Legal Cannabis Banking, Credit Card Process and Cash Vault

Are You In Compliance?

Did you know that some merchants in the cannabis industry accept card payments illegally? Many are not even aware that they are doing so, or of the critical legal consequences they risk by doing so. Unlike us, who is in full compliance with the law, other card-processing services illegitimately report cannabis-related merchants as legal, low-risk merchants that are allowed to accept card payments.

When caught, these merchants suffer a damaging mark on their merchant account, and are placed on the blacklisted terminated merchant file (TMF) list. Consequently, both the merchant and individual associated with the account are prohibited from accepting card payments for a minimum of 10 years. Furthermore, noncompliance with Federal laws regarding illegal substances (cannabis) is a Federal crime, and may be considered an act of terrorism under the anti-money laundering statutes of Federal law. Conviction and a jail sentence may result if your cannabis-related business falsely accepts card payments through anyone other than today’s only legally licensed processor.