MMA Provides Credit Card Processing for Cannabis Medical Merchants

Posted on August 12, 2016 by admin

Marijuana merchant (MMA) recently announced that it now offers credit card processing solutions for medical cannabis merchants. In the past, only retail dispensaries were able to utilize MMA’s PIN based programs, due to industry regulations. Now, MMA can offer wireless payment processing services through its PIN system for delivery or mobile dispensaries; this new solution allows mobile dispensaries to accept payments on the go.

Securing credit card processing for cannabis medical merchants is a very big struggle. Traditional sources quickly shy away from the MMJ industry and refuse to offer their services. Even if they would like to welcome their business, current regulations make it difficult, if not impossible. This forces merchants to resort to a cash-only business, while other industries considered “high risk” enjoy credit card processing.

With MMA, on the other hand, cannabis medical merchants can have their funds from transactions deposited into their accounts every 24-48 hours – regardless of their “high risk” business type. Thus, allowing merchants to avoid keeping excessive cash on hand and cancel out the temptation for thieves. MMA’s simple, streamlined application process, low rates and quality customer service has made it one of the fastest growing payment processing websites on the Internet.

According to MMA, “We provide safe and secure credit and debit card payment processing using our PIN based program designed specifically for the MMJ industry. Dispensaries have faced many challenges when trying to start accepting electronic payments at their locations.”

“Our merchant advisers can answer all your questions and recommend solutions that will help your business reach its financial goals.”

Located in Los Angeles, CA, Marijuana Merchant Account’s (MMA) expert team have been and continue to be strong advocates of the medical marijuana industry. Their solutions – specifically tailored to meet the unique needs of the MMJ industry – have made it both easier and safer for patients to access their medicine. MMA is dedicated to providing the very best in electronic payment processing to the medical marijuana industry.

Vermont Governor Moves to Legalize Marijuana

Posted on February 2, 2016 by admin

Vermont Governor, Peter Shumlin, called for the state to legalize marijuana through the legislative process, and not the ballot box. In his State address, the governor said that over 80,000 Vermonters reported using marijuana in 2015. This he claims is only making illegal drug dealers money that the state would use for the citizens. Gov. Shumlin suggested a move to begin step by step marijuana legislation to harness marijuana dollars.

It is easy to see why the Vermont governor wants to legalize marijuana. Advocates across the nation have said that regulation and taxation of marijuana will supply dry state budgets with a new source of income. This prediction may be true. Since November, the state of Illinois has made over $801,000 in medical cannabis sales. Cannabis is currently running for $14 to $15 per gram. Plus the state has earned approximately $57,000 from taxing the drug.

Critics of legalizing marijuana claim it will make it more accessible to children, or serve as a gateway drug to harder drug. Shumlin proposes that legislation include a legal structure to keep the drugs from minors. In addition, he wants to ban the sale of edible marijuana, and add a tax law strong enough to destroy the black market. The potential revenue generated from Shumlin’s legislation is unknown, but the governor claims that monies would go towards addiction prevention, and education for both police and citizens on marijuana use.

The pro-legalization Drug Policy Alliance praised Shumlin’s announcement and said other governors should follow suit.

Even with the success of marijuana sales in states like Illinois, many marijuana merchants can’t find dependable merchant processing. That’s because large financial institutions like banks, still shoulder too much responsibly if marijuana merchant accounts are not in compliance with Federal guidelines. If a bank has a marijuana merchant account that is non-compliant, the bank can be charged a stiff penalty. As a result, most banks decide to forgo these types of accounts all together.

Marijuana Merchant Account (MMA) offers a variety of marijuana payment solutions and loan opportunities. If your state permits recreational or medical marijuana growth and distribution, contact us to get your MMJ merchant account started. You don’t need to ask big banks for loans, when MMA has the right loans at the right price for you.

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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!

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!

Merchant Account Services Offer Marijuana Growers Relief

Posted on September 23, 2015 by admin

As fires rage across the U.S., it isn’t just farmers and ranchers that are being affected. The marijuana industry is also struggling with the devastating effects of wildfire season. While some growers have been spared from the fires, others have not been so fortunate.

At the beginning of September, 65 fires were reported to be raging across the U.S. The fires were also reported to have claimed over 8 million acres of land. The states particularly affected by these fires are Montana, California, Oregon, Washington and Idaho. One of the most destructive fires, located in Northern California, claimed at least 585 homes and hundreds of other structures.

These fires, paired with the present drought situation, have made things very bleak for those whose livelihoods depend on the land located in these areas. For those affected, water has become more than a necessity. It is now a luxury. For the state of California, 2015 is the fourth year of record breaking drought. Governor Jerry Brown declared a drought State of Emergency in January 2015, which was accompanied by strict conservation measures statewide.

