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Cannabis Merchant Accounts

By January 17, 2019

Opening a merchant account as a cannabis retailer is challenging to say the least. Finding a processor that will board your account and offer you fair rates? Nearly impossible. Merchant Service Group LLC knows that you face enough challenges in operating a dispensary, which is why we’ve created a new program to help you start accepting card payments today.

Merchant Service Group LLC has partnered with iPayment, a US-based payment solution provider, to offer a new program that allows legal cannabis accounts to be boarded.

Even in states that have legalized the sale of cannabis, federal regulations make credit card processing a challenge. Large, national banks tend to label these accounts as high risk and see them as a liability, and processors that do board cannabis accounts will often charge higher rates because of the added risk of high chargeback and fraud rates in the industry. Dispensaries that try to go around these restrictions and board their accounts under a different industry may find their merchant accounts closed and their funds diverted with no warning.

These limitations force many legal retailers to accept cash-only sales, which limits their revenue and puts their businesses at greater risk of theft because of the extra cash on location. Accepting other types of payment can increase revenue by nearly 40 percent and allows you to keep less cash in your store, offering greater peace of mind for you and your employees.

The Merchant Service Group LLC cannabis merchant account program allows you to expand your business and accept debit cards as payment to add increased security and legitimacy to your business. Along with your business license, bank statements, and processing statements (when applicable), you must have a valid checking account for your business to open your merchant account.

Merchant Service Group LLC offers years of experience, including a history of successfully boarding high-risk accounts. We offer the same level of service, transparency, and savings for every account, in every industry.

 



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