You Need a High-Risk Payment Processor for Your Medical Marijuana Packaging Supplies Enterprise

4 Reasons Why You Should Partner with a High-Risk Payment Processor for Your Medical Marijuana Packaging Supplies Business

Over the past few years, more and more states have legalized the distribution of medical marijuana. The industry continues to grow rapidly, and many people are looking to gain an advantage in medical marijuana’s increasing popularity. So, for medical marijuana packaging supplies businesses, it’s the perfect opportunity for them to help service dispensaries, as we start to see many open up across the United States. 

However, because medical marijuana is still considered “risky” for most credit card payment processors, you need a payment processor that specializes in high-risk industries. Read along, and you’ll learn four reasons why you need to partner with a high-risk payment processor. 

1. They Understand Your Business

Despite its popularity, the medical marijuana industry can be challenging to maneuver through if you’re not paying attention. High-risk credit card payment processors, on the other hand, understand the complexities of the industry. See, laws for marijuana products vary from state to state. Each state has different qualifying conditions for medical marijuana use and limits to how much of it you can possess. 

With dozens of state laws and the stigma surrounding marijuana, other payment processors tend to overwhelm themselves with all this information. Or, they don’t care about the various nuances you face in the industry. Unlike their competitors, high-risk payment processors specifically work with your industry, so they know exactly how your medical marijuana packaging supplies business operates and what you need to function. 

2. Getting Approved is Easy

You can have all your needs met in one place when you choose to work with a high-risk payment processor. Brand-name payment processors, such as Square or Stripe, are more likely to dismiss or overlook your enterprise. But, with high-risk payment processors, you’re seen as a legitimate business, and they treat you as such.

They understand that your business needs to offer several payment methods to accommodate your customers’ expectations. High-risk payment processors can provide you with features, such as:

• Fast approval for any merchant account
• Low rates, free equipment, and integration assistance
• Online fraud and chargeback prevention programs
• Unlimited processing with limited or no-hold options
• Next-day funding available

3. No Extra Charges or Hidden Fees

Because of the nature of the medical marijuana industry, other payment processors will charge you higher rates on your merchant account. Unfortunately, high-risk businesses are subject to higher chargeback and fraud rates, so payment processors often use that as an excuse to make you pay more for their services. 

High-risk payment processors are specialists in your industry so that they won’t charge you more for their accounts. Since they already know that high chargeback and fraud rates are inevitable, high-risk payment processors don’t see any reason to make you pay more for something you can’t control. They take a personalized approach to your medical marijuana packaging supplies business, which means you won’t worry about hidden fees or having to pay extra for their services. 

4. No Unexpected Account Termination

Regrettably, it’s pretty standard for credit card payment processors to terminate merchant accounts without warning for marijuana-related businesses. There are various reasons as to why they choose to stop doing business with you suddenly. They may decide to close your account if they change policies. Or, they may terminate your account on a technical issue if you’re not paying close attention.

High-risk payment processors will help support you no matter what issues you may face. Again, they understand your industry, and that includes common problems or mistakes you might encounter. There’s very little chance that they’ll drop you without a moment’s notice over a simple error. Instead of punishing you, high-risk payment processors will work with you and fix whatever problems may arise. 

What This All Means

It’s best to have someone that has intimate knowledge of your industry and your unique business needs. At WizoPay, we pride ourselves on our experience with high-risk industries, and we’ll make sure that your medical marijuana packaging supplies company gets all the help and support you deserve. Learn more about our high-risk merchant accounts and get started with WizoPay today!