Unfortunately, some banks are wary of opening a merchant account for a medicinal marijuana grower, claiming that the legal due diligence would take too long. When nearly 75% of Americans use their debit or credit cards to make regular purchases, the ability to process such transactions is critical to the success of many companies. Granted, the marijuana industry was solely cash-based until recently, but times have changed. If your current bank won’t even consider giving you a merchant account, it’s time to look for a new one. Have a look at Oregon Bud Company Recreational Marijuana Dispensary 122nd – Portland – dispensary more info on this.
Despite the fact that it does the very opposite, medical cannabis from hospitals reduces tumour growth and inflammation in clinical trials affecting almost half of lung cancer patients. Patients with Alzheimer’s disease benefit from a licenced pharmacy that provides them with the appropriate dose of Medical Marijuana to make them feel better. Even though medical marijuana is now legal in 14 states and the District of Columbia, merchant accounts for these businesses are still scarce. Personal prejudices are a problem for dispensary owners, who are classified as “at risk” businesses.
Many merchant account providers are widening their offerings, and some are now providing essential financial services to legal marijuana dispensary owners. Since dispensaries are still relatively new businesses selling prescription products, they are automatically seen as presenting a higher danger. The shop owner, on the other hand, is eligible to apply if he or she has a decent credit rating and no criminal background. When searching for a merchant account for your medical marijuana dispensary, keep in mind that not all merchant account providers are created equal. When their provider suddenly cut off service without warning, Colorado business owners were taken aback. Make sure you go with a company that has an established track record.