Setting up a merchant account for your medical marijuana dispensary? This has become one of the hot legal, political and conversational topics throughout the country and the world. In short, your company dispenses marijuana (cannabis) that is legally prescribed by a certified doctor that needs marijuana as a form of medication. Accepting credit cards (Visa, MasterCard, American Express, Discover) is now critical for these dispensaries vs. only taking card.
This “new” industry for merchant processing (yes, I know the industry is not new) is under pressure from risk managers and underwriters which deals to accept for processing. Currently, many legal dispensaries throughout the USA have had a difficult time finding a merchant provider for this industry and, in many cases, they are paying a discount rate in excess of 5.00%.
Currently, there are in excess of 20 states plus Washington DC that have enacted laws to legalize medical marijuana. In states in which it’s legal, doctors recommend medical marijuana for many conditions and diseases, frequently those that are chronic. Among them are nausea, loss of appetite, chronic pain, anxiety, arthritis, cancer, AIDS, glaucoma, multiple sclerosis, insomnia, ADHD, epilepsy, inflammation, migraines and Crohn’s disease. The drug is also used to ease pain and improve quality of life for people who are terminally ill.
Alternative Merchant Processing understands the needs for establishing a medical marijuana merchant account in order to help your business grow by the acceptance of credit cards as a form of payment.