Legal ambiguities have caused many banks to drop medical medical marijuana dispensaries from their merchant account roles. For business owners who believe that credit card processing is a fundamental piece of their success, this rash of denial is aware of from banks is higher than a little distressing. It isn’t uncommon for web pages a dispensary to opt-in with a bank in order to hear a few weeks later that their services will be withdrawn.
A single law, the bank Secrecy Act, is the source of all the trouble. It requires banks to report any suspicious activities. Used to keep an eye upon financial shenanigans and potential terrorist money laundering, regulations is wreaking damage in the medical medical marijuana industry.
When will Things Improve?
For business owners, this is really the crux of the matter. The medical medical marijuana industry is growing rapidly, and it needs access to the same services that other businesses have. That includes credit card processing.
Legal experts, recognizing that the law is regulated by almost five separate agencies, realize that the process may take some time. They expect that it will last up to 10 years for banks to catch up, and that much of that process will be the results of further changes in the legal status of medical marijuana. Medical Marijuana Patients
What to do for now
The best advice that dispensary owners are getting at this time is to simply go elsewhere and bypass the banks. Online merchant account providers are more flexible and are willing to provide a range of financial services for dispensary entrepreneurs. While any business that sells prescription drugs is considered to be a higher risk than say a shoe store, it is possible to obtain a free account that will let you process credit and debit cards for your customers.
Broadening your capacity accommodate your consumers’ needs inevitably translates into increased income and a better bottom line. Credit card processing is a staple of any successful business; do not let the banks determine who can pay you and how.