Canadian Cannabis Merchant Account
March 14, 2023
The hemp, CBD, and cannabis industry in Canada has been consistently booming. In fact, it’s growing so much that there’s a huge demand for these cannabis business owners to obtain a sustainable Canadian cannabis merchant account. But, there are dependable payment processing options for these Canadian merchants.
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Canadian Cannabis Payment Processor
Finding the right Canadian cannabis payment processor is a key factor in scaling your cannabis business.
The cannabis industry, in general, is still in its infancy. This means there has been disagreement over the production, sales, and even marketing of cannabis. So, several businesses in this industry find it difficult to source a trusted and dependable Canadian cannabis payment processing provider. Luckily, there are resources and Canadian merchant processors that can help.
Large payment processing companies such as Stripe, PayPal, and Square are extremely popular choices with many small to medium sized businesses. However, these merchant processors do not support businesses that are connected to cannabis products. You can set up a merchant account with one of these payment providers. But, they will close your account as soon as they discover that your business sells cannabis products.
Credit Card Processing for Canadian Cannabis
It’s extremely important to get the proper credit card processing for Canadian cannabis. However, for most merchants that are connected to the cannabis industry, this can be tricky. There are a limited amount of credit card processors that will approve merchant accounts for cannabis businesses because it is considered high risk.
Some of the main concerns and factors that contribute to cannabis companies having a hard time getting reliable cannabis credit card processing are:
- State Regulations on Cannabis
- Cannabis Federal Regulations
- Reputational Risk
- Limited Number of High Risk Payment Processors
- Cannabis Product Compliance
- Country Prohibitions and Laws
Canadian Cannabis Merchant Solutions
Businesses in the Canadian cannabis industry are continuing to sell more types of cannabis products. These products range from extracts and oils to flower and tinctures. Some of the most popular cannabis-related items are THC, cannabidiol (CBD), hemp, THC-O, HHC, and Delta-8. All of these types of products require cannabis entrepreneurs to get Canadian cannabis merchant solutions.
The laws surrounding the production and sale of cannabis vary greatly depending on the region the business is registered and operates in. As a result, cannabis businesses can have difficulty finding a reliable and secure cannabis payment processing partner. But, after cannabis was legalized in Canada, more options for payment processing had to become available. And, in order to keep up with demand, cannabis payment processors now offer frictionless processing.
PayKings Canadian Cannabis Merchant Accounts
The trusted experts at PayKings continue to offer superior credit card payment solutions for Canadian cannabis merchant accounts.
In order to accept payments for cannabis flower, extracts, oil, vapes, and edibles, you need experienced payment professionals. Moreover, it is crucial for Canadian cannabis business owners to work with a payment processor that has several established banking relationships in Canada.
Contact the knowledgable cannabis payment specialists at PayKings to get your Canadian cannabis merchant account opened today!
March 14, 2023 | High Risk Merchant Account | Guest Post