Cannabis and Payments: What You Need to Know

Cannabis is a quickly growing industry, but state-by-state decriminalization doesn't resolve one key fact: it's illegal to accept credit cards for cannabis products. Because credit cards and credit card transactions are federally regulated, they must follow federal laws—and it’s important to remember that at the federal level, cannabis is still illegal. This can immediately stifle both online and brick-and-mortar businesses, especially as people use credit cards as their go-to payment method.

However, many different payment options remain, including:

• Cash (including by having ATMs at your physical store)
• Cryptocurrency
• Membership options that are linked to ACH payments or bank transfers, thereby bypassing the need for credit cards
• PIN debit payment processing
• ACH processing
• eChecks

However, qualifying payment methods are subject to BSA/AML regulations and can be heavily scrutinized.

The Importance of Reliable Payment Processing for Cannabis Businesses

To manage a profitable business, you must offer a more comprehensive range of payment options than most other consumer businesses. The details are complex, tedious, and subject to federal oversight. This isn't a process you can manage in-house or with a general merchant services provider; in fact, general merchant services companies may flatly refuse to work with cannabis, CBD, and dispensary businesses that directly handle these products.

By finding a reliable services provider that makes it their mission to stay on top of changing federal and state regulations, you can create another layer of protection for your business. CBD payment processing experts can also ensure your payment options reflect changing trends and popular payment methods so you don't have to turn away a customer just because of the transactional details. With a reputable cannabis payment processor, you can:

• Streamline online and in-person sales
• Have clear accounting and bookkeeping
• Have more peace of mind regarding the longevity and legality of your business

However, qualifying payment methods are subject to BSA/AML regulations and can be heavily scrutinized.

Benefits of Partnering with Scalesafe for Cannabis Payment Processing

At Scalesafe, we can help your business go from cash-only to offering a wider array of customers the convenient payment options they need to buy from your store repeatedly. The unique benefits we provide for cannabis payments include:

• Specialized CBD payment processing solutions that are built around the regulations and laws for cannabis payments at a federal level.
• Secure payment processing so you can worry less about cybersecurity, liability, and data theft.
• Easy integration so the payment processing tools on your website blend into the web design and create a seamless UX.
• Excellent customer service: We're always standing by to answer your questions, provide details about your account or merchant service options, and make sure you have what you need to grow your business.

However, qualifying payment methods are subject to BSA/AML regulations and can be heavily scrutinized.