Yo, legal weed is one of the fastest-growing markets out there, but these banks still be hatin’ on us. They call us “high-risk” just cuz we deal with cannabis and CBD, along with other stuff like alcohol, gambling, and tobacco. It’s messed up, man. These banks don’t wanna mess with us ’cause they scared of gettin’ in trouble with the law. Like, even in places where weed is legal, they still actin’ shady.
It’s all about image too. Even though people startin’ to accept weed more, banks still think it’s all sketchy and stuff. They worried ’bout their rep and don’t wanna be associated with us. It’s wack, but that’s how it is.
Now, if you in the weed business, you gotta find a payment processor that understands our needs. Like, if you run a dispensary or grow operation or anything related to weed, you need someone who gets it. Same goes for CBD and hemp businesses too. They got different rules, but still gotta watch out for them banks.
There are some options out there for payment processing in the weed game. Point-of-banking lets customers pay with their debit cards like it’s cash. It’s cool for in-person transactions but can be a hassle sometimes. Credit card cash lines ain’t worth it though – that’s just askin’ for trouble.
Digital payments and ACH transfers are smooth and easy for everyone involved. Quick deposits and less hassle make ’em a good choice for weed businesses. Credit cards are dope too if you can use ’em, but in the US they still iffy ’cause weed ain’t legal everywhere yet.
Cryptocurrency is out there too, but not everyone down with it yet. Cash is always an option, but it got its drawbacks too – like security issues and extra work countin’ and trackin’ it.
When lookin’ for a payment processor, make sure they high-risk friendly and understand the industry. Check their fees and contract terms – you don’t wanna get locked into some shady deal. And customer support is key when things go wrong.
Here are some recommended payment processors for cannabis and CBD businesses:
1. EMB – Debit card, credit card, ACH processing
2. Square – Low rates, integrated software
3. Abaca – Compliant bank accounts, lending
4. Hypur – Mobile payment platform
5. The Transaction Group – ACH, E-check processing
6. SeamlessChex – E-check, ACH transfer services
7. Pinpoint Payments – Secure POS solutions
8. Corepay – Bespoke payment processing solutions
9. Allied Payments – Fraud protection, advanced payment gateways
So yeah, that’s the deal with payment processing in the weed game. It ain’t easy, but with the right processor, you can keep your business rollin’ smooth and steady. Just watch your back and stay compliant – the green rush ain’t over yet!