Marijuana & Cannabis Merchant Account
Securing reliable cannabis payment processing solutions isn’t always easy, but with FastoPayments, it can be. We offer full-service cannabis & marijuana merchant account solutions tailored to your business. Gain access to our secure, compliant, and efficient high-risk payment gateway to boost your cannabis business.
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BENEFITS
What's Included in Your Cannabis Merchant Account
We handle over 1 million transactions monthly worldwide. No matter where you operate or your industry, we’ll provide you with safe high-risk merchant account solutions.
- A single merchant solution to centralize all your payment activities for comprehensive payment processing
- Top-notch cannabis merchant account backed by over a decades' worth of expertise in the payment industry
- VIP-level support accessible at all times via WhatsApp, live chat, and more
What Makes FastoPayments the Best Cannabis & Marijuana Merchant Account in 2024
The cannabis industry is set for remarkable growth, but with growth comes competition, and regulatory challenges remain consistent and relentless.
At FastoPayments, we’re committed to delivering one of the best cannabis merchant account solutions to help you navigate those challenges. We do so by prioritizing security, compliance, and reliability, ensuring businesses and customers enjoy a safe and seamless experience within this rapidly evolving industry.
With robust security measures, fast transactions, and a global reach that caters specifically to the cannabis market, we firmly believe we provide one of the best marijuana payment processing solutions on the market. Here’s why.
- Putting People First: FastoPayments boasts a specialized and friendly customer support team that is always ready to assist you—from helping you onboard our payment gateway to planning your journey ahead.
- No Hidden Costs: At FastoPayments, we believe in transparency, which is why you’ll have a clear view of all your monthly costs.
- Proven Track Record: More than 2.000 high-risk industry companies just like you have already placed their trust in us. Our award-winning merchant account services consistently earn excellent reviews.
- Specialized Payment Solutions: Whether you need online payment services, MPOS solutions, or Mastercard processing, our multicurrency payment gateway provides a comprehensive solution for both B2C and B2B needs.
One Cannabis Merchant Account, Multiple Payment Options
With your FastoPayments cannabis merchant account, you get access to various payment methods from one unified merchant account, including credit and debit cards, mobile wallets, ACH transfers, cryptocurrency, local payment methods, and more.
This simplifies your financial operations, reduces administrative overhead, and ensures that your customers can choose the payment option that suits them best.
We understand that flexibility is key in the cannabis industry, and our solution lets you provide just that.
CHALLENGES OF GETTING A CANNABIS MERCHANT ACCOUNT
Solving the Challenges of Cannabis Businesses
Securing a cannabis merchant account can be challenging due to several unique factors — namely, the industry’s legal complexities. This is why it’s so important to partner with an experienced payment provider for their merchant account, as it allows you to process payments and grow your operations while ensuring compliance with ever-evolving regulations.
Complex Regulation
Despite its legalization for medical or recreational use in many regions, cannabis remains illegal at the federal level in some countries. This legal disparity deters most financial institutions from working with cannabis businesses, making it challenging to access traditional banking services.
High Risk
Due to its legal complexities and potential for regulatory changes, banks and payment processors often categorize cannabis businesses as high-risk. This classification can lead to higher processing fees, stricter underwriting criteria, and increased scrutiny.
Strict Compliance
One harsh truth of this industry: cannabis businesses have to navigate strict compliance and regulatory requirements set by various government agencies. These rules can vary by location and are often quite intricate, requiring careful attention and resources to stay compliant.
Stigma
The stigma associated with the cannabis industry can pose challenges when seeking financial services. Some financial institutions may hesitate to work with such businesses, even in legalized regions, due to concerns about how it might ‘damage their reputation.’
Lack of Experience
Many financial institutions and standard merchant account providers lack expertise in the cannabis industry. Simply put…they just don’t get it. This can lead to misunderstandings during the application process, leading to frequent denials and wasted time.
Documentation
Obtaining a merchant account can involve an extensive application process. Businesses may need to provide significant documentation, including detailed business plans, financial records, licenses, and more (like lab tests for cannabis products).
WE SUPPORT ALL TYPES OF CANNABIS BUSINESSES
From Bud to the Big Bucks
Discover FastoPayments’s customized payment solutions designed to thrive in all sectors within the cannabis and marijuana industry. Our merchant accounts are tailored to niches like dispensaries, e-commerce websites, retail, and more. Whether selling products in-store or online, FastoPayments’s cannabis payment solutions are for you.
