Medical Marijuana Merchant
Medical Marijuana Merchant
Medical marijuana merchant accounts are a very important part of running a medical marijuana business. Over the past few years marijuana has become legal in certain states for medical use and consumers now want to use their credit or debit cards to make purchases. The problem that exists is the legal processing of credit cards for marijuana even though it is legal in their state. Legal issues surround marijuana nationally as well as on a state level for most states. This requires marijuana dispensaries to open a high risk merchant account that specializes in their industry in order to operate legally.
Marijuana processors will have a number of requirements in order for a marijuana business to be approved and setup for a merchant account. These marijuana merchants will need to provide the correct amount of documentation in order to be considered for an account. These businesses will provide an application package to the bank for approval including; signed merchant account application, marijuana license from the state, bank information, any financial information they may already have for their business and the proper identification of the owner(s). Most merchants will experience an underwriting period of 1-2 weeks while their application is being processed. Depending on the bank, there may be additional information that is required before they open a marijuana merchant account.
Offshore Merchants has been setting up marijuana merchants since marijuana was first legalized for medical purposes. Merchants will be able to apply and be approved for a marijuana merchant account all within a couple weeks. Regulations and requirements keep changing surrounding these accounts so it is best to contact an account representative at Offshore Merchants for more information. Most banks and payment processors will only approve medical marijuana merchants that are operating out of a brick and mortar physical location.
Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.