Legal ambiguities have caused many banks to drop medical pot dispensaries from their merchant account roles. For business owners who think that credit card processing is a fundamental element of their success, this break outs of sexual rejection realises from banks is regarding green little distressing. It isn’t uncommon for online resources a dispensary to join up with a bank just to hear a few weeks later that their services are increasingly being taken.
A single law, the bank Secrecy Act, is the source of all the trouble. It requires banks to report any suspicious activities. Executed to keep an eye upon financial shenanigans and potential terrorist money laundering, legal issues is wreaking mayhem in the medical pot industry.
When will Things Improve?
For business owners, this is really the crux of the matter. The medical pot industry is growing rapidly, and it needs access to the same services that other businesses have. That includes credit card processing.
Legal experts, recognizing that the law is regulated by a minimum of five separate agencies, realize that the process may take some time. They expect that it should take up to 10 years for banks to catch up, and that a lot of that process will be the consequence of further changes in the legal status of pot. Cannabis THC Edibles Store
What to do for now
The best advice that dispensary owners are getting at this time is to simply go elsewhere and bypass the banks. Online merchant account providers are more flexible and are willing to provide a range of financial services for dispensary entrepreneurs. While any business that sells pharmaceutical drugs is considered to be a higher risk than say a shoe store, it is possible to obtain a merchant account that will assist you to process credit and debit cards for your customers.
Growing your capacity to accommodate your clients’ needs inevitably translates into increased income and a better bottom line. Credit card processing is a staple of any successful business; don’t allow the banks determine who can pay you and how.