It is no secret that marijuana has been used for recreational and medicinal purposes in the United States for decades. However, it is only recently that the federal government has taken steps to regulate the industry and allow states to legalize the marijuana trade. This means a great opportunity for entrepreneurs who want to enter this lucrative market. However, the competition is huge and there are already established brands like magicvaporizers.co.uk that provide high-quality products, so you need to do thorough research before actually entering the market.
The legalization of cannabis products in some states presents an interesting business opportunity for people looking to capitalize on legal weed. There are many things you need when opening up a dispensary: start-up capital, licenses, and permits, knowledge about cultivation and harvesting methods, etc., but there’s also another thing you’ll need: payment methods. If you are considering entering the market, here are a few of the best payment gateways for cannabis businesses.
CyoGate
Cyogate is one of the newest payment gateways, launched this year, for marijuana businesses, but has proven itself to be quite reliable and is used by many businesses in the market today.
It offers a variety of different benefits to businesses, such as providing chargeback prevention, business loans, processing mobile credit card transactions, electronic invoicing, e-check processing, shopping cart software, and more. What’s great is that they are an internet payment gateway, which is fantastic if you are running an online business.
MMJPay
MMJPay is another new payment gateway, also launched this year, and is currently providing its services to over 11,000 businesses, covering 31 legal states and having helped with over $34 million in sales. They offer similar services to the abovementioned gateway, in addition to a few more.
If your cannabis business does deliveries then MMJPay will be perfect since they provide delivery support via 4G payment terminals, meaning that customers can make payments at the actual delivery point. More than this, they will provide terminals to your physical business so customers can pay with credit and debit cards.
The Transaction Group
The Transaction Group isn’t specifically for marijuana business payments; however, they have included cannabis businesses to the list of businesses that they provide services to. This is because they provide payment services to high-risk businesses.
Much like the other payment gateways on this list, the transaction group provides e-commerce payments as well as point of sale payment services. One reason why you should consider using The Transaction Group as your payment gateway is that they handle international payments as well as mobile payments.
eMerchant Broker
If you’re looking to start your cannabis business with a trusted payment gateway, then you should look no further than eMerchant Broker. eMerchant Broker already provides its services to many different industries including the E-cigarette industry, the gaming industry, and more.
They provide chargeback protection as well as business funding, merchant accounts, cheque processing, as well as international trade, which is fantastic if you already have contacts internationally.
SMB Global
Another established company that you could use to get your marijuana business started is SMB Global. A reputation should speak for itself as they already provide services to many different industries such as the furniture industry, e-cigarette industry, travel industry, and herbal supplements.
They provide chargeback protection, offer merchant accounts at very low rates, and provide virtual cheque services and international and offshore banking. If you’re approved, which you might be since they have high approval ratios, you will receive mobile readers and EMV-compliant countertop terminals for free.
PayKings
If you are running a CBD business, which means that you are not selling any THC products then PayKings would be the best option for you. PayKings is an established high-risk merchant account provider with extensive knowledge and experience in the industry. They are already providing services to a variety of different industries such as auto warranties, airlines, and bookings, dating vaping, fantasy, sport e-cigarettes, health and beauty, firearms, and marketing industries, as well as many more.
They provide a variety of services such as retail payment and swiping, offshore merchant accounts, credit card processing, mobile payment processing, B2B payments, and more.
Regardless of who you choose, many of the payment gateways offer similar services. However, this doesn’t mean that you should Just choose any. Before choosing a payment gateway, you should do an abundance of research to make sure that the services they offer and the experience that they have met the standards that you would like to set with your business.
