Tips To Follow To Get Reliable Cannabis Payment Solutions

People don’t know this, but Guam buys 3 tons of illegal cannabis each year. Although the use of cannabis for medical purposes is legal in Guam since 2015, the illicit activities haven’t yet receded. A bill was proposed called Marijuana Control Law that legalizes the recreational use of cannabis as well. Since, then services that set up CBD merchant account and establish VBD products payment processing system have become popular.

With the Bill 32, adult recreational use of marijuana is entirely legal. However, you still can’t smoke it in public. To establish the boundaries, rules, and regulations for controlled use of cannabis, a Cannabis Control Board is created. It consists of nine members:

  • Director from the Department of Revenue & Taxation
  • Department of Agriculture
  • Department of Public Health & Social Services
  • Guam Behavioral & Wellness Center
  • Guam Visitors Bureau
  • Guam Police Department
  • One Representative of Business Community
  • Two Members from General Public With Medical Cannabis Card

All these people decide the regulations and laws posed on the use of CBD and its products such as edibles, hemp, seeds, muscle & hair growth items, skin creams, and other nutraceuticals as well.

As per law, two studies are conducted for the industry. The first study acts as a baseline data study for the enactment of the rules and measure public safety. It helps to determine the health issues the public is facing due to cannabis use. The second study is carried out by the Guam Visitors Bureau that analyzes the Independent Economic Impact of the legalization of cannabis use. It is conducted every three months or less.

If you’ve decided to get help from SiftPay for CBD credit card processing, then here are a few tips that you should follow.

Tip 1: Ensure That The Service Understands The Complexities:

When it comes to CBD online banking login/registration, things can get complicated. Integrating banking for the cannabis industry comes with a lot of challenges, and the last thing you’d want to do is handing your business to amateurs. So, while you are deciding which company to choose to implement the CBD payment gateway, ask as many questions as possible regarding the laws and regulations of the cannabis industry in Guam.

The answer you get will determine how much the service is familiar with the regulations and their experience as well. Your cannabis payment services must understand the legal structure of the CBD industry. Only professional services like SiftPay can provide you a proprietary payment gateway for CBD credit card processing.

Tip 2: Explore The Diverse Range of Services:

Almost every company that delivers a medicinal cannabis / recreational cannabis payment processing system offers a wide variety of services to the customers. Consider SiftPay, for example.

SiftPay sets up merchant accounts for retailers of Airlines, Vape/eCig/CBD, Adult entertainment, Agriculture, Alcohol, Accounting, Construction, Cryptocurrency, Financial services, Bad Credit, Dating Websites, Gambling, Insurance, Legal Services, Lending, Manufacturing, Mining, Newspaper Agencies, Liquor/Hard Alcohol Outlets, Auction Websites, Nutraceuticals, Real estate companies, Online Video Gaming, Fantasy Sports, Direct Response/Infomercials, Time Cancellation Services, Online Tobacco, Debt Consolidation, Electronics, Restaurants, Retail, Staffing, Transportation, Travel agencies, Trucking, Utilities, Wholesaling, Collection Agencies, Event Ticket Sales, Pharmacies (Retail), Educational Seminars/Leadership Coaching Centers, Ticket Brokers, Merchant lenders (short term loan financing), Loan Services, Direct Marketing/Multilevel Marketing (MLM) Agencies/Biz Opportunity, US-based online pharmacies, Adult, retail and streaming hubs, Online Firearms and Gun Sales, High Volume Merchants, Continuity/Subscription Merchant Accounts, Credit Repair/Collection Agency, Document Preparation Centers, High-Risk Processing, e-commerce and Credit Repair Companies, Tech Support, Software & E-books, Dropshipping, Foreign Exchange, Stock Exchange, Timeshare services, Weight Loss and Diet Programs, Payday Loans, Social media/ Gaming, Subscription Based Services, Telemedicine, Coaching Centers for Real Estate, Business, and Life, Medicinal/Recreational Marijuana Retailers, CRB Retailers, CBD, Hemp, and Cannabis Lab Testing Centers, Paraphernalia Processing Companies, and Membership Sites.

However, SiftPay also plans to cover various low risk industries including, Auto Repair, B2B, Business & Professional Services, Car Dealerships, Churches/Nonprofits, Contractors/Home Improvements, Coffee Shops/Cafes, C-Store/Independent Gas Stations, eCommerce, Fitness Studios & Gyms, Flooring, Grocery Stores, Legal Services, Liquor/Beer Stores, Lodging & Hospitality, Medical & Dental Offices, Pet Stores, Pharmacy & Drug Stores, Property Management, Restaurants & Bars, Salons & Spas, Schools, Universities & Educational Institutions, Veterinaries and more.

It doesn’t matter which cannabis-based product you are selling, be it edibles, hemp, seeds, or any other nutraceuticals. Having flexibility with the CBD business banking, you will be able to operate optimally. Remember that cannabis is a high-risk business, and operating illegally will land you in the list of MATCH merchants blacklisting you to handle cannabis at all.

So, ensure that the company you are relying on has a wide range of tools to provide fraud protection and to monitor the transactions as well.

Tip 3: Charges For Integration:

As CBD credit card processing was still illegal a couple of years ago, many merchants are now opting for the integration of cannabis dispensaries payment processing. But many vendors are still skeptical about the fees they’ll have to pay to get the improved bank system for the cannabis industry.

When you choose SiftPay for the hemp payment processing, you don’t have to face the dilemma of paying hidden charges, termination fees, CBD payment gateway fees, or monthly maintenance charges as well. The integration process is transparent to build trust among the clients and to deliver the best in line cannabis payment services.

Tip 4: Transparent CBD Products Payment Processing:

A point to note down is that marijuana is still a Schedule class 1 drug, and hence federal and local regulations compliance is necessary. While you are looking for a medicinal marijuana payment processing company, ask them how they specialize in high volume accounts and how they deal with issues associated with the business.

Being a controlled substance, cannabis faces many restrictions like adult or online firearms industry. But like other services such as retail and streaming, collection agencies, direct marketing/MLM, and US-based online pharmacies, a reliable payment solution is vital. Even though many merchant lenders deny the request to supporting these businesses financially, you can increase the chances of getting support from independent financial institutions if you have a transparent CBD merchant account.

Tip 5: Start Small To Avoid Huge Loss & Get Better Support:

Instead of going big into the industry that is still struggling to establish, start small. Whether you are from Puerto Rico, Europe, or USVI, the growth of the cannabis industry is somehow halted by the laws to avoid abuse of the substance. That’s why you need a CBD business account on a small scale. You can become an online seller of CBD and see how you earn profit with the cannabis oil merchant processing or other cannabis payment solutions.

Once you realize that your company is profiting from the CBD credit card processing, you will soon be able to expand to a storefront dispensary and start cannabis delivery service as well.
Contact SiftPay today and let the experts help you set up your CBD merchant account and provide flexible CBD payment solutions at reasonable prices.