Marijuana 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 MMJ division of FinTech has seen rapid growth (pun intended) However it did not come without a challenge. The two major networks Visa and Mastercard have significantly 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 dispensary owners and some unscrupulous sales 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 (Terminated Merchant File) 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.
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. Dispensaries and Stores that accept credit cards 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?
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.
We use a voucher program that makes our solution compliant. The process is streamlined and it is just as easy and timely as swiping a credit card at any other retail business. The sale is rings up as a voucher for the amount of the item purchased and is printed and given to the customer as a receipt this is all done seamlessly by our API. The program is very user friendly and transactions can also be processed by using a tablet or smartphone which is particularly useful for delivery service.
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 marijuana business owners and operators. We are pleased to pass on these referrals to our clients.
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 and no ongoing monthly fees. We provide you everything you need to accept credit cards and we are so confident that our program will increase your sales that you only pay when you use our service, so if for any reason you decide that the program is not a good fit for your business you can simply stop using it and will not be charged anything at all and still have the service if you need it, which puts you in a “win, win” position. Other dispensaries have seen up to a 42% increase in sales with our solution.
Let us e-mail you a Rate Sheet & Application