Processing Medical Marijuana is Now Easier Than Ever

Posted on April 20, 2015 by admin

Whether or not you are a recreational user of marijuana, the legalization in many states of cannabis for medical reasons has been a real blessing for many families who have children that find relief in using the oil. The people who were really being hurt and ostracized by other businesses are the store owners and merchant. They were not up with the latest in medical marijuana payment processing.

First of all, because these merchants could not get a merchant account from traditional card processors and conservative banks they had to become all-cash businesses. However, the card processors and banks had to follow the rules as set by their governing agencies. Visa and MasterCard wanted to remain clear of any high risk business that could be breaking federal laws. Likewise the banks are governed by the FDIC which also doesn’t want banks to run afoul of federal laws. While the states are legalizing the sale, the feds have yet to get a cohesive plan in place.

Running an all-cash business has its own inherent problems. The largest risk is for gun-wielding robbers. Everyday there are large amounts of cash in the stores and the employees have targets on their backs. It is also reported that once the cash is accepted it needs to be physically treated with cleaners such as Febreze to remove the marijuana odor and this would have to be done at a Federal Reserve Bank. There are few Federal Reserves in the U.S. to accommodate these requests.

Marijuana Merchant Accounts have opened the doors with marijuana-merchant-account.com. These special accounts do accept Visa and MasterCard but they bypass their systems under a unique premise. This means that the merchant and the processor do not have to adhere to the associations’ guidelines. What is even more special is that there are no monthly fees for processing or transactions being charged to the merchant. It is a win-win situation!

MMA has been helping medical marijuana dispensaries with payment processing for almost 10 years. Their streamlined application process, low rates and exceptional customer service have made us one of the fastest growing payment processing websites on the Internet.

If you have a state-licensed marijuana store and need Marijuana Payment Processing do not wait another minute, contact us today!

No Plastic for Weed? Why Most Dispensaries do not Accept Credit Cards

Posted on April 9, 2015 by admin

Everywhere accepts credit and debit cards, right? Wrong. Many, in fact most, marijuana dispensaries do not accept debit or credit cards for payment. There are many reasons as to why, but the most common is that it is hard to find a marijuana merchant processing company. The legalized industry is new, and the vast majority of merchant processing companies will not deal with these accounts. This seems like something that can doom a business, but luckily, there is one solution for obtaining a marijuana merchant processing account.

With MMA marijuana merchant processing abilities, you cannot only process marijuana dispensary payments, but also process them at a rate that is much lower than a traditional processor would charge. The industry is considered to be “high risk”, meaning that it has a higher risk of incurring fraudulent activity. While true, it does not mean that a company should be forbidden from processing debit and credit card payments.

We at MMA also believe that everyone deserves a fair shot at having a successful business. You can become approved for an account, regardless of your credit report! This is a rarity, even in the non-high-risk business world. The best thing you can do as a marijuana dispensary merchant is to contact MMA today.

Now, you also need to know that we provide wireless terminals, which allow you to travel around your shop with the terminal. You can travel to a customer, instead of having a bulky set-up in one place in your shop. This can be a problem if your shop is small, or if there is inadequate electrical outlets. Wireless terminals also come with up to date security, software, and MMA’s ability to catch a fraudulent charge before it destroys you and your customer.

Another issue that can affect a company are chargebacks. Chargebacks are the outrageous fees that come because of a fraudulent charge. While there is no way to get rid of a chargeback completely, we at MMA can inform you of services that can help lessen chargeback fees. This is beneficial to any business, but especially a high-risk business.

Marijuana dispensaries should be able to accept credit and debit card payments. The sad reality is that few do, and many do not know where to look to find a marijuana merchant processing account.

You only need to look to one place, and that place is MMA. Contact us today!

Get High on Profits with MMA Payment Processing

Posted on February 24, 2015 by admin

Last August, Deputy Attorney General James Cole issued a memo that outlined a new Department of Justice policy that declined the enforcement of the Controlled Substances Act if that specific state legalized marijuana. As a result, the Obama Administration released new FinCEN guidelines that allow banks to legally work with legal marijuana merchants, but bank officials still believe that the guidelines don’t go far enough to protect the banks and refuse to open legal marijuana merchant accounts, leaving most marijuana merchants out in the cold.

The problem lies with the fact that marijuana is still illegal under the Controlled Substances Act. Despite its legalization and decriminalization in over 20 states, the new guidelines still place a large amount of culpability on banks if the marijuana merchants they support engage in illegal operations; resulting in stiff penalties or possible legal consequences. Therefore, most bank officials have decided to steer clear of marijuana merchants for now.

