With the changes in medical marijuana legislation popping up all over the country, it is no surprise that a business that once operated on a “strictly cash” basis is now turning to merchant accounts. This is also true for purveyors of cannabis. They are taking their business online, and are now searching for SSL services as well as standard counter based terminals.
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The High Life Online
Not surprisingly, many medical marijuana businesses are finding it difficult to obtain merchant services through traditional channels. Internet POS (point of sales), e-commerce, and mobile terminals are all required if a business is to thrive, but obtaining such services has been challenging. Eager to engage with this thriving new market, forward thinking banks are beginning to see the advantages.
Because the current State-issued legislation is being debated on the National scene, the risks are greater for the merchant account banks than in other, more traditional businesses. Such uncertainties have caused many account holders to hesitate in issuing agreements with these new businesses. However, it is certainly an untapped and po