instead of choosing the first processor that pops up on Google or Bing, you need to thoroughly research your options. The first thing that you nee to understand and accept is that the marijuana industry, be it legalized medical or legalized recreational, is not a welcome sight for the majority of payment processors. The banks are mandated by the Federal government, and the Federal government considers marijuana illegal. It’s understandable why most processors and banks do not want to deal with legalized marijuana of any form.

While a marijuana merchant may be happy choosing the first option that comes along, it’s always best to do your research. Not all who claim to offer up a marijuana payment solution are experienced in the industry. This is an industry that has ever-changing rules, regulations, and threats. You need to make sure that your processor is prepared to deal with these changes, as well as the issues that can arise in the industry on a day-to-day basis. It’s also a good idea to look for domestic processors, because international processors have more red tape to cross in order to process your payments without issues.

You also need to be prepared before you look for a processor. While some require less paperwork than others do, you do need to make sure that you have everything set up in advance, to keep the issues at a minimum. From your state and local paperwork, to state and local tax returns, to business records and even your own personal finance records, the more prepared you are, the better the chances you will have obtaining marijuana payment solutions.

Need marijuana payment solutions? We can help.

Welcome to New York, Where Marijuana Merchants Are Left Without Business Funding

Posted on October 14, 2015 by admin

Even though New York has legalized medical marijuana sales and usage, merchants are still having issues finding a marijuana business funding source. While most of the major US banks are headquartered – or have offices – in NYC, they are turning down applications from these merchants, due to its stance in the Federal law. Banks are regulated by the Feds, and marijuana is still illegal in the Feds’ eyes, so it is only natural that the banks want to protect themselves. However, it is legal in NYC, and these merchants must have a way to process payments.

With the amount of controversy surrounding this issue, it would seem that NYC is snowed under with dispensaries. The fact is, there are only five. Yes, five legalized medical marijuana dispensaries. It seems as though five may not do much damage to a bank or processor, but you have to consider that the goods are not legal in the Feds eyes, and that one chargeback can send a company spinning. One of the licensees is the talks with a processing source, and another is positive that they will find a source. The ability to accept plastic card (i.e. debit and credit card) payments tremendously helps businesses, and medical marijuana businesses are not different. Besides the ease of payment acceptance, it is also safer. “Cash Only” businesses are targeted, and once they money is gone, it’s gone.

Medical marijuana merchants from the 30+ states in which it is legalized are also having issues finding a cooperative marijuana business funding source. From payment processing to business cash advances, it is tough finding anyone to deal with your business. Luckily, there are some available, such as MMA, who offer up service and expertise in the industry. Regardless of who you choose, you need to make sure that they are indeed experienced in the industry, because this industry is one of the fastest to change, due to ever-changing states laws. Dealing with the local government is tough enough, but many times these processors must deal with the Feds, as well. You need to make sure that your processor will not back down and dump your account when the government comes calling. This has happened, and it leaves the merchants, the patients, and the local economy is a mess.

Contact us for Marijuana Business Funding today!

Washington State will Soon Welcome New Marijuana Dispensaries

Posted on October 14, 2015 by admin

Washington State, mecca of grunge metal, Starbucks, and rainy weather, has opened up the application process for wannabe marijuana dispensaries. While Denver gets most of the talk when it comes to legalized recreational marijuana sales, Washington State brings in millions in revenue due to the grassy habit. In addition to accepting new applicants, the state has eased restrictions on the amount of room one can have to grow their plants. All of this is welcomed news, except that it will still be tough for new merchants to obtain a way to process checks.

As with all good things come something bad. With legalized marijuana sales, the “bad” happens to be the elusive ACH check processing ability. This is the easiest way to process payments, and most businesses rely on this to accept payments with ease. The lack of payment solutions can cause a business to become a “cash only” business, and this should be the absolute last resort for any business. A “cash only” business is dangerous, and one that is advertised as such brings an increased risk of robbery. And once the cash is stolen, there is little chance of recovering it.

Whether you are in Washington State or Alaska, which has yet to open its first legalized pot shop, one of the most important things you can do is find an ACH check processing source. It is imperative that you have a way to process payments. Yes, it is not easy to find a willing source, but it is one thing that can either help your business grow or topple. Since state and Federal law clashes on this area of business, it is nearly impossible to go into a bank to obtain any kind of business support, since the majority of banks are regulated by the Feds. Instead, look for industry guides and resources that can point you in the right direction. It is imperative that you accept plastic card payments, because without the ability you are at risk of losing out on business, as well as putting your business at risk.

Contact us for ACH Check Processing solutions today!

Oregon, It’s Time to Light Up! Recreation Marijuana is Now Legal

Posted on October 8, 2015 by admin

Like its neighbor, Washington State, Oregon is cashing in on legalized marijuana. While many are clamoring to get into the industry, or at least partake in the legalized goods, others are trying to limit these merchants. Some consider this a health issue, and some consider it a “public risk”. Other consider the federal issues, specifically the fact that marijuana – in any form – is still illegal. Because of this, the current sale of marijuana is untaxed, which will probably change once the Feds realize how much it brings in.

In addition to Oregon, Alaska is set to roll out recreational marijuana sales in early 2016. While merchants should be focusing on finding a MMJ merchant account, the underlying issues can affect their efforts. While this is a lucrative, and fairly safe, market, the fact that it is still Federally illegal deters banks, and many merchant account processors. If it comes down to it, Federal law trumps State law, so it is expected that banks and processors would worry. Combine that with the massive intake of transactions, and it can quickly turn a budding business into a hotbed of fraudulent transactions. This is why many are “cash only” merchants, but this is dangerous. With a “cash only” merchant, if someone robs the store, the funds are gone, and there is typically no way to recoup them. If the company took plastic card payments, the damage would be much lessened if someone robbed the store.

