Are you in the cannabis seed business and struggling with payment processing? The landscape has evolved, and we’re here to guide you through navigating these changes successfully.
The Quandary of Cannabis Seed Payment Processing
Traditionally, securing a payment processing solution for cannabis seeds has been a Herculean task. Most banks would instantly reject applications, pushing merchants towards offshore processors or resorting to misleading practices. However, thanks to recent clarifications by the DEA, the legal ambiguity surrounding cannabis seed payment processing has diminished.
The Legal Puzzle and Its Implications
Despite cannabis seeds not being illegal per se, they’ve long been ensnared in a legal gray area. The 1961 Single Convention on Narcotic Drugs exempts seeds, yet their potential to grow into a cannabis plant muddied the waters in the eyes of federal law. This conundrum has traditionally made banks skittish, reluctant to take on perceived extra risks and liabilities.
DEA Clarification: A Game-Changer for Cannabis Seed Merchants
The 2018 Farm Bill and subsequent DEA clarification have been pivotal. The DEA now acknowledges cannabis seeds containing less than 0.3% THC as legal hemp, not controlled substances. This clarification is a significant stride towards easing banking and processing concerns.
However, state laws and regulations on interstate shipment remain diverse, keeping some banks and processors cautious.
The Blossoming Cannabis Market and Emerging Payment Options
The global legal cannabis market is burgeoning, projected to reach a whopping $73.6 billion by 2027. Cannabis seed vendors, whether catering to individuals or large-scale nurseries, need robust payment processing solutions to thrive in this expanding market.
High-Risk Merchant Accounts: No Longer Elusive
The era of settling for offshore merchant accounts with steep fees is over. Today, domestic and transparent solutions are available for cannabis seed payment processing. At Bankcard International Group, we offer versatile solutions, including credit card processing, ACH payments, Echecks, and even alternative options like Bitcoin.
Embrace the Future with Diverse Payment Methods
Our solutions cater to a range of business models, ensuring that your cannabis seed business is equipped to accept various forms of payments seamlessly. Our commitment is to provide PCI-Compliant credit card processing tailored for legally operating marijuana seed distributors.
Boosting Business with Echeck Processing
Expand your payment horizons with our reliable eCheck processing services, offering security and convenience for both B2B and retail transactions. Our eCheck solutions, backed by one of the country’s oldest processors, offer bank-level security and reduced PCI obligations.
Bankcard International Group: Your Partner in Cannabis Seed Payment Processing
At Bankcard International Group, we specialize in offering legitimate, transparent payment solutions without misrepresenting your business. Our strong banking partnerships ensure stability and compliance, allowing you to focus on growing your business.
Ready for a Change? Let’s Get Started!
With 20 years of experience in high-risk processing, our ETA Certified advisors are ready to assist you. Choose Bankcard International Group and experience the difference in cannabis seed payment processing. Reach out to us and let’s discuss the best solutions for your business needs.
