Updated: Feb 10, 2019
Let me explain to you that these next few tips are important, for you the business owner to consider & for your cannabis business. In an industry that is highly regulated, you are going to want to do things right so you don't end up like Martha Stewart. In a federal prison cell eating Moon Pies with your cell mate Big Ange!! No, I'm just a busting chops. On the real though. Here are a few tips I'm suggesting.
Inside Tip 1: If you are processing your payments over seas, it's time to pull your last 3 months of processing statements and give us a call. Ever since the farm bill has passed, the CBD & MMJ processing solutions went from 1-2 domestically located processors to now over 20+ processors & banks with a legitimate platform to process credit cards. What I mean by legitimately being able to do so is, the banks and underwriters know exactly what business type they are approving for credit cards transactions. Before this, most companies were skirting the applications and not full disclosing the type of business they are or were dealing with an over seas processor. The problem with over seas processing was a large portion of the transactions were being were flagged for international. This meant the card holder would have to call their bank and get them to remove the flag so the transactions would go through. Bottom line we are approving all CBD & MMJ business types and will soon be able to allow Seed, Smokable CBD & MMJ products.
TIP 2: Rolling Reserves are when the bank or processor will hold back a percentage of your daily batches/ deposits and hold on to it for up to 6 months. This is in case of chargebacks which are disputed transcactions. There are many ways to limit the liability which we will cover in another blog. Some card brands allow their card holders to dispute transactions 180 days after. Most of the card brands have limited that to 4 months. In an industry that is still dealing with gray area principles, you will want to deal with a company that doesn't require this. Some of you might be established, most of you aren't. Who really wants to have average 10% of your sales held on to by the bank or processor? This is why you will definitely want to do business with us because our banking partners aren't looking at you as a risk and more of a tier one relationship. I've been in this business for years. I have seen and heard many questionable practices, including using your reserve money as leverage to not leave them. Bull shit!!! I Know.
TIP 3: Who is filing the FINCEN?? This is extremely important because Uncle Sam wants to know where your money is coming from. This is a government agency that is going to make sure you aren't laundering money for El Chappo and other terrorist organizations. Your processor or the sponsoring bank that will be moving the money around must file for this. When deciding who to set up your merchant account please ask this question. I'm curious to hear the rebuttals or responses of my competition when you. My gut feeling tells me most won't know what this is. We have filed one, so no worries.
Technology is changing everything. Cash is becoming more and more obsolete. You will want to look at your payment provider as a partner, that will help you grow your business and sales. We aren't telemarketers or phone jockeys. We are here to help. I know the merchant service industry has a bad stigma. I'm trying to change that. We have definitely become more valuable as its much harder to get a merchant account. As you can see there are many important factors when choosing a payment provider. Our goal is to help you process credit cards at the best price, the safest and the most efficient way. We make money when you process credit cards and I will do everything in my power to keep that running with no disruptions. We are asking for an opportunity to let our feet and actions to do the talking. So when ever you get a call from us or someone prospecting, please give us 30 seconds to explain why we are calling. Thats it. If you don't like what we have to offer, no hard feelings. Always be nice and treat us as business men or women. You will definitely get a better deal when doing so. If you are in the cannabis industry please tell your friends in the business that the wait is over for stability. Please feel free to contact me with any questions you may have. We would appreciate it if you would join our blog. We will keep you updated with inside industry news and sales techniques for those of you looking to change careers or wanting to learn the skill of selling over the phone.