Despite the fact that medical marijuana is now legal in many states, last July, U.S. banks stopped accepting merchant account applications and currently do not process Visa or MasterCard transactions for medical marijuana dispensaries. Before July, the few banks that were processing these applications were charging extremely high rates, as much as three times more than what they charge the average brick and mortar business.
“Medical marijuana dispensaries have a hard time obtaining merchant accounts, because they are considered high risk businesses by banks,” said Michael Rupkalvis, president of The Transaction Group. “When you consider the fact that approximately two-thirds of all retail transactions are made with either a debit or credit card, this puts dispensary owners at a significant disadvantage, and limits their ability to reach more customers/patients who stand to benefit from their product. For more than two years, The Transaction Group has offered medical marijuana dispensaries an alternative credit card processing solution, which allows them to accept Visa or MasterCard credit and debit cards at a much lower cost than traditional businesses.”
About The Transaction Group
The Transaction Group (TTG) is a leading provider of credit card processing services and non-cash transaction processing solutions. TTG has helped U.S. and international businesses locate cost-effective and reliable payment services since 2004. By utilizing a network of industry processing partners and professionals with a combined 60 years of experience, the Transaction Group is able to offer innovative Internet and retail payment processing solutions for low risk and high risk businesses worldwide. For more information, please visit www.thetransactiongroup.net, or call 888-383-8056.
Contact: Rob Cote’