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How to Accept Credit Cards for Cannabis Businesses
When it comes to the cannabis industry, cannabis banking is a new and surprising development. Credit card companies have long been wary of working with marijuana businesses because of the conflict between state and federal laws. But now, as more states legalize cannabis for recreational or medicinal purposes, banks are starting to open up their doors to cannabis businesses.
Because many banks are reluctant to process payments for cannabis-related businesses, it can be hard (if not impossible) for these companies to accept credit card transactions.
Fortunately, there are options out there that make accepting credit cards possible for pot shops. In this article we’ll explore them so you can start taking payments like any other business.
Can CBD-related businesses accept credit cards?
For many years, cannabis and hemp-related businesses have been unable to accept credit cards. The problem stems from the fact that banks and credit card companies are not able to work with marijuana-related businesses because they are still considered illegal under federal law.
Cannabis businesses have had a rough time when it comes to accepting credit cards. But now there is a new solution that allows cannabis dispensaries, dispensaries and other CBD-related businesses to take credit cards.
The reason why cannabis businesses struggled to take credit cards was because of the federal prohibition on cannabis. The federal government made it illegal for banks and other financial institutions to do business with any cannabis-related business. This meant that even if you were selling CBD products—which is legal in all 50 states—you weren’t allowed to use your bank account or accept credit card payments from customers.
But now there are new solutions available that allow you to accept credit cards at your dispensary or cannabis business without breaking any laws. There are new payment processors that specialize in working with cannabis businesses. These companies help you process credit card payments without having any direct financial ties to your business. This means that even if federal authorities come knocking on their door, they can’t be held accountable for helping you sell CBD products or cannabis-infused edibles.
How to accept credit cards in your cannabis space
As a cannabis business owner, you know how hard it is to get paid. Credit card companies have treated cannabis businesses like a high-risk industry, and have refused to offer them lines of credit—even when they sell legal products.
But that’s all changing.
There are many options out there for cannabis businesses that want to accept credit cards as payment. Some payment processors specialize in working with cannabis businesses, and they can help you get set up with a system that’s compliant with all state and federal laws. These companies will process payments for you automatically and send you the funds via electronic transfer at the end of each day. They also allow you to customize your pricing structure so that customers can pay in any way that works for them. This is ideal for customers, especially because it’s so easy to use a credit card at any time of day or night.
We’ve all heard the stories of how cannabis businesses have been forced to operate on a cash-only basis. And while this is still the case for many places, there are some steps you can take to accept credit cards in your cannabis space.
Accepting credit cards isn’t as simple as it sounds for cannabis or hemp based services. You’ll need a merchant account, which is essentially the bank account that takes in payments from customers and sends them on to the businesses that actually provide the products or services purchased by those customers. This will allow you to process credit card payments through your business bank account, so that you can then deposit them into your own bank account.
If you don’t have a merchant account, it’s really hard to accept credit cards—and even harder if you’re doing business with cannabis. In fact, most banks won’t even let you open one because federal law still considers marijuana illegal, even though many states have made recreational use legal within their borders.
Once you have an account, you’ll need to get the right equipment—which usually means buying a point-of-sale system that’s compatible with your POS software (if you’re using one). These systems vary widely in cost and features but are generally available on sites like Amazon or Best Buy.
Finally, be sure to register with any payment processors that accept cannabis businesses as customers. This can be a lengthy process, given the amount of personal and financial information that’s required. Once you’ve completed your registration, however, you’re almost ready to start accepting payments from customers.
The cannabis banking certification course offered by BankersHub is a great resource for professional bankers looking to learn how to serve the cannabis industry. The course covers all of the basics, including how to accept credit cards for your cannabis business and what kind of insurance coverage you need. This course is also an excellent way to get up-to-date on the latest developments in banking for cannabis businesses.
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