Cannabis Payments and Merchant Services

In 2020, sales of legal cannabis products in the United States generated $19.5 billion in revenue. Industry analysts predict the domestic market will exceed $30 billion in 2022.

Despite the unprecedented growth of the medical marijuana, adult recreational, CBD and cannabis extract markets, successful legal businesses operating in the industry continue to struggle with securing cannabis payments and merchant services. 

Since California passed Proposition 215 in 1996, becoming the first U.S. state to approve marijuana legalization legislation, 39 states, U.S. inhabited territories such as Guam, and Washington D.C. have introduced medical marijuana. Cannabis payments should be handled like any other lawful transaction, but unfortunately, many service providers continue to force marijuana businesses to accept unfair business terms. 

In recent years, the cannabusiness industry has diversified immensely, with new segments such as adult recreational use and marijuana-based nutritional supplements, as well as new product categories like full spectrum, broad-spectrum, and isolate CBD, live resin, THC-8, THC-10, THC-O, THC-V, HHC-O, and THC-P emerging all across the United States. Unfortunately, finding secure payments for dispensaries and other marijuana businesses that don’t overcharge is a challenge.

Despite the fact that cannabis products are 100% legal in many jurisdictions, many cannabis payment providers consider serving the industry risky due to the federal government’s continued designation of marijuana as a Schedule I substance. This is why it’s so important for successful marijuana-focused businesses to work with cannabis payment processors and merchant service firms that understand their needs.

Credit card processing for dispensaries, cashless ATM services, debit card payments for marijuana products, ACH transfers, and crypto payment processing are just a few of the invaluable cannabis payment services Payment Pluss offers to our partners across the legal marijuana industry. We understand your business and have the resources you need to thrive. 

Payment Pluss is proud to serve America’s growing legal cannabis industry and offer safe, secure, and reliable payment processing and merchant services to partners all across the United States. We understand your industry and are here to help you grow your business with the vital cannabis payment processing financial services you need to succeed.

Are you searching for the industry’s safest and most secure cannabis payment processing solution? Contact Payment Pluss today.

Why Are Cannabis Payments Considered High-Risk?

Many cannabis payment processors consider the industry high-risk. This means that their corporate risk management criteria have established that these businesses are more than likely to experience instances of fraud and a higher degree of chargebacks as a result. 

High-risk industries do not have access to the same convenient payment processing and merchant services as lower-risk industry segments and businesses. Cashless processing for dispensaries and other businesses considered high-risk can be problematic for small business owners and aspiring entrepreneurs. While low-risk businesses enjoy lower fees and easy access to new payment methods such as cashless ATM withdrawals, many payment and merchant service providers make it very tough for marijuana businesses to enjoy these same benefits. 

Designation as a high-risk business means that entrepreneurs are forced to accept higher fees, longer payment processing fees, increased anti-money laundering scrutiny, and other compliance obligations that other businesses do not face. Meanwhile, there are many examples of 100% legal and compliant marijuana businesses being raided and having their assets seized as a consequence of conducting normal daily business operations. 

Since the U.S. Patriot Act was signed into law in 2001, all U.S. businesses have been subject to increased compliance requirements to fulfill their legal obligations in areas such as Know Your Customer (KYC), Anti Money Laundering (AML), and Financial Crimes Enforcement Network Reporting (FinCEN). Each of these areas requires businesses to keep accurate documentation and provide government agencies with reports outlining their due diligence to prevent illegal activities.

Businesses cannot neglect fulfilling compliance obligations if they wish to continue serving their customers and growing revenues. The fact that so many institutional lenders, credit card companies, and insurance and other financial services providers consider the cannabis business high-risk is a persistent challenge for many aspiring businesses. 

With the recent rise of cashless ATM payment processing services, neobanks, and financial instruments like cryptocurrency, many business owners have found slight remedy to these issues. However, in many cases, the general designation of the marijuana industry as high-risk means that even these new digital services cannot match the conditions, rates, customer service, and utility that more mainstream lenders offer to their partners in lower-risk categories. 

Any marijuana-focused business seeking to overcome these issues has a vested interest in securing card processing and other vital merchant services with a provider that understands its needs and compliance requirements. As the cannabis payments business landscape continues to develop and the market expands, securing the right payment services can have tremendous downstream effects on top-line performance, revenues, and profit margins.

Payment Pluss provides the cannabis payment processors that your business can count on. We offer credit card processing for dispensaries and the end-to-end support you need to succeed. 

Ready to learn more about cannabis payment best practices? Explore our full article on high-risk merchant payment accounts.

Cannabis Business Payment Solutions

Payment Pluss is an industry-leading cannabis payments solution and merchant service provider. We understand the needs of your industry and are a trusted partner you can count on to grow your business-to-business or consumer-facing marijuana operation.

We’re the United States’ fastest-growing marijuana and cannabis payments and merchant services provider because we believe in your industry and the positive impact your business makes on people’s lives all across our nation. Our reputation for quality and commitment to service means you can enjoy strategic benefits that will help make your business more sustainable and profitable.

