Nearly two-thirds of the U.S. states legalized either medical marijuana or recreational cannabis. It is estimated that by the year 2027 legal cannabis spending will reach $57 billion. Majority of the spending will take place in the United States.
Such a fast market growth is welcomed by everyone. However, running legal cannabis operations require substantial costs. Business capital requirements can run anywhere from $150,000 to $500,000 while licensing fees can be run anywhere up to $20,000.
Unfortunately, even though legal markets for marijuana continue to spread, conducting business in cannabis is not yet properly recognized by the federal government. The federal government continues to classify cannabis as a controlled substance, which makes it difficult for cannabis vendors to obtain financing and payment solutions that are vital in running the business.
No banking options mean that most of the cannabis vendors run the business with cash transactions. Not only it is unsafe and risky, but also creates operational challenges with storage, tracking, reporting, and payroll. Fortunately, Merchant Club of America offers custom cannabis payment solutions that can alleviate some of the operational pain for marijuana vendors.
Here are two of the most popular cannabis payment options:
Pin-Based Debit Processing. This payment solution accepts chip and non-chip cards and offers accurate online reporting. The payment can be accepted via swipe, manual key entry, or Apple Pay. In addition, it features individual MID tracking, which reduces the time and resources needed for reconciliation work.
Credit Card Payment Solution. Cannabis vendors can now accept swiped credit card transactions through PAX A920 payment terminal. Credit Card payment solution can be used without the pre-registered bank accounts or credit cards. In addition, this payment solution is not the online program; processing is done through the actual terminal.
Contact us today by filling out the form below and get more information about our custom cannabis payment solutions.
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