Growth in the adoption of marijuana in several medical cases like cancer, mental disorders, chronic pain and such has led to the rapid increase in industry revenue and will continue to do so. One of the trendiest industries, the global legal marijuana market is expected to reach USD 146.4 billion by end of 2025. Research & Development efforts to study the medicinal properties of marijuana, increasing legalization of recreational of medical marijuana in various countries and high demand from consumers have largely contributed to its global growth. The market situation in Europe also showcases a positive growth with 500 million euros ($560 million) already invested in the market last year. The European market is expected to be the largest federally regulated market in the world in the next five years. No wonder then, we also see new entrepreneurs dipping their toes in the cannabis industry with increasing number of online stores and retail storefronts selling medical marijuana and related products. Despite the overwhelming growth, the industry still struggles when dealing with banks and financial institutions. MMJ Merchants selling recreational marijuana at shops, running medical marijuana dispensary or e-commerce stores that sell cannabis or related products often face difficulties or are outright refused services by traditional banks.
With the upsurge of credit card usage, even cannabis merchants need MMJ Merchant Account to stay relevant in the long run. Accepting online payments is even more important for online mmj stores where the majority of consumers shop using credit cards. The many banking challenges and grey areas surrounding the MMJ industry forces merchants to run a cash-only business which creates serious consequences like security threat, assaults, theft and break-ins for the business. With a MMJ merchant account, businesses do not have to store huge amount of cash at the shop and avoid such risks considerably.
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The cannabis industry may be hugely profitable but merchants have to face a lot of legal and operational issues when selling MMJ or related products. The lack of banks and credit card processors offering merchant account services to MMJ businesses is a cause for concern for the industry. Banks promptly turn away merchants as soon as they see what they are selling. Even with marijuana being legalized in various countries, strict federal laws and restrictions that are imposed on the industry causes banks to shy away from offering their services to these merchants. For banks and many credit card processors, the risk associated with MMJ merchants completely outweighs the benefits. In an attempt to obtain merchant account and credit card processing solutions, businesses often try to trick providers by disguising their products or hiding critical information. When caught, this could mean permanent consequences for the merchant. This has unfortunately created a bad reputation to the entire industry.
A quick Google search will bring up plenty of merchant account providers willing to accept MMJ businesses rather easily. Beware; some of these providers might end up deceiving you too. MMJ merchants need not worry though; there are several reputed merchant account providers that offer MMJ Merchant Account solutions that are customized to meet the requirements and demands of the industry. These processors understand the nature and complexities of the MMJ business and therefore help merchants in overcoming difficulties. They will help you navigate and lower risks by offering the right guidance and tools. As long as you run a legitimate and transparent business, the right merchant account provider should have no difficulty in providing merchant account services that fit your business.
Are you running a MMJ store? Or thinking of expanding into the e-commerce space with your cannabis products? Looking for a way to start credit card processing? A top-rated merchant account provider, International Bank Services (IBS) offers MMJ merchant account solutions that are specifically customized to cater to the requirements of your business. With years of expertise working in the MMJ industry and strong banking relations over the globe, we are capable of providing high-quality merchant account solutions at reasonable fees. International Bank Services (IBS) specializes in high risk business verticals, with over 95% approval in merchant placements. Our MMJ Merchant Account solutions tailored to meet the unique needs of the industry have made processing transactions secure and safe for customers as well as merchants.
InternationalBankServices.com, headquartered in London, U.K., offers customized and affordable merchant account services for all business sizes and types. InternationalBankServices.com establishes strong relationships with our merchants as well as our banking partners for long term success. We are one of the best MMJ merchant account providers for small businesses in all of UK and Europe including :