Many banks have dropped medical marijuana dispensaries from their merchant account positions due to legal ambiguities. This rash of rejection letters from banks is more than a little distressing for business owners who believe credit card processing is an essential part of their success. It’s not unusual for a dispensary owner to sign up with a bank just to find out that their services are being discontinued a few weeks later. Click this link here now Grass Station 49 Recreational Marijuana Dispensary Cushman – dispensaries
All of the problems stem from a single statute, the Bank Secrecy Act. It mandates that banks report any suspicious activity. The legislation, which was enacted to prevent financial misdeeds and possible terrorist money laundering, is wreaking havoc on the medical marijuana industry.
When will things start to get better?
This is the crux of the matter for company owners. The medical marijuana industry is rapidly expanding, and it needs similar services to other industries. This involves the issuance of credit cards.
Recognizing that the legislation is governed by no fewer than five independent entities, legal analysts expect that the process will take some time. They estimate that it would take up to ten years for banks to catch up, with most of that time being influenced by more developments in marijuana’s legal status.
What Should I Do Right Now?
The best advice dispensary owners are getting right now is to just go somewhere else to avoid the banks. Online merchant account providers are more welcoming and able to provide a variety of financial services to dispensary owners. Although any company that sells pharmaceuticals is considered a higher risk than, say, a shoe shop, an account that allows you to process credit and debit cards for your customers can be obtained.
Increasing your ability to meet your customers’ needs would eventually result in improved revenue and a healthier bottom line. Credit card processing is a necessary component of any successful business; don’t let the banks decide who and who can pay you.