Going Cashless: Payments Options For Dispensaries
Wednesday, April 11, 2018
by Michael Hackmer
Operating a Cannabis dispensary means you are operating a business in a very juvenile market. It means you will be paving the way (still) and experiencing all of the growing pains of a new and emerging market. It also means you get to be the ones to suffer through and fight for some things that
- Published in Bankcard Brokers, Banking and Credit, Cannabis Industry
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Cannabis Credit Card Processing Fraud: Beware of the Honey Trap
Thursday, August 03, 2017
by Michael Hackmer
Being able to open a merchant account to accept credit cards at your local bank sounds good to cannabis sellers who are wary (and weary) of doing business on a cash-only basis. It’s hard to keep cash safe and it’s hard to track or monitor; and having too much cash on hand presents an ongoing
- Published in Banking and Credit, Cannabis Industry
FinCEN and Cannabis Businesses: Be Transparent, Be Accurate, Be Prepared
Monday, February 06, 2017
by Michael Hackmer
The legalization of medical or recreational marijuana sales, at state levels, certainly didn’t mean an end to the problems cannabis sellers have with the law. When medical and recreational marijuana dispensaries were allowed to open for business, it meant they needed to start paying attention to the regulatory environment, particularly the need to pay heed
- Published in Banking and Credit, Cannabis Industry
Credit Processing and FinCEN Compliance
Sunday, January 22, 2017
by Michael Hackmer
The impact of FinCEN BSA regulation and the inability to accept credit cards are two of the biggest obstacles to the proper functioning of new cannabis businesses. For those who chose to enter the industry there are many dragons business owners need to slay… the dragons of managing and tracking loose money in a cash only business,
- Published in Banking and Credit
Are Cannabis Business Bank Accounts Brand-Damaging?
Friday, October 21, 2016
by Michael Hackmer
Is Banking in the Cannabis Industry Brand-Damaging? Banks often blame the law for not being able to provide banking-related services to businesses in the cannabis industry. But is that actually the real reason? Are cannabis business bank accounts actually breaking the law? They say that they fear losing their FDIC insurance due to the federal illegality
- Published in Banking and Credit
Cannabis Banking Continues to be Elusive for Many
Friday, September 30, 2016
by Michael Hackmer
The business of cannabis is booming. As more and more states legalize medical and recreational use, more opportunities become available for the cannabis industry to expand. This usually requires merchants to have a means of handling the financial aspects of commerce. However, this component has proven to be a bit tricky for many, and cannabis business bank
- Published in Banking and Credit
Cannabis Business Bank Account. How to Meet the BSA and SAR Requirements?
Friday, April 29, 2016
by Michael Hackmer
Calling All Banks! Come on folks! Step right up! You too can slay a dragon! You too, can participate in a multi-billion dollar business! Be the first in your neighborhood to say you did it! You’ll be the talk of the town! There’s a rumor going around that there isn’t a bank out there that
- Published in Banking and Credit
Cannabis Industry Talks FinCEN Compliant Bank Accounts
Tuesday, October 20, 2015
by Michael Hackmer
When you’re in the business of selling cannabis, banking is no walk in the park. Many traditional financial institutions refuse to work with cannabis dispensaries, for fear of breaking federal law. The uncertainty around legalization dissuades most banks from entering into the cannabis fray. For those banks that do choose to do business with marijuana
- Published in Banking and Credit
International Credit Card Processing, What You Need To Know
Friday, October 03, 2014
by Michael Hackmer
The world of international credit card processing is certainly not simple. For one thing, there’s no single payment processing answer that applies to every nation. Completing transactions for multiple currencies can be a real hassle—unless your merchant services company simplifies things. Let’s take a look at how that can be done. In general, international credit
- Published in Banking and Credit
Who Wants To Be The PayPal For Pot
Tuesday, March 11, 2014
by Michael Hackmer
The medical marijuana industry took another leap forward last year as two states voted to legalize medical use of the drug, lending more legitimacy to the thousands of businesses that sell pot in the U.S. But weed entrepreneurs in the now 18 states where medicinal cannabis is legal are struggling to expand, weighed down by the
- Published in Banking and Credit
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