In April 2021, the Pew Research Center found that 91% of all U.S. adults support the legalization of marijuana, with more than 60% supporting medical and recreational sales and an additional 31% supporting the growth of medical marijuana programs. In 1961, when Gallup conducted this opinion research for the first time, only 12% of American adults supported legalization efforts.

As medical and recreational marijuana users continue to gain legal access to these products, it’s clear the industry will record unprecedented growth, and Payment Pluss is here to support that growth as a trusted partner. We offer secure, reliable card processing for cannabis payments and other vital merchant services to help cannabis companies grow.

By the end of 2022, the domestic cannabis industry will exceed $30 billion, and our commitment to this growth means your business can enjoy better payment terms, faster payment processing, increased access to credit, and the merchant services you need to be a successful and competitive business long into the future. 

The cannabusiness industry is improving quality of life, generating economic activity, creating jobs, and driving positive business outcomes not just for the businesses that sell marijuana-focused products but also for the communities they operate in, thanks to their significant contribution to local tax bases.

If you’re searching for the highest-quality marijuana payment solutions, you’re in the right place. Payment Pluss is the perfect fit for cannabusiness. Get in touch to learn more about our commitment to your success.

Cannabis Debit Processing

Our quick, secure, and legally compliant cannabis debit processing services allow marijuana, CBD, and other types of cannabis-focused businesses to accept debit cards while avoiding the high-risk designation that so many other providers levy against the industry. Safe and reliable marijuana payment processing is essential to scaling a profitable CBD, Delta 8, Delta 10, THC-V, or marijuana business. 

By choosing our services, your growing business will get the resources you need to grow your eCommerce business and expand retail sales using modern point-of-sale technologies. You won’t be forced to accept smaller profit margins, longer payment processing times, or the scrutiny of working with an organization that places unnecessary stress on your day-to-day operations.

Your customers use cashless payment methods such as chip-enabled credit cards and debit cards daily when they purchase groceries, medicines, and other household products. Therefore, they’ve come to expect convenient payment options both in-person and online.

Though a vast majority of mainstream cannabis payment processing services make accepting debit cards difficult for marijuana-connected businesses, our solutions will never penalize you or force you to pay more to serve your customers.

Our industry-leading card processing service offers the reliability you need to take your marijuana-based business to the next level. Stop overpaying and choose a card processing partner you can rely on. 

Cannabis Cash Payment Processing 

Marijuana businesses often find that it’s easiest to accept direct cash payments from their customers. However, being limited to remaining a “cash-only business” makes it much tougher to fully streamline business operations with in-store shoppers or harness the full potential of ecommerce. 

Receiving large amounts of cash payments and storing currency in a physical storefront or warehouse space also creates an added security challenge. Keeping large amounts of cash raises the risk of a business being targeted by criminals. 

While accepting cash will always be a top-line choice for most marijuana businesses, choosing the right payment processor is essential for streamlining the process. Select a cannabis payments provider who will not impose restrictive fees, processing times, and otherwise unfair business terms on your growing enterprise. 

ACH Transfers for Cannabis 

Automated clearing house (ACH) payments are a type of digital bank transfer that’s becoming more and more popular with dispensaries and other marijuana businesses. ACH transfers allow customers to transfer funds electronically without the use of checks, credit or debit cards, or wire transfers. 

Giving your customers the option to use ACH payments for cannabis will allow your business to increase sales conversions. Because this payment method is electronic, it provides a quick, easy, and reliable method of capturing funds.

Point of Banking Machines 

Cashless ATMs are a type of point of banking (POB) system that allows your customers to use their debit cards to complete transactions with your cannabis store.

POB systems are a newer payment methodology that gives merchants the flexibility of handling debit transactions without having to keep large amounts of cash on hand, removing some of the security challenges that cash payments and ATMs create. 

POB payments work just like ATM withdrawals that are completed directly at the point of sale. They are a safe, reliable, and seamless electronic payment method for dispensaries and other marijuana businesses. 

Cannabis Credit Card Payment Processing 

Credit cards are more popular with American consumers today than at any other time in recent memory. In Q2 of 2022, the number of credit card balances in the U.S. increased by 13% — the largest year-over-year (YoY) increase in more than 20 years. 

Being able to accept credit card payments is essential for attracting and sustaining business in today’s economy. Though many cannabis payments providers force marijuana businesses to accept higher fees and unfair business terms, Payment Pluss is dedicated to offering the nation’s best cannabis credit card payment processing merchant services. 

Cryptocurrency Cannabis Payments

Bitcoin, Litecoin, Dogecoin, and Ethereum are just a few of the cryptocurrencies that have gained tremendous popularity in recent years. These new safe, secure, anonymous, and reliable payment methods offer both customers and merchants unique benefits, and the ability to receive crypto increases the value your business offers the community. 

As cryptocurrency adoption continues to rise in the coming years, there are many advantages to letting your customers pay using these newer payment methods. Crypto payments are not mainstream, but customers who use them are highly dedicated to them. Offering your customers the flexibility they want with their payments is a great way for your business to separate itself from the competition. 