This unofficial policy by American banks has left legal marijuana businesses in the lurch. Without access to a credible payment processor, merchants cannot process checks or credit cards. This means that products can only be purchased with cash, eliminating the ability of merchants to operate online, severely limiting their profits, and placing merchants and their employees at risk. The potential for robbery is a real concern for many marijuana merchants, particularly medical marijuana facilities that store and process a large volume of marijuana.

But all is not lost for legal marijuana merchants. Smaller, independent banks are realizing that the risk may be worth the reward when choosing to process marijuana payments. Many are starting to form relationships with merchants, but are still taking precautions like placing a limit on to how much volume they are willing to process. But marijuana merchants are willing to take even a little help if it means a boost in profits.

It is only a matter of time before marijuana is decriminalized in the United States. Meanwhile, cities and states across America are still legalizing marijuana making now the perfect time to invest in this growing enterprise. But merchants still need competent medical marijuana payment processing. Expand your customer’s payment options with MMA.

Call 1-800-466-1809 or click below today.

Is Legalizing Medical Marijuana a Smart Fiscal Move?

Posted on February 19, 2015 by admin

The battle to legalize marijuana is more heated than ever. Opponents of legalization believe it will cause higher drug use among teens and increase drug related accidents. Proponents think that legalization will create an influx of state revenue, and reduce the amount of money the state spends on arresting responsible marijuana users. But is legalizing marijuana really a smart fiscal move?

Support for legalization of marijuana is not just found by users or people who want to be users, but by individuals who no longer view marijuana as a gateway drug for harder drugs (17% of Americans). Perhaps the most prominent driver for legalization are strapped state governments in desperate need of funds. The ability to allow marijuana and then tax it, is almost too good for many states to pass up. Plus legalization will significantly cut spending on law enforcement, prison sentences, and legal costs used to jail and prosecute marijuana users.

The potential revenue generated from legal marijuana usage will vary greatly from state to state, and will depend heavily on state legislation. Revenue will also depend on the final price of marijuana – whether it is more or less expensive than illegal markets, the demand for marijuana, and the demand for marijuana.

Even though the Obama administration recently released new guidelines that allow banks to work with legal marijuana merchants, most bank officials say the guidelines still place too much culpability on them. Under the guidelines, bank officials must submit annual reports swearing that their cannabis merchants are legitimate, and if the companies are not legitimate, the bank is charged a stiff penalty. As a result, most banks refuse to manage marijuana merchant accounts.

Medical marijuana payment processing is an intricate business that requires expert knowledge. As state after state legalizes or decriminalizes marijuana, you will need a competent payment processor to manage your medical marijuana merchant account.

Learn more about expanding your customer’s payment options beyond cash. Call 1-800-466-1809 or click below today.

New Bank Option could Breath a New Life into Marijuana Industry

Posted on January 30, 2015 by admin

A new solution for medical marijuana businesses may be floating on the horizon. Since the recent push for the legalization of medical marijuana in certain states began, those who have ventured to start a business have encountered the same recurring issue – marijuana is still illegal on the federal level. This being the case, funding can be difficult if not impossible to find.

Regardless of medical marijuana being legal in Colorado and 22 other states, some marijuana store owners have had twenty plus bank accounts closed over time due to the nature of their business. As a result, the majority of these entrepreneurs are forced to operate as an all-cash business. It goes without saying that operating in such a way can be very dangerous. It is also time consuming and costly.

Fortunately, a new credit union been formed specifically for marijuana businesses promises to change things for the industry. The Fourth Corner Credit Union has a support group of attorneys, legalization advocates and business owners who see the potential of the industry; unlike the traditional bank owners who only see endless legal problems.

With this new credit union, business owners can expect to have safe and steady business accounts. They will no longer struggle to keep one as before and be forced to operate with cash only. They will also save considerable amounts of time since tracking cash and double checking ledgers will no longer be necessary.

The business will be not only be easier for the owners but also for the employees. For those without bank accounts, issuing paychecks is impossible. Wads of cash have to be sent home with employees on their pay days.

The fact that so much cash is lying around – and criminals are aware of this – makes it very dangerous for both employees and owners. Safety will be one of the biggest advantages of the new credit union and what it has to offer businesses. Moving cash to discreet locations for the safety of employees and customers will no longer be necessary.

The credit union means government regulation of businesses will be possible; thus, greater transparency and the ability to accept credit cards. Like never before, the government will be able to monitor for drug cartel activity. The operation of medical marijuana businesses will become a little smoother for all involved.

