With the proliferation of changes in medical marijuana legislation occurring across the country, it should come as no surprise that a company that formerly functioned on a “strictly cash” basis is now utilizing merchant accounts. This is also true for those who sell cannabis to consumers. They are in the process of moving their operations online and are looking for SSL services as well as traditional counter-based payment terminals.
The High Life on the Internet
Many medical marijuana firms find it difficult to get merchant services through regular channels, which is not unexpected. While Cova Software (point of sale), e-commerce, and mobile terminals are necessary for businesses to succeed, acquiring these services has proven difficult. Forward-thinking financial institutions are eager to connect with this burgeoning new market and are beginning to realize the benefits.
Because the present state-issued law is currently being contested on the national level, the risks for merchant account banks are more significant than for other, more traditional firms in the same industry. Many account holders have been hesitant to get into agreements with these new firms because of their uncertainty. However, it is undeniably an underserved and potentially valuable market segment.
Both parties benefit from this arrangement.
Taking credit and debit card payments for their products is a significant advantage for store owners. Their excursions into internet sales expand the accessible market and their capacity to service their clients; nevertheless, credit card processing is required for such transactions to be successful. This also decreases the quantity of cash that a business like this has on hand, improving security.
The benefits are self-evident for those who are in the industry of offering merchant account services. This is a developing sector with a lot of potentials that has just scratched the surface thus far.
Walking on a Tightrope
The one issue that both the suppliers and the companies are concerned about is obeying the rules and regulations. While several states have legalized the selling of medicinal marijuana to the general public, and some have even imposed taxes on such sales, the federal government has not yet followed their lead.