Cannabis merchants have faced many challenges when it comes to operating their business and finding payment processing solutions have been one of these challenges. Many big payment processors are hesitant to work with cannabis merchants, and those that do often charge exorbitant fees and offer very limited support and industry expertise. In this blog post, we'll explore why big payment processors are not the best option for cannabis merchants, and why specialized payment processors are the best choice.
Lack of Knowledge and Understanding of the Market
Big payment processors often lack the knowledge and understanding of the cannabis market, which can lead to payment processing issues and regulatory compliance issues for cannabis retailers. They may not be familiar with the nuances of cannabis regulations or have experience dealing with the unique challenges of the industry.
In contrast, specialized payment processors, like Merrco, have made it their business to understand the cannabis market. They attend and exhibit in industry conferences, advertise to the industry, and actively engage with cannabis merchants in real life or social media. They have a deep understanding of industry specific regulations and can offer the tailored support that cannabis merchants need to navigate this complex and ever-changing landscape.
Lack of Infrastructure and Support System
Big payment processors often do not have the infrastructure and support system in place to meet the specific needs of cannabis businesses. The cannabis industry is heavily regulated and complex, and merchants need a payment processor that can offer support with compliance and regulatory issues.
Specialized payment processors have built the infrastructure and support system that cannabis retailers need. They have specialized teams that understand the complexities of the cannabis industry and can offer the necessary support to help merchants succeed. They can assist with regulatory compliance, provide expertise from previous experience working in this industry, ensuring that cannabis businesses have the support they need to run their business smoothly.
Focus on Other Verticals
Big payment processors are often consumed with their most valuable customers, which are not cannabis related merchants. This results in a lack of attention and innovation directed towards the cannabis industry, leaving business owners without access to the latest payment processing technology and support. Larger payment processors focus most of their energy and resources on traditional mainstream verticals (like retail, restaurants, telecom, education, etc.).
In contrast, specialized payment processors focus specifically on the cannabis industry. They are committed to providing the best possible service to cannabis merchants and work on providing the latest payment processing technology and innovation to the cannabis industry. They offer tailored solutions that meet the unique needs of the industry, ensuring that business owners have the support they need to succeed and stay competitive.
Final Thoughts
A specialized payment processor, like Merrco, addresses the major downsides of a big payment processor (Moneris, Chase, Global Payments, etc.) when it comes to working with cannabis businesses. They have a deep understanding of the cannabis market, have built the infrastructure and support system needed to meet the unique needs of the industry, and focus specifically on providing top-quality service and support to cannabis merchants. As such, business owners can be confident that they are getting the best possible payment processing service when they work with a specialized payment processor. If you have any questions on how we can best help you, don't hesitate to contact us at info@merrco.com or call our toll-free number at 1-800-957-0534.