| Although the sale of medical marijuana is now | | | | as the store owner has a decent credit record |
| legal in 14 states as well as the District of | | | | and a clean criminal history, that will not |
| Columbia, these businesses often encounter great | | | | necessarily prevent them from qualifying. |
| difficulty in obtaining merchant accounts. | | | | A Word of Warning |
| Considered "high risk" businesses, dispensary | | | | One concern you should have with regards to |
| owners often face personal prejudices as well. | | | | obtaining a merchant account for your medical |
| Unfortunately, many banks just aren't willing to | | | | marijuana dispensary is that not every provider is |
| consider opening a merchant account for the | | | | the same. Business owners in Colorado were |
| owner of a medical marijuana store; they consider | | | | recently surprised when their provider shut off |
| the legal due diligence to be too much of a hassle. | | | | service without any warning. Make sure that you |
| Options Beyond the Banks | | | | select a company with a reliable track record. |
| When you consider that approximately 75% of | | | | 3 Advantages to Credit Card Payment |
| the American population uses their debit or credit | | | | Once you have set up your merchant account, |
| cards regularly to make purchases, being able to | | | | your business will profit from several advantages. |
| process such transactions can be critical to the | | | | First, you will be able to take orders by phone or |
| success of many businesses. Granted, the | | | | online - completing the sale at the store and |
| marijuana industry was strictly cash based until | | | | speeding your customers on their way. Second, |
| recently, but times have changed. If your bank is | | | | you will be able to hold less cash at the store, |
| unwilling to even consider offering you a merchant | | | | reducing the concerns associated with a cash rich |
| account, it is time to look somewhere else. | | | | business. Finally, tracking sales will be simplified as |
| Merchant account firms are often more flexible | | | | every purchase will show up in your evening |
| and a number are now providing essential financial | | | | balances. |
| services to the owners of legal dispensaries. Since | | | | If you want to accept credit cards at your |
| most dispensaries are still new ventures and they | | | | dispensary, skip the banks and head online to find |
| sell a medical product, they are, by default, | | | | a company that understands the unique |
| considered to be a higher risk. However, as long | | | | opportunities and obstacles facing your business. |