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.

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.

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!

Marijuana Legalization Brings a New Need for Further Research and Caution

Posted on December 19, 2014 by admin

The success of marijuana initiatives has revealed that the nation’s feelings towards the idea has softened. Even though only four out of the fifty states have legalized recreational use, voters have displayed that their opinions on marijuana no longer fall along partisan lines.

Sixteen years ago, California led the way by making medical marijuana easier to obtain than a prescription drug. Dozens of states have now legalized the use of medical marijuana, while Colorado, Washington, Oregon and Alaska have legalized recreational use.

It would seem that the push for marijuana will go marching on, despite the fact that it is illegal on the federal level. In fact, it is considered as dangerous of a drug as heroin. Surveys have revealed that half of American believe it should be legalized while 75% think that it will happen in the future.

However, no one seems to be stopping to consider the dangerous of legalization. Because marijuana is technically illegal on the federal level, no scientific tests have been done to determine whether or not it is safe for it to become legal on the state level.

According to an article by Sandy Banks of the Los Angeles Times, “Researchers comparing the brains of ‘chronic’ marijuana users (who smoke at least four times a week) with those of people who never light up found pot smokers had less gray matter in a region of the brain that influences decision making, and they had significantly lower IQs than their nonsmoking counterparts.”

With more than a million people in the United States legally using marijuana, it is time to consider regulations on cannabis. In addition to not knowing what the exact long term effects are on the user, young people are ending up in emergency rooms from accidental consumption of what they thought was candy.

Considering the business implications, there is still a high risk to running a business in this industry. In order to safely process payments and operate efficiently, marijuana merchant accounts are still the go-to option. With the questions that still surround the industry, marijuana merchant accounts are just the tool you need to operate successfully.

For a Marijuana Merchant Account contact us 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!

Marijuana Use Positively Affects Brain Injury Patients

Posted on October 24, 2014 by admin

Many are coming to the conclusion that increased survival rates of traumatic brain injury cases are associated with the use of cannabis. During the study, conducted by UCLA Medical Center investigators of 446 patients suffering from traumatic brain injuries, the individuals underwent a urine test to determine whether or not there was the presence of THC in their systems.

After a three year review of these patients, the following information was determined. According to the Medicalxpress, “Of those patients who tested positive for the presence of marijuana, 97.6 percent survived surgery. By contrast, patients who tested negative for the presence of pot prior to surgery possessed only an 88.5 percent survival rate.”

With the current findings on the positive impact the presence of THC can have on brain trauma patients, it is likely that further therapeutic interventions will be established in the future. The likelihood increases when you consider the positive direction the marijuana industry is moving in.

Colorado has paved the way for other states to follow. For example, a poll released on October 17, 2014 by the University of Delaware revealed that a strong majority is in favor of the legalization and regulation of adult use of marijuana. In addition, Alaska and Oregon are waiting for November 4 to see how voters feel about marijuana legalization.

The study concerning cannabis use for traumatic brain injuries will surely be used as a point in favor of further legalization, as those in the industry continue to seek support for the benefits medical marijuana can offer.

In the meantime, there is still a need for the dispensaries involved in the industry. Marijuana dispensary merchant accounts provide the means to fulfill payment processing needs safely and efficiently. Marijuana-merchant-accounts.com can offer such solutions for your medical marijuana store front dispensary.

Does your Dispensary need credit card processing? We can set up your account today. Contact us today!

Cannabis Legalization Having Interesting Effects on the U.S.

Posted on June 11, 2014 by admin

MMJ BUSINESS AND BANKS

There is a perception that major banking institutions avoid payment processing for Marijuana merchants. This perception is false, however, as more banks are now revealing their dealings with marijuana merchants since the Obama administration released new guidelines on how financial institutions can legally do business with cannabis dealers. Recently the chief executive officer of a Nevada bank reported that they would do business with dispensaries that will be opening there.

John Sullivan, president and chief executive officer of First Security Bank of Nevada, told KNPR, “Frankly, I didn’t personally follow any of this until about two months ago… (but then) we began to get phone calls from attorneys, and they represented some very influential people in Las Vegas with a long history of being strong supporters of the city.” He continues, “These are not the sort of people that are in dark shadows or they’re coming in from somewhere else…these are local people who have spent their life here and they have an unblemished reputation in all ways.”

Sullivan admitted that he was skeptical at first of the growing cannabis banking trends, but after reviewing research on the industry and reading the recent banking guidelines set out by the federal government, he and the First Security Bank of Nevada board decided to proceed.

After looking at all of the facts, Sullivan noted, ““It became clear that the attitudes of the federal government – both the bank regulatory agencies as well as the Department of Justice – are quickly changing.”

First Security Bank of Nevada hopes to be able to start payment processing for Marijuana merchants soon. As the first bank in Nevada to openly admit to dealing with cannabis dealers, other banks contemplating doing business with marijuana merchants will be watching their interaction with the government carefully.

PITCHING POT

New government regulations have started a flood of applications from aspiring cannabis businesses into Nevada. As marijuana becomes legal in states throughout the nation, each one is left to decide how to process and grant licenses. In Clark County, Nevada, applicants will be required to organize a six minute pitch to the county commissioners and the public over a three day period. The commissioner board will then select 18 finalists and forward them to the state for final approval.

SEC WATCHING CANNABIS STOCKS

Cannabis stock trading is coming under scrutiny by the SEC as the industry is starting to boom. After temporarily suspending five cannabis-related stocks, the SEC warned investors about committing fraud within the sector. A year ago there were only a dozen publicly traded companies in the cannabis market, now there are more than 100.

Now the SEC is keeping a close watch on a sector that is used to coloring outside of the lines. With reports of shady investors, fudged financial numbers, and questionable business practices. Most marijuana merchants are frustrated by these practices. They note if the marijuana industry wants to be taken seriously, it must clean up its act.

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