Medical
Marijuana Merchant Account
Medical marijuana merchant accounts
have seen a huge increase in applications
and approvals since states have started to
legalize medical marijuana. Payment
processors do not want to break any rules or
laws because it will jeopardize their
complete business so when they deal with
marijuana merchants they want to operate
100% above board. The catch 22 is that the
US government still considers marijuana an
illegal drug. State laws are constantly
changing and the laws differ drastically
from state to state. This requires the
payment processor to invest more time and
money keeping up to date with these law
changes. Many merchants will need to conform
to new laws from their state as the
marijuana laws are updated since their
establishment.
Marijuana merchants have been hassled
since the beginning of the new medical
marijuana laws. Many banks have accepted the
business and then closed the business’
processing and discontinued accepting new
business. This is mainly due to the problems
banks face from the United States
government. Banks started processing and
when they realize that they might have the
United States government coming down on
them, they quickly change directions and
remove all approvals they had once given to
merchants.
Marijuana merchant accounts are
available from a group of high risk payment
processors however if you’re a merchant get
ready to pay higher than normal fess. Since
these banks and payment processors are
accepting a large amount of risk from the
United States government and possibly the
state governments both where the merchants
are located and where the payment processors
are based. Offshore Merchants has been
setting up these types of accounts since the
news laws were made effective. Offshore
Merchants will make sure that your business
is successfully setup with a respectable
payment processor. Usual setup time is 1-2
weeks.
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