It’s not an easy industry to exist in, even with its “legal” labeling. States and merchants should bond together to help lessen the negative effects of this new industry. This can reap benefits for the entire state, as well, though some seem to forget it. Colorado brought in millions in tax revenue – from shops that are non-pot related – and its economy is booming. Legalized marijuana sales can, and probably will, turn Oregon into the newest, coolest tourist destination. Even if the pot is not taxed (at least, it isn’t taxed right now), other services and goods are. Travelers need a hotel room, food, things to do, and clothing. These things are taxed in Oregon, and they can bring in a massive amount of funds, just like in Colorado.

Those who plan to open marijuana shops in 2016 should not fret. While it can be tough finding a MMJ merchant account, the amount that your business will bring into the local and state economy will be well worth your risk. While it can be tough, it is well worth it once you see the benefits legalized marijuana can bring to your community.

If your Oregon Dispensary needs a MMJ merchant account, contact us for the solutions available today!

Tips for Hiring Marijuana Dispensary Staff

Posted on October 8, 2015 by admin

All shops need staffing. From automotive shops to doll shops, and yes, even pot shops, good staff makes all the difference in keeping business and losing business. In our social media-driven world, one bad review can topple your business, thanks to Yelp and other review apps and websites. However, if you operate a high risk shop, such as a pot shop, finding good, reliable staff can be hard. Many times, those interested in working are interested in the goods, which may seem like a good idea. However, if all your employee wants to do it smoke up on a break, this can bring bad vibes to your business. You need someone who knows about the product, but is also professional.

Actually, one of the best things that you can do is not to rely on those who come to you. Advertise, ask around, and get the word out about your budding business. Don’t just rely on those who keep up on the local pot shop news, but advertise to those who are looking for traditional retail jobs. More than likely, these candidates will have more experience, and are looking for a retail job – and not strictly a job in a pot shop. Another genre that you should search out are food service workers. These workers are experienced with food safety, which is set to be a major player in the pot shop industry.

Also, do not skimp on training. Even if your employees have previously worked in pot shops, you need to go over training for your business. Every business is different, and you need to make sure that everyone is on the same page. From product to sales to marijuana merchant account services, your staff needs to know what is going on with your business. Training can be tough and long, but it is well worth it for your business.

Pot shops are lucrative, but one bad review can ruin your business. You need to be sure that your staff is right for your business, and that they are properly trained. It doesn’t take much more than time and dedication to ensure that your business booms in no time.

Contact MMA for marijuana merchant account services today!

Up in Smoke: The Ohio Banking Industry is Trying to Shut Down Marijuana Legislation

Posted on October 8, 2015 by admin

We all know that banks hate legalized marijuana merchants, be it recreational or medical. These industries are “high risk”, and God forbid that one actually succeeds. The Ohio Banker’s League recently voted to knock down Issue 3 which would legalize both medical and recreational marijuana in the state. According to the Ohio Banker’s League, they fear a backlash over the clash between Federal illegalization and state legalization, because banks are regulated by the Feds. This is a legitimate quagmire for the banking industry, but it brings forth issues for merchants, if the industry is legitimized in Ohio.

This vote leads to the possibility that is the marijuana industry is legitimized in Ohio, it would be a “cash only” operation. While banking systems have never been fans of “high risk” merchants, the impact of not providing processing capabilities to marijuana merchants could wreak havoc. The volume of sales this industry brings in could help the state, but if it is “cash only”, the state will not reap as many benefits as it would if it were a “regular” processed retailer. For many states, this good has outweighed the negative aspect of being a federally outlawed industry.

If Ohio legalized medical and recreational marijuana, merchants will not only have to locate a marijuana payment processor, but many will eventually need marijuana business funding. Since banks will not be handing out loans, and few of us have a rich uncle, the search for a marijuana business funding source can be tough. There are companies available, such as MMA, that provide marijuana business funding. Some younger merchants in other states are getting creative with their funding search, using GoFundMe and other online fundraising sites to kick start their search. The problem with GoFundMe and other sites is that they can be at the mercy of the Feds, since money can be donated from people in other states – and even other countries.

While the Ohio Banker’s League opposes marijuana legalization, many in the state are in favor of this lucrative venture. Only time will tell if it is legalized, but if it is merchants will need to make sure that they find a good marijuana merchant account, as well as a marijuana business funding source, because the banking industry will not be catering to their new businesses. The search can be tough and long, but it is necessary to make sure that your business account is in the right hands.

Contact us for Marijuana Business Funding today!

Company :
Name :
Email :
Phone :
Time Zone :
Volume :
Type :

Author Archives: admin

Why Ohio Nixing Legalized Pot May Affect the Entire Country

Tax Free Pot Holiday Brings Many to Denver

Florida Residents Petitioning for Recreational Marijuana

Canada’s Medical Marijuana Money Growth

Dispensaries Make Money, But Who Will Process Them?

Welcome to New York, Where Marijuana Merchants Are Left Without Business Funding

Washington State will Soon Welcome New Marijuana Dispensaries

Oregon, It’s Time to Light Up! Recreation Marijuana is Now Legal

Tips for Hiring Marijuana Dispensary Staff

Up in Smoke: The Ohio Banking Industry is Trying to Shut Down Marijuana Legislation

Get Approved!