Cannabis / Marijuana Credit Card Processing

Yes, cannabis businesses can accept credit card payments, but it can be more challenging to obtain a merchant account due to the unique legal and regulatory environment surrounding the cannabis industry. Many traditional merchant account providers are hesitant to work with cannabis businesses, but there are specialized providers that offer merchant services to the cannabis industry.

Obtaining a cannabis merchant account can be more challenging compared to a regular merchant account, as the cannabis industry is considered high risk due to the complex legal and regulatory environment. However, as long as you have a well-established business and can demonstrate a good credit history, it is possible to get approved for a cannabis merchant account.

There may be additional fees associated with a cannabis merchant account, such as higher processing fees or a higher monthly account fee, to cover the additional risk associated with the industry.

Technically, you can use a regular merchant account for your cannabis business. However, you may be at risk of having your account suspended or terminated if you do not disclose that you are operating a cannabis business. It is always best to be upfront with your merchant account provider about the nature of your business.

To set up a cannabis merchant account, you will need to apply with a merchant account provider that specializes in serving the cannabis industry. The provider will review your application and determine whether to approve you for an account. You may be required to provide additional documentation, such as your business license and credit history, as part of the application process.

Easy Pay Direct specializes in high risk payment processing but we also work with mid risk and low risk companies.

Here is a short list of some business verticals we service:

“High Risk” is a banking industry term. It’s important to note that there are many business models that are seemingly low risk, but fall into the high risk category.

There is nothing wrong with being considered high risk and there are many factors that contribute to risk.

When a consumer buys an item with a credit card, they are given 6 months from the date of receiving the item to dispute the charge.

If your business is no longer operating, who do you think has to refund that money? The processor. This is where risk is created.

Certain businesses, marketing models, and industries have a higher rate of chargebacks, where they get labeled as high risk.

Even if your business is perfect, has never had a chargeback, and operates 100% “by the books”, you could be labeled high risk if you’re business or industry falls into a high risk category.

There are 3 main reasons a business can be considered high risk.

1. The business has a greater chance of chargebacks occurring
2. The business model may be new or legally regulated
3. The business accepts a high number of card not present transactions (over the phone, email, eCommerce)

At this time Easy Pay Direct offers merchant account services for the USA and Canada. We are always working to expand our areas of processing and hope to serve a greater area in the near future.

We have worked with many new brands and start-ups to get them approved and running. However, banks like to see a long history of transactions and an established history with a merchant before approving them.

But, that does not mean we can’t get you approved. Reach out to us today and we will walk you through your options.

Once all of the necessary documents have been received, it typically takes 1-4 days to get approved.

Occasionally accounts can be approved in less than 24 hours, our team will work as quickly as possible to get your account up and running.