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Month: February 2019

How To Choose The Right MMJ Merchant Account Solutions?

How To Choose The Right MMJ Merchant Account Solutions?

Upcoming years will be abuzz with businesses trying to create a niche for themselves in the market to tackle competition and offer customers some variety. Cannabis industry serves to be the perfect example of this trend.

With cannabis becoming widely accepted gradually, thanks to its legalization in certain parts of the world, the number of new businesses & products entering the market is only set to grow.

According to Forbes, “Cannabis Could be the Most Profitable Ingredient in Skincare,” with the CBD market growing to $170 million in 2017 and poised to reach $1 billion by 2020.

With the industry witnessing upward trajectory despite certain legal & banking restrictions, many alternative payment processors and merchant account providers have come up to offer payment processing solutions that marijuana merchants can take advantage of.

While looking for a merchant account provider, merchants need to be careful and consider a few points before locking in on one. Here are 5 tips when looking for an MMJ Merchant Account:

Ensure Your Processor Understands the Nature and Complexity of the MMJ Industry

With many legal and health concerns surrounding the use of cannabis, marijuana can be considered a complicated & risky business. And so obtaining payment processing for your MMJ business is not an easy task either. You certainly don’t want to end up with a shady processor who has no clue about the workings of your business.

Hence, ensure that your processor has considerable experience working with similar businesses. More importantly, the provider should be up-to-date with industry legalities and provide a quick solution in case of emergency situations wherein legal authorities might try to freeze your account on the basis of suspicious activity.

Apply for a medical marijuana merchant account

Look For a Processor That Offers Variety & Flexibility

Different merchant account providers offer different types of services. Your MMJ merchant account solutions should include a wide range of tools including secure payment gateway, card secure, tokenization, 3D secure, and fraud protection tools to ensure prevention of fraudulent transactions.

Since your business is categorized as high-risk, it is imperative that the processor offers chargeback prevention tools to prevent unwanted fees.

It is also convenient to choose a provider that approves any MMJ related businesses such as CBD products, Hemp oil, cannabis paraphernalia, etc.

Credit Card Processing Rates & Fees

Owing to the difficulties merchants encounter while obtaining MMJ merchant account solutions to take care of their payment processing needs, some providers tend to take advantage of it and charge unfairly high credit card processing fees.

While marijuana is classified as ‘high-risk’ and so your business will have to incur higher fees than the rest, there are processors that will be honest and fair by charging adequate per transaction processing rate and no additional costs.

Ensure that there are no hidden fees involved while signing on the dotted line.

Look For a Reliable & Long-Term Processing Partner That Offers Transparency

Apart from chargebacks & legal difficulties, large monthly processing volumes also make obtaining payment processing for MMJ a complicated task.

MMJ is a lucrative business and therefore will require the provider to process a high amount of volume on a monthly basis. You will find many willing to accept your business at first but will drop you instantly once your business starts to grow.

Always ask your processor how they deal with large processing volumes. Look for a merchant account provider that is transparent, reliable and gives you long term solutions.

Compatibility is the Key

If you are just starting out, always look for MMJ Merchant Account solutions that fit the requirements and demands of your business. You will want a payment processor that offers 24/7 support, technical support and immediate solution to any processing issues.

Posted on February 27, 2019May 10, 2019Categories Merchant Account, MMJ Merchant AccountTags credit card processing, Europe, high risk merchant account, merchant account, merchant account provider, MMJ Merchant Account, MMJ Payment Processing, UKLeave a comment on How To Choose The Right MMJ Merchant Account Solutions?
Tobacco Merchant Account & Credit Card Processing Solutions for the Tobacco Industry

Tobacco Merchant Account & Credit Card Processing Solutions for the Tobacco Industry

A deathly business, tobacco sales have shown no signs of declining even with health professionals and lawmakers ramping up their efforts in the prevention of tobacco sales.  Despite the many taboos and legal issues plaguing the industry, tobacco businesses continue to thrive with major profits and increasing sales.

Although the industry’s lose governing laws and subsequent changes in the financial industry surrounding the tobacco market makes it difficult for businesses to find a decent merchant account provider. With credit card processing challenges and increase in scrutiny while applying for a merchant account, obtaining a tobacco merchant account has become one of the expensive parts of running a tobacco business.

Often, Tobacco merchants are forced to pay unfairly high processing fees or look for an offshore credit card processing option because of the complexities involved in setting up a tobacco merchant account.

But the industry growth, as well as rise in credit card payments, showcases the need to offer payment options to its customers in order to stay relevant in the business.

Why is it difficult to obtain a tobacco merchant account?

  • Strict Government laws and regulations
  • Age restrictions
  • Inconsistent and constantly changing rules and policies
  • Tax issues
  • Obvious ethical and health concerns
  • Chargebacks at high rates

Tobacco Merchant Account & Credit Card Processing Solutions

With the anticipation of any future sanctions and increase in government restrictions, tobacco merchants require a reliable merchant account provider offering quality tobacco merchant account solutions with reasonable processing fees limiting the risk of merchants losing their payment solutions in the future.

Additionally, the tobacco industry also expanded and opened up new segments of niche businesses operating within the industry. Hence, growing businesses, as well as related niche merchants, are looking also for merchant account providers that specialize in all types of tobacco sales, whether it be a retail store or online.

Apply for a tobacco merchant account

If you happen to be a new business operating within the niche tobacco market or even just an existing business looking to expand into an online store, there are several reputable merchant account providers that have a strong understanding and experience working in the tobacco industry that provides transparent fees and customized credit card processing solutions.

Merchant Account Solutions for all types of Tobacco Businesses:

  • E-Cigarette & Vape Merchant Account
  • Cigar Credit Card Processing
  • Merchant Account for Hookah & Related Accessories
  • Head Shops & Smoke Shops Merchant Account

Obtaining a tobacco merchant account with a specialized processor will help you in avoiding costly fines and will continue to provide high-quality solutions for your business.

Posted on February 8, 2019May 10, 2019Categories Merchant Account, Tobacco Merchant AccountTags credit card processing, Europe, high risk merchant account, merchant account, merchant account provider, Online Tobacco Merchant Account, Tobacco Merchant Account, UKLeave a comment on Tobacco Merchant Account & Credit Card Processing Solutions for the Tobacco Industry
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