The rise in the use of marijuana for the treatment of various diseases such as cancer, mental disorders, chronic pain, etc. has led to a rapid increase in the income of the drug sellers. And these incomes will continue to grow.
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The global legal marijuana market is expected to become one of the most popular industries in the economy, reaching $ 146.4 billion by the end of 2025.
Research and development focused on the medicinal properties of marijuana, the expansion of the legalization of recreational medical marijuana in various countries, and strong consumer demand have greatly contributed to its global growth.
The market situation in Europe is also showing positive growth – € 500 million ($ 560 million) was already invested in this sector last year. The European market is expected to become the largest publicly regulated market in the world in the next five years.
Not surprisingly, more and more entrepreneurs are starting to engage in cannabis production. An increasing number of online stores and retail stores selling medical marijuana and related products.
But despite tremendous growth, the industry is still struggling to deal with banks and financial institutions.
MMJ sellers who sell recreational marijuana in stores, medical marijuana in pharmacies or online stores, and sell related products often face difficulties in banking or refuse services from traditional banks altogether. How can this issue be resolved? After all, the success of this specific business largely depends on this.
Why do you need an MMJ Merchant account?
The production and trade of cannabis can be very profitable, but participants in this market face many legal and operational issues when selling medical marijuana or related products.
The lack of support from the banking sector and credit card payment systems refusing to open and maintain a merchant account for marijuana-related businesses is a cause for concern for this business. Banks quickly turn away from sellers as soon as they see what they are selling.
Despite the fact that the production and sale of medical marijuana has been legalized in various countries, strict state laws introduced for the industry have forced banks to shy away from providing services for such a business.
For banks and credit card payment systems, the risk of serving marijuana merchants completely outweighs the benefits of this collaboration.
In an effort to obtain a merchant account and the ability to accept credit card payments, companies often try to trick banks by masking their products or hiding sensitive information. But, if such a deception is discovered, the consequences for the company will be catastrophic. Such incidents have unfortunately created a bad reputation throughout the industry.
How to get an MMJ merchant account?
Even with a rudimentary Google search, you can find companies that can easily provide a merchant account for a marijuana business.
But in this matter, you need to be careful. Some of these companies may turn out to be scammers.
In this case, it is reasonable to contact a company that has a positive reputation and has shown itself to be a responsible and honest partner.
There are several companies on the financial market for Internet payments that can be recommended for cooperation.
They understand the specifics of the area and, despite the fact that it belongs to the category of high-risk business, they will provide a merchant account with normal service fees.
With companies like this ready to help the MMJ entrepreneurs, this promising business can be developed.
Therefore, to the question: “How to get an MMJ merchant account?” the answer will be as follows. It is necessary to contact a company that has a positive experience of cooperation with MMJ. Wellcoinpay is one such company.
Why is it better to open a merchant account with us?
Wellcoinpay has extensive experience in cooperation with high-risk businesses. We have developed interesting proposals specifically for the MMJ industry. Wellcoinpay offers competitive rates for its services. For example, the cost of connection is from 4%. Connection and transaction fees for high-risk businesses depend on several factors:
- from the previous history of acquiring;
- the volume of cash turnover;
- jurisdiction of the company and beneficiary;
- the presence of positive and negative reviews.
Unlike other companies that provide merchant accounts, we loyally consider the acquiring history and reviews. And, even if, due to bad reviews, lack of acquiring history (young business), we initially offer inflated rates, then in case of positive statistics, they will be quickly revised downward.
MMJ merchant account from Wellcoinpay company will allow accepting payments:
- through bank cards of payment systems VISA, MasterCard;
- through electronic payment systems Yandex Money, Qiwi, WebMoney, PayPal, etc.;
- through crypto currencies.
In total, we work with 53 payment systems and over 20 fiat currencies.
- modern software and technological solutions for protection against hacking and fraud;
- operational technical support;
- reports on all transactions.
Wellcoinpay operates in over 180 countries. We make a positive decision to provide MMJ with a merchant account in 95% of cases.
We are one of the best small business payment aggregators in the European Union as well as the UK.