818-371-2878 sales@mmjbankers.com


Customers Spend More When Paying by Debit or Credit

How to Accept Credit Cards and Stay Compliant

At one time or another almost everyone In the cannabis industry has had to do things on or over the edge to stay profitable. But being compliant and profitable do not have to be mutually exclusive. The TEXT-TO-PAY platform allows you to accept every major credit & debit card brand safely. The funds can then be deposited right into a Cannabis Checking Account that is provided for Free. And it’s integrated right into the TEXT-TO-PAY platform. This is state of the art cannabis payment processing.

So how do we keep you in compliance and increase your profitability at the same time?

First of all, it is impossible for a cannabis dispensary or delivery service to have a traditional merchant processing account. You can not run credit card payments directly on the VISA/Mastercard rails and be in compliance at the same time. If you are currently running those charges using stripe or square or under a different business name, or employing any other over the edge tactics, then you are violating their terms of service and you will be shut down.

The TEXT-TO-PAY platform stays compliant by keeping the cannabis transaction separate and away from those rails. This allows you to accept every major credit & debit card and have the funds deposited right into a business checking account. If you already have a bank account… that’s great. But if not, just use the free cannabis checking account integrated right in the TEXT-TO-PAY platform. 

We accomplish all of this by having direct relationships with everyone who touches an electronic transaction, and we leverage the rules that apply to our technology partners, the acquirers, the underwriters, the processors, and ultimately to the depository banks for the greatest benefit to our clients. The result is that our Cannabis Retail, Medical, Delivery and Wholesale clients enjoy long term, secure and cost effective electronic transaction processing. 

TEXT-TO-PAY — Contactless Payment Processing

P2P transaction processing (similar to paypal, venmo or cashapp)

Step 1 – the customer is texted an invitation to pay via the P2P payment platform
Step 2 – the customer funds their P2P account via debit or credit card – just 1 or 2 clicks
Step 3 – the customer is then sent a Payment Request – they accept or decline – ALL DONE

This is by far the fastest & easiest way to accept electronic payments.

– No apps, downloads or ID registrations of any kind
– No equipment cost of any kind
– No more touching or needing to swipe their credit/debit card

Comes with a FREE Cannabis Checking Account that is FDIC Insured

The Money is Held in US Bank Accounts

All funds are held exclusively in US Banks so they are FDIC insured at all times. We never use off shore accounts and all the banks are fully aware that this is cannabis money. Having total transparency all the way through the process is part of what makes this solution stable, secure and worry free. You can now mainstream your business like never before. Stop worrying about excessive amounts of cash or a scary overseas bank account to build your business.

Settlement Times

We review your account after a 90 day probation period, closely monitoring your charge back ratio and overall risk. During the probation period, funds will be held for 1 week in arrears and paid weekly. Staying compliant and below 1% is the key to staying on this program. The company-wide average is about 2 tenths of 1 % or only 1 charge back out of every 500 transactions. Those that are below a half of 1% will have the lowest rates and fastest funding times. As fast as 3 days.

Ticket Sales are at Least 20% Higher

It is common knowledge that when someone can use their credit card that they will spend more and shop more often. The TEXT-TO-PAY rate calculator is set at 20% to show you what this means to your store. (the button is on the Home Page) It can calculate what the actual cost of our service will be to you and for your customers. It will also estimate your increased revenue, assuming a 20% rise in overall sales (usually occurring at 90 days). The reality is our average customer sees a 26% rise in sales. You can use the Rate Calculator located on the Home Page to determine your transaction costs on the TEXT-TO-PAY platform.

Reduce Cash Handling Issues

Having excessive amounts of cash on hand is never good for business or security. While accepting credit & debit cards will not completely erase this problem, businesses that accept electronic payments see up to a 75% decrease in cash by safely transferring funds electronically into their cannabis business bank account. If you do not have a cannabis business checking account, one will be provided to you for free if you are on the TEXT-TO-PAY platform.

No Crazy Work Arounds

Every other credit card solution on the market uses gift cards, cryptocurrency or is non-compliant in some way to work around the terms and conditions put in place to protect both you and your customer. The TEXT-TO-PAY platform is built for licensed dispensaries & delivery services by people with in-depth knowledge of the banking, merchant processing and cannabis industries. This is a compliant, stable and secure solution built for the long term success of your business.

Customer Service, Set-Up & Training

There’s a very small learning curve for you, your staff and your customers. They will all become experts the first day or the first time they use the service. Any and all support from our back office and banking partners is prompt, courteous and helpful. We want you up and running as fast and as easy as possible.