Cannabis Merchant Services

Medical – Recreational – Dispensary – Retail – Delivery

Revolutionizing the Industry with our Bank Compliant Solution

As a niche provider, the cannabis industry seemed like a natural fit for FinTech. The Cannabis division of FinTech has seen rapid growth (pun However it did not come without a challenge. The two major networks Visa and Mastercard have loosened their policies for the industry but the government still have yet to reschedule marijuana as a controlled substance making it illegal on a federal level which is a conflict with the bank’s federal charter and therein lies the rub. Despite this it has not stopped some operators and some unscrupulous merchant reps to forge ahead anyway. We knew this existed but did not realize how widespread it actually was until we started working in the industry and speaking to the merchants personally.

The most common one that we run across is obvious, and it is being creative with the use by describing it as Tobacco Products or Health & Wellness Herbal Supplements and the like. We would never advise this and strongly recommend against it. It may work for a while bur inevitably he processing company will eventually find out the true use and when they do they will shut off the account without notice. In addition to leaving you without service they will also divert funds which means the balance of the money in your account will be held for six months to be used to pay for any chargebacks that may occur. They also can place you on the dreaded TMF or MATCH list, which is a national blacklist used by the payment processing industry which may prevent you from obtaining an account in the future.
All signals seem to indicate that in the future the cannabis industry will be more mainstream and owners will be able to choose from a variety of competitive solutions, but until then the options are limited. There are two key differences that separates us from other providers in this space. The first is we are a Full Disclosure Provider. The second is our solution is Bank Compliant.

dispensary merchant accounts

It is a simple concept, if you add a method of payment your sales will increase just like if you removed a method they would decline. Cannabis Operators that use our platform have reported an increase of 28% in their average ticket size and up to 42% in overall volume. What type of impact would that have on your Business?

Full Disclosure
FinTech is a full disclosure provider which simply means that we will not try to mask your business as anything other than what it is because we do not need to. When we decided to get into this space we decided that instead of trying to figure out a way to sidestep the federal banking laws and regulations, let’s focus on a solution that complies with them.
Business Banking
 
Even something as basic as opening a business bank account can be complicated for marijuana businesses. FinTech has partnerships with a network of national US banks that are able to open a business account for cannabis business owners and operators. We are pleased to pass on these referrals to our clients.
 
Working Capital
 
All businesses require working capital and financing in order to expand, and the cannabis industry is not an exception. Unfortunately it can be a grueling task given the banking laws discussed on this page. FinTech has a private money program designed specifically for this use. Click here to learn more.
The Process to Open an Account
Getting started with FinTech is very easy. We have a very simple application process and the best part about our program is there are no out of pocket cost at all to get set up. We provide you everything you need to accept cashless payments, if for any reason you decide that the program is not a good fit for your business you can simply cancel it at any time. Other dispensaries have seen up to a 42% increase in sales and higher ticket sizes with our solution.

Let us e-mail you a Rate Sheet & Application

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