In early November, the Mexican Supreme Court opened the doors for legalized marijuana sales. While we in the US hear a lot about the dangers of the drug coming from Mexico, the prospect of its legalization may soon change the landscape for both countries. While the country has long had issues with government corruption, many are wondering if this new legalization will be fair to its merchants, along with its consumers.
If Mexico legalizes marijuana, it will not be the first Latin American country to do so. Uruguay has legalized marijuana, and as of 2015, Chile has legalized medical marijuana. Bolivia has went one-step further in the eyes of some, allowing the use of coca, which is the leaf used to create cocaine. North America is also embarking (albeit slowly) with legalized medical and recreational marijuana. There are currently 23 states allowing legalized medical marijuana and recreational marijuana is legalized in 4 states and Washington D.C. With more states (and potentially countries) joining in on the legalized marijuana industry, merchants need to know where to find a processing solution.
Merchants know that finding a payment processor for any type of business is tough. It is even tougher for the marijuana industry because of the industry’s “high risk” status, which is not helped by the fact that the Feds consider it an illegal substance. In this new industry, many choose to forgo a marijuana payment processing account and instead operate as “Cash Only” businesses. This is risky, because it increased your chances of robbery, but it also limits your customer base. The majority of customers today pay with either credit or debit cards, so a “Cash Only” business will deter a chunk of potential business.
To ensure that your business can accept credit and debit cards – as well as stays safe from “high risk” processing issues – you need to look for a marijuana payment processor, like marijuana-merchant-account.com. Whether you have a mobile dispensary or a brick and mortar store, there are payment-processing options available. It doesn’t matter if you are operating in a state that is new to the legalized marijuana industry, or are in a state that has long-held legalization status, you need to make sure that your business is secure – both with product and payment solutions.
Contact MMA for Marijuana Payment Solutions today!