MMJ dispensary merchant services, medical marijuana processing. Banks nationwide are struggling with the dilemma of offering vendors of medical marijuana credit card processing. Not only do such businesses find it difficult to get needed credit card services, they also face challenges opening simple bank accounts. Due to the conflict between state laws, which have legalized the sale of medical marijuana, and federal laws, which prohibit it, both banks and merchants are left in limbo.
Illegal or Not?
The question of legality is one that is currently being addressed in Colorado and California. Rep. Jared Polis, D-CO and fourteen other members of Congress have appealed to Timothy Geithner, Treasury Secretary, to provide reassurance for financial institutions. Additionally, Ron Paul, R-TX, and Barney Frank, D-MA, have cosponsored a bill to repeal laws making the use of medical marijuana illegal.
No statement has been issued by the office of the Treasury in response to the letter and the bill has not yet made it to the floor for debate. As such, federal law remains in place, leaving both banks and businesses waiting for a resolution.
Looking Beyond the Banks
Of course, no niche is left untapped for long. Even if banks aren’t willing to step out on a legal limb, there are other solutions available for businesses that are considered too high risk.
At The Transaction Group, we have a solution in place for medical marijuana credit card processing, allowing dispensaries to accept card payments. The many dispensaries that we have already set up with this solution love it for the low rates, no credit check, and easy approval and set up.
Customers enjoy the convenience of paying with a card. Keep this option available to them at your dispensary.
Call us to find out more. 888-383-8056!