A report by researchers at The ArcView Group revealed that legal cannabis is currently the fastest growing industry in the U.S. In addition, according to Medical Marijuana Inc., more than 1.2 million people use medical marijuana for a variety of medical problems. Despite the rapid expansion of this market, entrepreneurs are faced with no easy task when it comes to securing the services they need to operate efficiently.
A merchant account enables businesses to accept and process credit and debit card transactions. From the very beginning, this has been a huge obstacle for medical marijuana businesses. Many had to resort to operating in cash. It goes without saying that running a cash-only business is not only impractical and inefficient, it is also incredibly unsafe. Nonetheless, entrepreneurs have been forced to do so for lack of support. Banks and other traditional sources refuse to work with medical marijuana businesses because of the risks involved. Thankfully, high risk providers like First American Merchant have added medical marijuana to their long list of industries they serve.
An alternative lender like FAM offer medical marijuana businesses a medical marijuana merchant account and Marijuana Business Funding. This merchant account allows them to safely and easily process both debit and credit cards. If the alternative lender is a full-service provider like FAM, the business owner will also be able to take advantage of a wide range of merchant services. Chargeback prevention and protection programs help businesses reduce the number of chargebacks it experiences. In addition, electronic check processing services facilitates faster funding on a wider variety of checks. Business owners can also take advantage of multiple payment gateways and business funding options.
Simple, Fast and Hassle-Free Application
Depending on the provider you choose, the application process is much easier than applying with a bank. Banks involve endless documentation requirements, a certain amount of time in business, exceptional credit scores and long wait periods for approval. A high-risk provider, on the other hand, bases approval off of time in business. Entrepreneurs struggling with bad credit can still obtain the services they need, while also building their credit scores over time. The application takes only minutes to complete, and entrepreneurs hear back in as little as 24 hours, if not sooner.
If you’re having trouble getting loans for your medical marijuana business requires to get off the ground, consider what a high-risk loan provider can do for you. If your established business is need of capital to sustain growth and cover expansion costs, you can also inquire after their high-risk business funding solutions. Your high-risk categorization shouldn’t prevent you from running a successful company.