Legal ambiguities have prompted many banks to withdraw their merchant account positions from medical marijuana dispensaries. This rash of rejection letters from banks is more than a little distressing for business owners who believe that credit card processing is an important part of their success. For the owner of a pharmacy, it is not unusual to sign up with a bank only to learn a few weeks later that their services are being withdrawn. The root of all the trouble is a single statute, the Bank Secrecy Act. Banks are expected to report any suspicious activities. The law is wreaking havoc in the medical marijuana market, set up to keep an eye on financial shenanigans and possible terrorist money laundering.If you are looking for more info, CBD, CBD Oil
When are things going to improve?
This is truly the crux of the matter for business owners. The medical marijuana industry is rapidly expanding and requires access to the same resources that are available to other companies. That includes processing credit cards. Legal experts, noting that no fewer than five independent entities control the law, realise that the process can take some time. They expect banks to catch up for up to 10 years, and that much of that transition will be the result of more improvements in marijuana’s legal status.
At this time, the best advice that dispensary owners get is to actually go elsewhere and circumvent the banks. Online merchant account providers are more versatile and are able to offer dispensary entrepreneurs a variety of financial services. Although any organisation that sells pharmaceuticals is considered to be a greater risk than a shoe store, it is possible to acquire an account that will allow your customers to process credit and debit cards. Expanding the ability to satisfy the needs of your clients ultimately translates into higher sales and a stronger bottom line. A hallmark of any successful company is the processing of credit cards; don’t let the banks decide who will pay you and how.