In the meantime, another option for businesses to consider is finding a payment processing provider that offers medical marijuana merchant accounts. These providers are comfortable with the “high risk” aspect of the marijuana industry and offer safe solutions. With marijuana-merchant-account.com, the application process is simple and hassle-free. You can steer clear of the endless documentation requirements and obtain your funds quickly.

Need Marijuana Payment Processing Solutions, we can help!

Amendment Passed for Medical Marijuana, Feds No Longer Involved

Posted on January 29, 2015 by admin

Congress approves amendment to prevent DEA from raiding state-legal medical marijuana dispensaries. State funding will be allocated to other issues and crimes that need attention. This is the first time in history that Congress has voted in favor to end the war on medical marijuana patients and providers. 49 Republicans and 170 Democrats have approved this historic amendment, officially declaring an end to the war on medical marijuana.

The amendment on the federal spending bill blocks the Department of Justice from using money to prosecute medical marijuana patients and dispensaries under state laws. Patients can now have access to the legal care they need without the fear of federal prosecution. Federal dollars will be spent more wisely by focusing on more serious crimes. This historic move towards a more sensible marijuana policy demonstrates U.S. ability to keep current with changing times.

The measure was particularly passed because it received a large support from Republicans than it did in the past. An astounding 49 Republicans voted for the amendment showing clear evidence that marijuana prohibition will soon be obsolete. The change finally provides a peace of mind for marijuana patients from all the past dealings with Congress.

In the past, the DEA raided marijuana dispensaries, arresting people who were abiding state laws but going against federal law. This served a huge controversy patients who relied on medical marijuana to treat their various disorders. More work is to be done before marijuana is legalized federally. Advocates are working towards a proposal known as the “Sates’ Medical Marijuana Patient Protection Act” which takes marijuana off the list of Schedule I controlled substances. Substances that are in that category are LSD, heroin, and other drugs with “no currently accepted medical use.” With continuing research on marijuana and its medicinal purposes, it’s on the right track to become legal.

Many medical marijuana dispensaries can now relax a bit and not have to worry about the Feds coming after them. If you are interested in opening a dispensary, first start by creating a marijuana merchant account and start accepting credit/debit card payments. marijuana-merchant-account.com specializes in marijuana merchants and has industry knowledge on what is needed for fast and easy set up. 2015 is the year for big changes in the Marijuana industry and as more people are accepting its natural and medicinal purposes, many people are open to the option of trying it for themselves.

If you’re in the Marijuana Business and need payment processing solutions, contact us today!

The Numbers Are In: Recreational Marijuana Sales and Tax Data From Washington State

Posted on December 22, 2014 by admin

The state of Washington has seen beneficial growth in taxes from the legalization of marijuana. Cannabis sales have been profitable each consecutive month and are only growing. Since sales began on July 8, 2014, retail stores have made $31.6mm combined in revenue from sales with $7.9mm in taxes for the state. On this growth trend, it is forecasted that about $200mm in sales will be reached over the next 12 months.

In Washington State, November retail marijuana sales rose 24% from the previous month with a total of $16mm. Revenue and tax collections from recreational marijuana have risen each month. These data portray the immediate benefits the state receives as the legalization of marijuana is set in play. This type of data is the solid argument it needs to legalize and regulate medical marijuana across all the other states. The sales numbers show the potential to boost state and cities out of the economic slump from the past several years.

Washington State, along with Colorado and Michigan, has presented solid sales numbers to help convince lawmakers to rewrite cannabis laws that could create millions of dollars by creating a system to regulate dispensaries and collect industry specific taxes.

With the taxes collected from cannabis sales, Washington State can use that capital to focus their time and money on other matters of interest. On a steady pace to see sales numbers rise, Washington state’s economy has got the boost it needed to jump start overall growth. Many retail stores need medicinal marijuana merchant account services to tailor to their needs and specific industry. Marijuana Merchant Account has experience working in this industry and has the most knowledgeable staff and services to aid in the marijuana business.

For medicinal marijuana merchant account services, contact us today!

Non-Smokers Are Also Supporters of Legal Marijuana

Posted on December 22, 2014 by admin

Support for legalization is being increasingly popular amongst a wider audience.The attitudes towards marijuana use are seeing positive light in the United States from supporters that don’t even use the drug. More research in recent years suggest that Marijuana should become legal for recreational and medical purposes.

The controversial topic on marijuana use is still on the hot seat regarding legalization. While four states and the District of Columbia have already legalized marijuana for recreational use, with more than a dozen states decriminalizing it, there seems to be a continuous push and pull on the official legalization of the drug.

