So you are currently running a business in the medical marijuana world and are very keen to make it a success. In fact, you may have been running your business for some time as a cash-based company and are now over the moon at the prospect of having a solution for card payments. Indeed, with the new existence of many MMJ merchant service providers, it may seem like your business could really see its full potential.
However, before you get too excited don’t forget that you actually need to get your MMJ merchant account set up! This means that you need to analyze the MMJ merchant service providers available and choose one that will best suit your needs. How can you make such a choice? Let’s not lie to you here, it is going to take you a little time and effort, but trust us, if you are serious about making your business really work, the time and energy investment will be very well worthwhile.
Firstly, it’s time to understand the topic of monthly fees, set up fees and gateway fees. Ready to get started? Great, here we go!
Monthly Fees Are Generally Not A Good Thing
In general, a reputable MMJ merchant service provider should not charge you a monthly fee for their services. In fact, this is something that they should tell you almost immediately so expect to be assured of this fact as soon as you make contact with a particular MMJ merchant service provider. If the topic doesn’t seem to come up early on, your suspicions should be aroused and you need to ask the direct question, ‘do you charge a monthly fee?’
Fees For Each Transaction Tend To Be A Good Thing
Most companies will charge you a fee for every transaction. This is to be expected so if a company tells you that they do not charge a monthly fee but that they do charge a fee per transaction, everything is going well at this point. Also, do keep in mind that the marijuana industry is still viewed as high risk so you do need to expect transaction fees which are higher than those charged in other industries.
Look For Free Set Up And Admin Costs
Remember, the company is charging you a fee for each transaction that you make, this means that set up and admin costs should be free of charge. In addition, if a company starts to throw around the term ‘blended fees’ you may want to ask for further details. It may not always be a bad thing, but it can result in some nasty surprises down the line so make sure you fully understand what you are signing up to before you make any final plans.
Certainly, having an MMJ merchant account can be a great thing, however, it is very much dependant on choosing the right provider. We hope that the factors we have outlined above will point you in the right direction. Get to know more at www.thesoutherninstitute.com/marijuana-credit-card-processing/