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Solution for Millions of Cannabis Consumers Who Want To Pay for Products with a Credit or Debit Card

February 11, 2022

5 tips From a CEO on how medical and recreation cannabis merchants can obtain payment processing for in-store purchases, deliveries and curbside pickup. 

 “Every month 14 million consumers search online for a cannabis dispensary that takes credit or debit cards,” said Catherine M. Zito, CEO of Cannabis Business Solutions, Inc. It’s a good problem to have with 48 out of 50 states now allowing for some form of medical cannabis and 20 states legal for adult-use.


Patients want convenience and safety, but are tired of withdrawing cash from a dispensary’s lobby ATM machine, paying high fees and limited withdraw amounts. For many, cannabis is medicine and in some cases can be a tax write off, but not as a cash withdrawal. The IRS requires proof and that usually comes from a bank statement.

Projected sales to reach $16 - $25 billion dollars by 2025.

A speaker at the 2021 Medical Cannabis Conference and Expo in Naples, Florida, Catherine Zito shared with attendees that U.S. sales for medical marijuana is projected to reach over 16 billion dollars and recreation cannabis to over 25 billion dollars by 2025. 

“Numerous banks and processors have been shut down for trying to be cannabis friendly and hundreds of merchant accounts have been closed without notice,” said Zito. It’s no surprise, that consumers want to buy cannabis products just like they do any other natural supplement for pain, anxiety, inflammation, relaxation and sleep. Research shows that every month there are 68 million consumers searching for the daytime strain sativa and over 40 million searches for the nighttime strain known as indica. 

A reputable referral can help you receive good rates and account approval.


“After seven years in the industry, we’re now partnering with several U.S. banks and processors who will approve payment processing for CBD, hemp, Delta 8, medical and recreation cannabis merchants,” said Zito. It’s hard to believe you still have to know someone in the business, but that’s how it works right now. Merchants who are referred by a reputable source like our company, have a better chance of receiving reasonable rates and account approval.

5 tips on how a cannabis merchant can apply to receive credit and debit card processing approval. 

1. Don’t take anything personal. This is business so keep your thoughts focused on your ultimate goal of receiving payment processing. If you’re asked to make a content change on your website, do it and don’t argue about it. These are conservative financial establishments that follow strict state and government guidelines. If not compliant with the law, their business can be heavily fined or closed. 



2. Get your website ready. It’s the first place a bank or processor will look for a certificate of analysis (COA) on each product page or listed on one dedicated page. Remove all claims and words such as anxiety and pain relief. It’s okay to show an image of a person with a medical condition, but it’s best to avoid placing words on the image or in the description. We understand you want to educate consumers about your products, so we recommend doing so through email, print or in person. Remember to add a disclaimer stating that your brand does not make claims to cure any medical condition.  
  


3. Have these documents in hand. The payment processing application is completed online. Be ready to upload a valid driver’s license, social security number, LLC or Inc. document and a copy of any transactions including cash, PayPal, Square or other pay app. Screenshots or pictures of documents will not be accepted.

 In addition, you'll need a bank account in the name of your business.

4. Proof of business location. You may receive a surprise visit from a representative from the bank or processing office to validate your business location. They don't make appointments nor announce themselves. If you run a clean business you won’t have any problems. 



5. Be Transparent. Regardless of ownership percentage or involvement, all partners’ information is required on the application.

A medical marijuana dispensary can apply for retail debit card payment processing, but not for online ecommerce transactions. Although this is how it is now, rules can change so it’s a good idea to check in with your processor every 4-6 months. A CBD, hemp, Delta 8 or ancillary business can apply for both credit and debit card processing for in-store and online payments. Rates can range from 3.0%-3.5% per transaction.



For more information or a free consultation visit CBScannabis.com
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