The major struggle most cannabis businesses in the United States face is finding a safe place to store their money as well as a means to obtain that money in a safe fashion, like a cannabis-friendly payment processor.
Due to marijuana’s schedule 1 drug status, federally licensed banks cannot conduct business with cannabis business owners. Cannabis is an illegal substance—by federal law—and, therefore, the banks categorize any transaction under the name of marijuana profits as “criminal.”
This creates a complicated problem for those businesses who operate in states where marijuana has been legalized. Every successful business needs a safe and reliable way to obtain their money otherwise there could be steep consequences to pay. The cash-only business model is outdated and risky, especially for small cannabis business owners.
Luckily, there are solutions that exist for cannabis businesses in the United States. More banking and payment processing opportunities have arisen in recent times that allow for a safer way for cannabis business owners to handle their money. Stay tuned and read along for the 8 best cannabis payment processors—in no particular order—that can help improve the business practices of cannabis entrepreneurs around the country.
The first cannabis payment processor on this list is Nature Pay. This processor includes various processing and banking opportunities for your business. Some helpful solutions they offer include:
- Branded and reloadable debit cards
- Cannabis ATMs
- Merchant Accounts & Credit Card Processing
That only accounts for some of the many banking services they can provide your cannabis business. Nature Pay offers support to businesses who use their services and provide installation as well as training, so you have confidence in the tools you are utilizing to operate your business. If this sounds like the right cannabis-friendly payment processor for you, check them out today.
Sky High Moly
This payment processor stems out of Colorado and specializes in the cannabis industry, as well as many other high-risk industries. Sky High Moly’s services range anywhere from POS integration to card processing services. And, as an added bonus, this payment processor provides their customers with an analysis of their current systems and offers customized plans to fit your business model and industry.
This cannabis-friendly payment processor is versatile in nature and delivers value to their customers by helping to integrate a specialized plan to help grow your business. If you’re interested, reach out to them today.
Greenleaf Pay is another cannabis payment processor that deserves to be on this list. They offer a full-service POS system, allotting for the use of credit cards in your business (in-person and online). They guarantee no hidden fees and they are available for consultations. If this sounds like the right processor for you, contact them today!
420 Credit Card Processing
420 Credit Card Processing is specifically geared for the cannabis industry. They provide cannabis business owners with reliable merchant services and payment processing. If you choose to go with 420 Credit Card Processing, they also provide some additional services to help improve your businesses.
Aside from their credit card processing services, they offer helpful banking solutions, ATM services, mobile device options, and POS software. If you are interested in learning more about them, visit their website to learn more.
MMJPay is not just a cannabis-friendly payment processor. They provide various financial solutions to improve the process of your cannabis business. This payment processor focuses on compliance within the marijuana industry, so they are educated on the ins and outs of the way the industry operates.
Additional services include banking, POS, ATMs, and the ability to accept mobile payments. They have the tools to set your cannabis business on the right track. Reach out to them today to learn more about the services they provide.
eMerchant Broker is a payment processor that provides services to the cannabis industry and other high-risk industries like adult entertainment and gaming. eMerchant Broker, otherwise known as EMB, include high-risk merchant account specialists tasked with the ability to help you achieve success with your business. EMB provides business funding, check processing, merchant accounts, and even international trade options. That is just the tip of the iceberg when it comes to the various services EMB provides.
Reach out to them today and get the help you need to set your business on the right track.
CyoGate is another successful and helpful cannabis-friendly payment processor and merchant services provider. They provide services to other industries deemed “high-risk”—like cannabis—as well as internet merchant accounts.
CyoGate has their own payment gateway for ease of use as well as the technology to handle mobile credit card transactions. They offer various different merchant and payment processing services including:
- Business loans
- E-check processing
- Shopping cart software
If CyoGate sounds like the payment processing service for you, reach out to them today.
SQ Merchant Services
SQ Merchant Services originates out of Oregon and incorporates various merchant services for cannabis businesses to utilize. Choose from any number of those services ranging from payment processing to ATMs. SQ Merchant Services also provides cash advances to high-risk industries, like cannabis.
Learn more about what SQ Merchant Services has to offer and stop by their website today.
Instabill is a cost-effective, cannabis-friendly payment processing and merchant services provider. They cover a wide range of industries, specifically high-risk ones like the cannabis industry. Instabill provides their customers with custom solutions for their business as well as different payment programs and credit card processing services. Learn more about Instabill and get your cannabis business on track for success.