The medicinal marijuana industry is still not considered a legal operation under the federal law of The United States. This not only makes it difficult for medicinal marijuana dispensaries to work in peace even in the states where they are legal, but the industry also finds it very difficult to process payments . Even when the industry is legal in 17 States, most credit card processing companies and banks follow the federal verdict against the industry and mostly refuse to provide any services to the business.
Despite the federal law against the marijuana dispensaries, medical science and new researches prove that medicinal marijuana is very effective in treating different types of diseases and medical conditions. With more awareness among masses and education about herbs and medicinal importance of marijuana, the business is generating some good revenue for business owners. This is one of the reasons the demand for medicinal marijuana merchant accounts is greater than ever today. With federal restrictions, many banks and merchant account providers are hesitant to provide payment processing services even to the legal marijuana dispensaries because of inconsistent legal clouds around the industry. This makes it hard for business owners to find a good and reliable merchant service for their business but it is not entirely impossible.
With the growth of online merchant account providers in the last few years, there are many companies that are willing to provide payment processing services to the medicinal marijuana industry. The services are mostly provided under the category of high risk merchant accounts with special terms and conditions. Even when the top credit card processors blocked their services to medical marijuana merchants in July 2012, many merchant account providers found alternates from the diverse options available in the payment arena to continue their services to their clients. Many account providers came up with new and innovative payment procedures that qualify and provide for the needs of the medical marijuana industry.
With good numbers of online merchant account providers available with a large variety of payment solutions specially designed for the medical marijuana industry, the decision to choose one is becoming a difficult one for owners of marijuana dispensaries. Business owners need to do detailed research before making a decision about the authenticity of account providers, their payment processing method and the history. Go to online review sites that can help you read some reviews about the past customers that can help you in making a decision. Make sure that the payment procedure used by the company suits your business, look for the history of the company and their consistency in providing services. Learn if they have a history of blocking and reactivating accounts for medicinal marijuana dispensaries again and again under the federal pressure. If this is the case, avoid such company and look for options that have a history of consistency. There are several payment processing methods offered by different companies, but point of banking programs are the most used for medicinal marijuana merchant services.
For the medicinal marijuana industry, the business is evolving and thriving at the same time. New investments and money are pouring in, with the awareness about the benefits that medicinal marijuana have. The only thing that can help you take advantage of the large demand of your product is to find a good medicinal marijuana merchant account that can simplify your payment processing.