If you are operating a medical marijuana clinic, you are most likely doing so on a cash-only basis. For many years U.S. based cannabis businesses that operate in a legal capacity have been forced to do so in a cash-only method or resolve to other less than ideal payment options that proved to be undependable and risky. Most large banks and merchant processors refuse to serve the cannabis industry because of the current state of U.S. federal laws as they relate to the industry. In short, financial institutions see marijuana related businesses (MRBs) as being a high-risk industry.
You may have tried using one of those convoluted alternative payment systems and discovered it was more trouble than it was worth. Accepting ACH payments or debit cards is easier to navigate. Merchant processing companies have a much lower risk, as the money is already in your patient’s bank account. But that can have drawbacks as well. Patients who require a prescription for medical marijuana may prefer not to wait to cash their paychecks or for another income source to arrive. Without enough cash-on-hand, they may not be able to afford to visit a doctor to be prescribed marijuana. Using their credit card allows them to get help now and repay the credit card company in the future. Any way you look at it, the ability to present a credit card is a significant benefit to medical marijuana patients. It helps them get the help they need when they need it.
Whether you have given serious thought to accepting credit and debit cards, or if this is a new concept to you, the landscape of the medical marijuana industry is changing, and your practice may be positively affected. Although most large financial institutions still refuse to provide credit card processing services to medical cannabis practices, a few merchant card processing companies offer what could be a game-changer in your ability to accept a variety of payments.
Some merchant processing companies are now offering medical marijuana practices the ability to add credit and debit cards to their payment options. But not all of these processors are the same. Finding dependable payment processors may still be difficult, as options may vary. Medical marijuana practices are currently still facing challenges finding a secure, reliable solution with the options they need most.
An example of a dependable processor offering a variety of options is Unity Payments. Explicitly founded to help marijuana prescribing doctors facing a highly regulated financial climate, Unity Payments allows them to serve their patients with the convenience of other businesses. Powered by Nuvo Company, an established leader in the merchant processing industry with over 35 years of experience serving various businesses, Unity Payments is designed explicitly for industries considered to be high-risk, such as CBD, Hemp, and Medical Marijuana Practices. Rather than dealing with complex payment processing, Unity Payments is designed to streamline payments. Advantages include no contracts, no cancellation fees, locked-in service rates, 24/7 tech support, loss prevention specialists, and the ability to accept all major credit cards.
If you are interested in a reliable credit card processor for your medical marijuana practice or would like a free audit of your existing processor, call Unity Payments at (321) 972-9838 or sign-up online.