You know the deal. Banking for Cannabis businesses is a bit of a nightmare. In the best of cases, you partner with a credit union that has a state charter and accepts cannabis touching businesses. You pay a pretty penny for the privilege of having an armed guard pickup and drop off your cash deposits.
As if cannabis businesses don’t have enough complications!
You can only accept credit cards if you find a ‘creative’ merchant who agrees to look the other way until the acquiring gets pressured.
The CBD industry has similar problems. Recently major credit card processor Elavon has announced that no new CBD companies will be supported and existing ones have 45 days to find another payment platform after the Department of Justice pressured their acquiring bank US Bank to drop them or lose its charter. A week later, Wells Fargo made the same move.
If you have a business bank account – and only 35% of cannabis business have banking in the US, you might be able to leverage a closed-loop payment system or a cashless ATM if your credit union allows you. Unfortunately, those solutions are expensive and require customers to give up their banking information. The customer’s bank may cancel that bank account for using it to buy a controlled substance!
Don’t panic! If you are a Cannabis business, you still have electronic payment options! Wampei Register© will allow you to accept electronic payments even if you do not have a business bank.
We all thought that the situation was improving. That wasn’t the case. There are hopes that legislation moving through Congress will help Cannabis companies get banking. It is good to be optimistic, but the 2018 Fram Bill hasn’t helped CBD businesses yet. Don’t bet your business on a quick legislative solution.
Wampei software Wampei Register© can help your business accept electronic payments whether you have banking or not. You can accept electronic payments:
With Wampei Register©, your customers can pay you with Bitcoin that they purchase themselves, not through your business. Payments are simple, do not require any specialized hardware or software, and settle the same day. Once you have received funds, you can use the funds the way that is best for your business.
If your business is unbanked, we can connect you with a conversion/ settlement method that fits your company’s needs. Many merchants choose not to handle Bitcoin at all. Wampei has relationships with multiple providers who, if you have banking, can electronically transfer funds (USD) directly to your bank account.
Special offer for Cannabis Businesses
Normally our setup fee is $250, and fees depend on your business’ average bill amount (See our online calculator for estimates.) We are offering a three-month introductory offer on new cannabis businesses during the month of May – $150 includes setup and your first three months of transactions. After three months, you can choose from one of three options for fees – all of which are lower than you are paying for your current services.