Marijuana Payment Processing

Payment Pluss is committed to delivering a complete end-to-end payment solution for accepting cannabis payments for products and services connected to the industry. We offer the means and expertise to accept cash payments in accordance with legal regulatory compliance while also supporting your ability to process cashless payments using ACH transfers, credit cards, debit cards, and cryptocurrencies.

Our commitment to your industry means that as payment methodologies evolve and new technologies become available, your business will be able to adapt and expand. We want you to have a nimble, agile, resilient, and successful marijuana business today and long into the future. That’s why we do everything we can to remove hurdles, simplify operations, and streamline the core payment and merchant services that your customers rely on.

Cannabis payments should be considered normal and everyday functions. However, to achieve this widespread acceptance, it’s essential for cannabis businesses to choose the right cannabis payment processing partners. Payment Pluss is proud to be the industry-leading choice for all payment and merchant services for legal marijuana-centric business ventures. 

Explore our payment processor solutions to learn more about the services we offer that will allow your business to accept cash and complete cashless cannabis payments.

Why Choosing the Right Merchant Service Provider Is Key for Your Cannabis Business

Achieving success as a cannabis business depends on your ability to secure the services you need without being penalized or forced to accept less-than-ideal business terms and conditions impacting profit margins. The U.S. cannabis industry is positioned for tremendous success in the coming years, but realizing your company’s full value is only possible if you choose a cannabis payments merchant service provider invested in your success.

Many traditional merchant service providers penalize cannabusinesses by offering lengthy terms that the business cannot support or surcharges that eat away at profits and make it much tougher for them to enjoy the benefits that most of the other commercial entities in their communities enjoy. Payment Pluss is an industry-leading merchant service and cannabis payments processing provider committed to your success. 

Low Fees

Instead of considering marijuana-connected businesses “high-risk,” we consider them tremendously high-value opportunities. At the core of this perspective is our commitment to offering the industry’s most reliable processing and the lowest payments processing fees available. Paying less means being able to record higher profits and get products to market faster to scale your cannabis business more reliably.

Payment Pluss is the cannabis industry’s best choice because we know that offering your business reliable service and lower fees means we will be a more valuable asset to your success. By choosing us, your organization can look forward to a true white-glove service that you can rely on.

We know the cannabis business industry is here to stay, and that’s why we offer the most attractive business conditions available. Compare our prices and see for yourself and achieve better business results using our cannabis payments processing services. 

Easy Integrations

As the financial service industry continues to evolve, it becomes more necessary for businesses of all shapes and sizes to privilege working with providers that support smooth integrations with the technologies, platforms, and processes that drive operations. Our merchant services integrate with the services you are already using while also creating the foundation for you to expand with the latest and greatest digital applications and application programming interfaces (APIs).

Payment Pluss is a trusted merchant service that offers the expertise your organization needs to quickly get up to speed and start offering your customers the absolute highest-quality payments processing services available. We work tirelessly around the clock to ensure our technologies work well with the systems you need to do your best work and offer your customers the utility they need to know they are doing business with the right cannabis provider.

Beneficial Contracts

As a cannabusiness, you have two choices: do business with partners that offer you the best possible conditions and contracts or ones that limit your success by placing penalties on you after designating you as high-risk. We know marijuana is a highly viable and lucrative product category that will see tremendous growth in 2023 and beyond.  

That’s why we create the perfect conditions for you to sign business terms and deals that are unbiased. We don’t make you jump through hoops, waste time, or cut into profit margins. Payment Pluss offers the most beneficial contracts for marijuana-connected business entities. Whether you’re a small local player or a highly dynamic multi-state enterprise, we will offer terms that no other cannabis payments merchant service provider will be able to match.

Customer Support

When you need insight, answers, and guidance, our customer support professionals are here to offer you the highest degree of service available. With 20 years of merchant service experience and hundreds of thousands of successful cannabis payments, Payment Pluss prides itself on the detailed care we offer our customers and our commitment to resolving their challenges in the swiftest and most reliable ways.

Our commitment to customer service means that we’re there with you every step of the way to provide the information you need to do your best work and optimize performance.

What Makes Payment Pluss a Leading Expert in Cannabis Payments and Merchant Services

All across the United States, our customers turn to us because we offer industry-leading payments processing and merchant services for the cannabis industry. We are committed to the growth of your industry and know that offering you the most beneficial terms, the best prices, the fastest processing times, top card processing support, and world-class customer service will make us a true partner in your success.

We have expertise serving all industry segments, product categories, and the many different niches that make up the quickly expanding marijuana-connected business landscape. Our regulatory compliance pedigree is well-established, and our reputation for quality is well-defined. By choosing to do business with us, you will realize your vision with the help of a trusted partner committed to delivering the resources you need to succeed.

Find Out More About Our High Risk Merchant Services

Marijuana payment processing is our specialty. We love your industry and are here to help you succeed. We process secure payments for dispensaries, online shops, and other aspiring businesses connected to the cannabis industry we are so excited about.  

We offer the best cannabis payments processing services available today. Get in touch to learn more about our services and see for yourself why we are the industry-leading payment and merchant service provider for the cannabis industry.