Cannabis Dispensary Merchant Account
Need payment processing for your cannabis dispensary? FastoPayments offers specialized payment solutions tailored to meet the unique needs of your shop in the US, Canada, and Europe. Our secure and reliable services ensure seamless transactions, helping you focus on growing your business with confidence.
Cannabis Website Merchant Account
We’ll help you accept credit card payments on your eCommerce website with ease. Sell your cannabis products effortlessly online while we ensure smooth transactions and an exceptional payment experience for your customers. Focus on growing your business, knowing that FastoPayments has your payment processing under control.
Cannabis Retail Merchant Account
Our tailored cannabis retail merchant account solution is designed to streamline payment processing, ensuring a smooth and secure payment experience. With FastoPayments, you can count on reliable and efficient transactions, freeing you to focus on what matters most—serving your customers.
NO LIMITATIONS
Our Integrations
You’ll be well-connected to of the apps you know and love – even if you’re operating in a high-risk industry.
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YOUR QUESTIONS
Frequently Asked Questions
Are cannabis merchant accounts legal?
Yes, they can be completely legal in compliance with state and local laws. Many regions have legalized medical and/or recreational cannabis, and there are financial institutions, like FastoPayments, that offer compliant and complete payment processing services.
Can I accept credit card payments for cannabis products?
Yes, our high-risk payment gateway offers the capability to accept credit card payments, including Mastercard and Visa.
However, the availability of this option depends on your location, business type, and the specific terms of your merchant account.
How to get a cannabis merchant account?
With FastoPayments, it’s relatively simple to obtain your cannabis high-risk merchant account. You need to provide us with a series of documentation.
The documentation required can vary from business to business and region to region. Still, our standard requirements include business licenses, permits, financial statements, and information about your business operations.
What's the difference between a cannabis merchant account and a CBD merchant account?
The primary difference between a cannabis and a CBD merchant account lies in the products they support: cannabis merchant accounts cater to marijuana-related businesses, while CBD merchant accounts serve businesses that sell hemp-derived CBD products.
Choosing the right type of merchant account based on your business’s offerings is crucial to ensure compliance and smooth payment processing.
What are the benefits of having a cannabis merchant account?
In short, it offers some key advantages like legal payment processing, improved cash flow, enhanced customer experiences, increased sales, security, credibility, streamlined operations, compliance, competitiveness, transparent records, and global payment acceptance.
What exactly is a cannabis merchant account?
It is a financial service that allows businesses to accept payments for their cannabis-related products and services. Given the unique legal status, FastoPayments’s services are designed to navigate the complex regulatory landscape and provide secure payment processing solutions.
What types of businesses can use cannabis merchant accounts?
FastoPayments’s high-risk merchant account is suitable for a range of high-risk businesses including dispensaries, online cannabis stores, delivery services, and other cannabis-related accessories shops.
Do payment platforms like PayPal or Stripe support cannabis businesses?
Technically, payment gateways like PayPal or Stripe might work for a while. However, they aren’t the best options for merchants in this industry. Since they are not specialized high-risk merchant account providers, they do not fully understand the cannabis industry and can’t offer proactive solutions to issues.
Stripe, PayPal, and Venmo will not protect your cannabis business from common fraud threats like chargebacks, and any issues you have may lead to immediate account closure.
Also, customer care for cannabis merchants using these platforms is, quite honestly, not that great. Not only will the situation not be given due and timely attention, but it also will likely not be resolved in your favor in the end.
How much does a cannabis merchant account cost?
As a general rule, getting a merchant account cost between 2-4% in transaction fees.
Other standard fees associated with the merchant accounts may include Processing fees, monthly fees, setup or application fees, PCI compliance fees, chargeback fees, and termination fees.
However, the price of your cannabis payment gateway and merchant account depends on factors like processing history, method of sales, countries, volume of sales, and the nature of your business and products.
All merchant accounts and prices are unique, so contact us to get a tailored quote for your business.
Do you support other high-risk industries?
Yes, we support a wide range of high-risk industries. Our mission is to provide safe and convenient payment processing to all businesses — no matter their risk profile. Here are a few of our most asked about high-risk merchant accounts:
Travel Merchant Services and Payment Account
In which countries do you offer cannabis merchant accounts?
At FastoPayments, we serve the US, UK, and European markets, including (but not limited to) countries such as:
- Spain
- Italy
- France
- Germany
- Portugal
- Denmark
- Sweden
- Greece
- Austria
- Malta
- Monaco
- Netherlands
- More!
