Looking for the best advice in payment processing? Call and get a free consultation Tel. +1.888-255-4596

Few Marijuana Banking Options…For Now

Nov 19, 2014
|
Posted by: Marketing
|
Category: General
Even with legalization in two more states and Washington, DC, marijuana banking options are few and far between, but merchants remain optimistic.
[Dollarphotoclub_53798233.jpg]

Instabill copywriters have long said that banks will reach a point where they have little choice but to offer credit card processing for marijuana dispensaries. Very few options exist for marijuana banking, but experts at the recent Marijuana Business Conference and Expo in Las Vegas are optimistic that banks will realize the possibilities of offering merchant accounts for marijuana businesses.

The Omnipresent Risk

Marijuana businesses, medical and recreational, currently operate under the umbrella of state law. Growth, sale and possession remain illegal by federal law which supersedes state law. That means there is always the possibility the feds could shut down any business at any time. It is also the reason marijuana banking is rare. As enticing as the cash windfall of marijuana could be, banks continue to adhere by federal laws. The Feds have largely trusted states to govern themselves in the interim.

The marijuana business remains unpredictable. Two weeks ago, Meta Payment Systems abruptly shut down hundreds of cashless ATMs in marijuana dispensaries throughout the legalized states of Washington and Colorado. The shutdown left merchants scrambling in search of another payment solution.

DC Legalization: A Good Sign?

Last Election Day saw recreational marijuana become legal in Oregon, Alaska and the heart of federal legislation: the District of Columbia. Recreational legalization in four states is one thing, but for DC to pass legalization is another. Can marijuana banking really be that far behind? Experts at the Marijuana Business Conference and Expo feel federal legalization could happen by 2020.

What Merchants Can Do in the Meantime?

First Security Bank of Nevada is among the few US banks that are taking the initiative with marijuana banking. Its CEO, John Sullivan, was a speaker at the Marijuana Business Conference and Expo and offered two bits of advice for businesses seeking proper banking resources. Primarily, retaining impeccable documents on all transactions is a must. Secondly, keeping an open mind to operational changes a bank might suggest.

Marijuana Banking Solutions With Instabill

Instabill currently offers cashless ATM terminals, 48-hour approvals and competitive pricing for medical marijuana merchants. To speak with a live representative select that chat option below or simply call 1-800-318-2713.

The backbone of ECS World is our PCI compliant payment gateway. Accept credit cards online, over the phone, or via mail order with our simple and easy-to-use payment processing solution. No hidden fees and no volume caps. Learn more today.

ECS World provides credit card processing services to online and MOTO businesses with its PCI compliant payment gateway solution. Whether you want to process onshore, offshore, or internationally, they have a solution for you!

Offering offshore merchant accounts with credit card processing services. Ecs-World provides credit card and payment processing services worldwide, along with risk management techniques, direct debit services and fraud protection.

Contact Us

Head Office - Mauritius

ECS WORLD LTD
Suite 501, St. James Court
St. Dennis Street
Port Louis, Mauritius
Tel. +1.888-255-4596

US Office - Greenland

Instabill Corporation
875 Greenland Avenue
Portsmouth, NH 03801
United States of America
Tel. 888-255-4596
Fax. +1 603-436-1207

Email Us