FAQ'sTransparent, Secure and Legally Compliant
How much is this going to cost me?
The base rate for accepting every major credit card is 6.95% + $0.30 cents per transaction. But adding a convenience fee to the purchase will offset or eliminate the cost almost completely, as the convenience fee is 100% rebated back to the business owner.
The rate for the Cashless ATM – debit card only – is $3.00 per transaction charged to the customer with the ability to add up to $1.00 going to the store owner.
A cannabis business checking account can be provided for $99.00 a month regardless of the deposit amounts.
How can I afford that?
There are two answers to this question. The first answer is that the credit card solution allows you to add a convenience fee. This allows to you pass on any amount you decide to the customer to help offset the transaction fees. Typically a store will go with a $3.00 to $4.00 fee charged to the customer which will greatly reduce the cost. You can reduce the transaction fees to as close to $0.00 as you like. Most of our locations are paying between 0%-4% for the service.
The second answer is that you can’t afford not to take credit cards. The #1 reason being, is that there will be a significant rise in sales once you do. Our average customer sees a 26% increase in sales after 90 days. Reason #2 is this will increase your Net Revenue by 10%-14%. And reason #3 is you can mainstream your business with credit card acceptance and an above board cannabis bank account. We have over 350 locations on board with our credit card solution in all 33 states where cannabis is legal.
What if I don’t have a bank account?
You will absolutely need a cannabis business bank account. The reason being is that our partners require it for full transparency. If you do not have an account, a cannabis business checking account can be provided to you for only $99 a month, with no hidden fees or extra charges based on deposit amounts.
Who are you guys?
MMJ Bankers is an independent referrer that continues to find and provide the safest and most secure credit card processing and banking solutions in the industry. We are currently offering two solutions. A Cashless ATM solution taking debit cards only, and a credit card solution taking debit and credit cards. We can also provide cannabis banking for those that need it to get on board.
Why should I trust you?
My clients tell me they get up to 5 calls a day offering one card solution or another. What I say is this. Our Cashless ATM solution comes from one of the two largest providers in the country. I would say they are about equal in most respects and have over 1,000 locations on board including many of the large scale corporate cannabis people. I go with the one that I can offer for a little bit less at $3.00 per transaction to the customer, but with the ability to add up to another $1.00 that will go to the store owner.
The credit card solution I am offering is now in over 350 locations, it has been up for 10 months and with no down time, it is totally transparent and comes with a cannabis checking account if needed. Just like you I am as skeptical of anything I see or hear about regarding cannabis credit card processing or cannabis banking. I have personally worked through all the crazy credit card and overpriced banking solutions used in the past… and these two solutions are the ones I recommend today. We are in an evolving industry and MMJ Bankers works to stay ahead of the curve.
How do I know if I will be approved?
Because we can’t discriminate, we give all LEGAL dispensaries an opportunity to participate. EVERYONE starts at the same rate and funding schedule. We closely monitor the chargeback ratio for a 90 day probationary period. By the end, the merchant will either be removed from the program, or have the lowest rate, fastest funding cycle and lowest reserve possible.