The cannabis industry boom in North America is just getting started. It is the opinion of this writer that we will see federal legalization happen in the next 1-5 years. With 11 states passing a fully legal cannabis bill and over 30 states with some sort of medical bill on the books, the cannabis industry will continue rapid growth.
As for our neighbors, Canada fully legalized the herb in 2018 and Mexico is in serious talks to do the same. So, why are U.S.-based banks and processors still hesitant to get involved with this green rush? Many federal insured banks do not want to put their merchant-acquiring license at risk. Therefore, they choose to stay on the sidelines awaiting a full legalization bill to pass.
Here at Performance Card Service, we have been actively developing processing solutions for each segment of the cannabis industry for many years. We are now proud to offer merchant accounts that support ancillary cannabis products in the industry. Products and services such as devices, packaging, logistics, and marketing that were once a challenge to obtain are now easy.
We have several banks that are excited about this industry and have built processing solutions that cater to your specific needs. The three main cannabis processing solutions we offer today are as follows:
- eCheck processing for medical and recreational cannabis, as well as ancillary products. Our eCheck providers understand the cannabis industry and have been supporting it for many years. Since we hold agreements with multiple eCheck providers, we can usually find the right fit for your niche in this fast-paced industry. eCheck processing services can integrate directly to your website’s shopping cart so customers can pay while shopping on the web.
- Traditional credit card processing merchant accounts for ancillary cannabis products. PCS can offer these types of accounts to anyone in the cannabis industry that is not selling the actual cannabis product. We have worked with dozens of ancillary businesses such as cannabis marketing sites, merchants who sell a device to grind cannabis flowers, businesses who provide storage and packaging for cannabis, as well as many others.
- Point of Banking (debit) for retail, medical and recreational cannabis shops. These solutions work in the style of a countertop ATM machine. The business owner has the ability to process debit cards for customers and cover the fees or pass all or part of the fee off to the customer. We find this service is better received than a traditional ATM machine since it is secure, and fees can be much lower for debit card users.
No matter where you fit in with the cannabis industry, we can assist your business! We work closely with our processing partners to ensure each solution is the best fit for each merchant. We are excited about working with new and existing cannabis companies and look forward to connecting with you. Please contact us today to speak to an expert about what Performance Card Service can do for your cannabis business.