Best Marijuana Merchant Accounts And Credit Card Processing
Medical marijuana is now one of the booming industries and has high demand in the market. If we look through the reports, the global legal marijuana market is of value USD 17.7 billion in the year 2019 and is primarily expected to expand shortly. Best Medical Marijuana Merchant Account Providers In USA.
The legalization of marijuana has been increased in various countries and is one of the significant factors that make the growth of its market. Cannabis is mainly used for medical purposes, gaining worldwide momentum for the legalizations in various countries.
Medical marijuana serves different purposes for chronic condition treatments, including the treatments of cancer, arthritis, and neurological conditions. It also includes conditions like anxiety, depression, epilepsy, Alzheimer’s, and Parkinson’s disease. Because of the vast demand and facilities, this industry is in high demand.
Notably, the high cancer prevalence is one of the factors which demand medical marijuana legally. Medical cannabis reduces the amount of chronic pain a cancer patient goes through; it helps in enduring the pain or numbing it.
Legalizing medical cannabis has led to a significant decrease in the black markets of cannabis as people are buying medical marijuana legally for different medical purposes. Instead of being in high demand, also, it remains illegal in the national markets of the U.S.
Slowly and steadily, banks are helping in high-risk credit card processing, and transactions of this high-risk merchant account as the legalization processes increases in the countries. One of the biggest challenges for selling medical marijuana is not able to accept credit cards because of denying by the banks and the processors for being a high-risk merchant account.
This has mostly been a cash industry, but the legal businesses try to expand their business maybe through retails or eCommerce merchant account for the growth of their sales. Taking the payments from the cards is now a must-have for the medical marijuana merchant accounts. For this, they need to find a high-risk payments processor who will not only guarantee them for their payments but also give them a trustable platform even if return item chargeback occurs.
Get A Medical Marijuana Merchant Account
Because of the criminal past of the marijuana industry and drug dealers, their present legitimate picture is still not clear for the banks. They are primarily considered to be as a high-risk merchant account because of the large transactions and the return item cashback. Marijuana still being under federal law; doctors in someplace is still not prescribed it, which makes the banks adopt a negative approach for them.
Banks are still worried about the legitimate dangers if they provide the medical marijuana industry with a merchant account as they are not stable. That means medical marijuana is a high-risk merchant account.
The factors these merchants need to keep in mind in case of growing medical marijuana:
- Farming: For the cultivation of marijuana, a legal license is required.
- Cannabis processing: for the drying and preservation and packaging purposes, a license is required.
- Some states might need retailers and different operators for licensed supply and distribution.
- Packaging: attractive packaging is needed for every product to be appealing to the consumers in the market.