If you try to set up a marijuana enterprise, you’ll discover that a lack of banking services is a considerable obstacle. The confusion between state and federal laws means cannabis companies are caught in the midst of a legal minefield. The Marihuana Tax Act of 1937 made the plant illegal in the United States. It was prohibited globally within a generation as America exerted its influence on other nation’s drug policies.Read more
The Controlled Substances Act of 1970 classified marijuana as a Schedule I controlled substance. The cannabis plant remains a federally illegal substance at the time of writing. As a consequence, banks that handle marijuana money can receive a money laundering charge. Therefore, when a company in our industry reaches out to a bank, rejection is inevitable.
It makes things extremely tricky for cannabis firms. As they are restricted to cash, they become prime targets for thieves. An increasing number of organizations must spend six-figure sums annually on security for their money. With CannaPay, it doesn’t have to be that way! We offer cannabis credit card processing solutions that help take cash out of the equation.
Cannabis processing and harvesting are a lot easier than securing your finances! CannaPay offers marijuana payment solutions that help you conduct your monetary affairs like a ‘traditional’ enterprise. We have detailed knowledge of regulatory agencies and provide a legal and safe service to our customers.
It isn’t unusual for a marijuana dispensary to earn $250,000+ per month. In a ‘normal’ situation, they could deposit it in a bank. Sadly, cannabis companies don’t have this luxury. Instead, they have to store the cash somewhere and pay their staff & bills. In this situation, a business can:
- Store the money in a safe on-site.
- Transfer it to a Federal Reserve Bank in an armored truck.
- Try to find a ‘safe’ hiding place and hope no one uncovers hundreds of thousands of dollars.
Alternatively, you can get in touch with CannaPay, and use our cannabis payment gateway to make life simpler. Imagine a situation where you can finally offload the cash safely and rest easy at night.
Our cannabis merchant processing system is a simple 3-step process that takes 24-48 hours. It is quick and easy to install, and our trained and dedicated team of staff are on hand to help with any problems.
Marijuana Processing Made Simple
Marijuana processing payments don’t have to be a complicated affair. We have distilled the process into three easy steps:
- Set Up an Account: Complete the form at the bottom of the page to quickly and easily set up an account with CannaPay. Next, we program your dispensary’s Point of Sales (POS) system to work with our payment gateway.
- Accept Debit or Credit Cards: Your customers can pay for their purchases using a debit or credit card. CannaPay also provides a mobile credit card swiper so that you can accept payments on the move.
- Payment Processing: You can process all card transactions via the POS integrated payment gateway. You will see the funds in your account within 24-48 hours.
Through this process, your marijuana dispensary is legally able to operate as a business in any other industry! You no longer need to accept cash only from customers, and you reduce the risk to your business with a single stroke of a credit or debit card. At present, cash-only dispensaries are prime targets for criminal gangs. With CannaPay, you reduce that threat by ensuring you don’t have tens of thousands of dollars in cash lying around.
The Dangers of Cash Payments
Processing marijuana payments with CannaPay removes a major headache for any cannabis dispensary. While matters have improved in recent years, the plight of dispensaries is a shocking one.
According to research by the Wharton School of Business Public Policy Initiative in 2015, 50% of marijuana dispensaries were burglarized or robbed. On average, thieves walked away with between $20,000 and $50,000 each time. The American Bankers Association stated that between 2012 and 2016, Denver dispensaries accounted for 10% of all reported business burglaries. They made up less than 1% of all enterprises in the city!
In the last few years, the advent of marijuana credit card processing has led to a steep decline in dispensary robberies. Unfortunately, cannabis businesses that still operate in cash retain a particular allure for prospective thieves.
For example, a would-be burglar knows that if they try to rob the local 7-Eleven, they may get a few hundred bucks at best. If they set their sights on a cannabis dispensary, however, they could hit a jackpot of hundreds of thousands of dollars on a good day. Indeed, robbers get more money on average from a dispensary than they do from a bank, and at far less risk!
- No hidden fees
- No setup fees
- No early termination fees
- Zero reserves
Processing cannabis payments is what we do, and we are one of the best in the industry! Our knowledge and experience in dealing with ‘high-risk’ transactions make us an ideal marijuana payment processing partner for your dispensary.
With five years of experience, hundreds of qualified staff, and thousands of satisfied customers, it is fair to say that CannaPay knows what is best for our clients! Here are four reasons to choose CannaPay.
Medical Cannabis Payment Solutions
Marijuana Processing Companies
What To Look For?
The provider of your marijuana merchant account must have prior experience in handling high-risk transactions. Aside from 420 merchant solutions, other high-risk industries include:
- Online dating
- Bitcoin trading
- Online gaming
- E-cigarette and vaporizer companies
While we don’t have experience in those fields, we have worked as a marijuana processing company for five years. During that period, our team of over 200 staff has helped approximately 2,500 cannabis companies.
A Point of Sales system enables you to save time on administrative tasks and reduce the cost of in-office work. At CannaPay, we ensure that your POS system works with our payment gateway. At this point, you can handle online and offline transactions.
A sound POS system lets you see accurate reports and increase sales profitability. Other benefits include increased customer loyalty.
What do you do if a customer wants to issue a chargeback on a submitted order? If you don’t know how to handle these issues, it is too easy to lose customers. Fortunately, you can get in touch with the CannaPay team 24/7. We are there to assist you with matters great or small. We recognize that your time is precious, so we won’t leave you waiting too long for a solution!
We pride ourselves on providing personalized service to ensure long-term partnerships with our clients. Also, we are there if you have any technical issues. After all, the system isn’t much use if you are not able to use it!
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