The latest national poll from Pew Research Center suggests that 52% of adults in the US now favor legalization. Both parties, must understand that with legalization comes strict regulation. Support from both users and non-users stem from many viewpoints and beliefs. The big reasons for legalization are based on support for liberty, eliminating arrests, raising tax revenues, and reducing black markets and the corruption and violence associated with it.

Some national studies have reported that about two-thirds of the young adult population has used an illicit drug in their lifetime. In regards to marijuana, the population shouldn’t be arrested for trying a drug.

Support is also reaching a wider audience because there seems to be a deeper understanding of marijuana use and its effects. The general public sees that it can be used recreationally in a responsible matter. More people are agreeing that the drug is not of the same extremity as cocaine and should not be arrested the same as drug class.

With more marijuana dispensaries opening throughout the states, it is the right time to open high risk marijuana merchant accounts. Business is booming in the marijuana industry and with more people willing to try it, you will need more options of payment. Supporting the legalization of marijuana is not condoning use, but it is opening an avenue for economic revenue.

Contact us for high risk marijuana merchant accounts!

Medical Marijuana Merchants Shackled to Cash Despite Security Risks

Posted on December 19, 2014 by admin

Legal medical marijuana dispensaries are squeezed between a rock and a hard place because traditional banks won’t take their business. Even though the Obama administration issued guidelines designed to help banks work with legal marijuana businesses, not many banks have taken advantage of the opportunity. Bank officials say that the guidelines still place too much culpability on payment processors, as banks are required to issue annual reports stating that their partners are reputable cannabis companies and are charged stiff penalties if it turns out that they are not legitimate. So for most banks engaging in medical marijuana payment processing is not worth the risk. This reality places medical marijuana facilities and their patients in harm’s way.

Currently, medical marijuana facilities deal exclusively in cash which has many owners worried. Harborside Health, a medical marijuana organization in California, fortifies its money and weed in several high-grade vaults with 18-inch walls reinforced with concrete. Thirty six cameras and two security teams watch the business. To pay the taxes required by the state, employees must carry bags of cash to the government offices.

Many states, like California, require dispensaries to keep detailed financial records. But dispensary owners say all the cash transactions make keeping such records extremely difficult, if not impossible leading to painful and costly audits.

Despite the risks that payment processors can face when engaging in medical marijuana payment processing, smaller banks are finding success through forming relationships with marijuana dispensaries. Still many of these banks handle marijuana merchant accounts with extreme care and discretion. For example, some will only handle small amounts of cash and may require clients to use generic names for their businesses.

Medical marijuana payment processing is a complex business that requires expert care. Learn more about expanding your customer’s payment options with credit and debit cards. Call 1-800-466-1809 or contact us below today!

Why It May Be Time to Invest in Marijuana

Posted on December 19, 2014 by admin

Florida’s medical marijuana proposition failed this week. The proposed law that would have made medical marijuana legal in one of the largest states in the nation, needed a 60% vote but fell short at 58%. Another five to ten states will have the opportunity to vote on the decriminalization or medicalization of marijuana in 2016. This trend is reflexive of the majority support of legalizing, or at least decriminalizing, marijuana use for adults in the United States. But does this mean that full legalization is on the horizon?

Recent studies in Colorado have revealed little to no impact on crime, accidents, education, and health since the legalization of marijuana in 2012. Moreover, there is countless more evidence from other states and countries that the fears of anti-legalization are unfounded and downright silly. However, no matter how many states legalize or decriminalize marijuana usage, marijuana merchants will still be restricted by the Federal law that prohibits marijuana use.

Currently, marijuana businesses cannot easily access financial institutions for loans or as payment processors. Neither can they accept convenient forms of payment like credit cards and debit cards, making cash the prominent source of payment. This means that legitimate medical marijuana providers, for example, can’t utilize online payment processes for their clients.

Experts believe that the best way to enable legalization of marijuana, is to have the drug removed from the list of drugs controlled by the Controlled Substances Act (CSA). If this happened, states would be free to apply standard regulatory and tax policies to marijuana or adopt special marijuana related policies and regulations similar to alcohol regulations.

Medicinal marijuana companies who can legally operate in their state, deserve to partner with a credible medicinal marijuana credit card processing company like Marijuana-merchant-account.com to expand their business’ payment options.

Summary: Recent studies in Colorado have revealed little to no impact on crime, accidents, education, and health since the legalization of marijuana in 2012. Experts believe that the best way to enable legalization of marijuana, is to have the drug removed from the list of drugs controlled by the Controlled Substances Act (CSA). Medicinal marijuana companies who can legally operate in their state, deserve to partner with a credible medicinal marijuana credit card processing company.

Contact us today!

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Category Archives: Marijuana Merchant Account