Timothy Anderson is the purchasing manager for Harborside Health Center. A medical marijuana dispensary based out of Oakland California. According to Anderson, the majority of his suppliers are located in the lower end of what is known as the Emerald Triangle. The Emerald Triangle is an area comprising three counties at the tip of Northern California. It is known for producing some of the country’s best buds; such as, strains like Mendocino Purps and Humboldt Headband. The economy of the Emerald Triangle really depends on the marijuana growers and their reputation for producing these popular strains.

With road closures, it has been difficult for suppliers to get their product to market. Other suppliers are situated in the midst of the blaze’s danger zone. However, many of these brave growers refuse to leave their farms. Not only would they be leaving it to the mercy of the fires, but also to neglect. The drought issue requires irrigation lines and reservoirs to be monitored continuously.

There are also many indirect affects that the wildfires have had on marijuana growth. For one, smoke has become a real problem. Residual smoke can seep into the marijuana plant’s flowers, causing the smell and taste of the weed to be altered. The smoke also blocks the light, causing the plants to flower too early.

The devastating fires are not the only hurtle that the marijuana industry is dealing with. Marijuana businesses are struggling all the way to the bank. Even though the sale of marijuana may be legal in some of the states, as far as the banks are concerned, the money is from illegal drug money – they won’t touch it. Marijuana is still listed as a Schedule I drug and is therefore illegal on the federal level.

As a result, marijuana businesses are forced to deal only in cash, which is obviously not practical or safe. Unless Congress steps in and changes federal drug and drug-trafficking laws, this will continue to be a roadblock for businesses. In order to operate safely, marijuana businesses really need to be able to secure payment processing.

Thankfully, high risk payment processors have stepped in to fill this gap. A marijuana merchant account is specifically tailored to meet the needs of a marijuana businesses. A marijuana merchant account allows a business to process all of its credit card payments for a low rate and in a safe and secure manner. In addition, unlike all of the red tape experienced when applying with a traditional source, applying for a marijuana merchant account is fast, simple and hassle-free.

Talk to us about marijuana merchant account services today!

Cautious Bankers Weigh Risk vs. Profit – MMJ Merchant Account

Posted on September 23, 2015 by admin

For banks, the marijuana industry has become a question of risk vs. profit. Even though marijuana is becoming legal in more and more states for both medical and recreational use, the vast majority of banking institutions in the U.S. are sitting on the sidelines. Bypassing what could be billions in business.

The strict regulations involved, the extreme scrutiny and the overwhelming amount of paperwork required deters banks from making marijuana banking a line of business. The very few banks that are willing to open accounts tied to cannabis typically impose steep fees and limitations on their clientele. According to the guidelines issued by the Treasury Department, banks involved in the marijuana industry must do “due diligence” in the monitoring of their customers for suspicious activity.

Robert Rowe, vice president and associate chief counsel of the American Banker’s Association, explained that no other industry comes close in terms of what is required for compliance. “If a bank has a restaurant or a tavern that serves alcohol, they don’t have to go in there and monitor to make sure the business isn’t serving alcohol to a minor. With a marijuana business, the obligation shifts back to the bank”.

With banking unattainable for the majority of dispensary owners, ATMs have become one of the most feasible ways to keep customers supplied with cash. Because marijuana is not cheap, it is important to dispensary owners that they have an in-store ATM. A high-quality strain of marijuana can easily cost upwards of $300.

Jamie Perino, the CEO of Euflora dispensaries, was unable to find a bank that would work with her. Now, she must pay her employees and her landlord with cash. She can only accept cash from her customers, and she must pay her taxes in cash. Her ATM for Euflora’s 16^th Street Mall location is even listed under a different business name in order to avoid close scrutiny.

While it is not illegal for banks to work with the cannabis industry, the federal requirements involved make it more work than is profitable for financial institutions. Any bank that deals with the cannabis industry is going to be under a lot of scrutiny, whether they’re involved with ATMs or checking accounts. This leaves many businesses with the cash only option, which is incredibly unsafe and inconvenient.

Another increasingly popular option for marijuana businesses is a medical marijuana merchant account with a high risk provider. The advantage with this type of merchant account is that safe payment processing can be secured without worrying about the endless red tape involved with traditional financial institutions. The application process is simple and hassle-free.

The conservative approach of bankers is justifiable. After all, they have the responsibility of dealing with other people’s money. Unfortunately, not much can be done for the present banking situation of the marijuana industry until Congress makes changes. For now, businesses are forced to either operate in cash or seek alternative solutions like medical marijuana merchant accounts.

Contact us for a MMJ merchant account today!

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