It’s Time the Senate Advance Cannabis Banking Reform

Jan 21, 2020

Committee Chair Sen. Mike Crapo has recently expressed his opinion on House-passed legislation — HR 1595: The SAFE Banking Act. The latter allows banks, and other financial companies to enter into partnership with the businesses in this industry having the state license. This blog post will tell you more about the cannabis banking reform and help you get easily approved for unique high-risk merchant services.

Cannabis Banking Reform

According to Sen. Mike Crapo, the steps taken for marijuana legalization on the federal level are unacceptable. Also, Crapo notes he isn’t for the SAFE Banking Act that passed in the House of Representatives.

Global legal-marijuana sales grew with more than three digits during 2014 – 2018, thus reaching about $11 billion. What’s going on right now in the U.S. has caused frustrations among those involved in the industry. They think the House has addressed most of the issues that Sen. Crapo is concerned about.

Are you a cannabis business owner? To get the necessary help with the cannabis banking reform, just turn to a reputable high-risk processor like eMerchantBroker.com. Voted the top high-risk payments specialist in the U.S. and rated A+ by the BBB, EMB loves to save you money and time.

With eMerchantBroker.com, you can enjoy fast approval, the most secure and cheapest merchant services, and the latest payment processing solutions for your own business needs. EMB is a leading provider of merchant services, credit card equipment, supplies, and accessories to merchants in the U.S. and internationally.

Financial Services Industry: Marijuana Payment Processing

The financial services space has been trying to cope with the needs of the rapidly growing state-legal cannabis industry for a couple of years.

Now, according to the Secure and Fair Enforcement (SAFE) Banking Act of 2019 or S. 1200, those responsible for federal banking regulations can’t provide sanctions for banks that deal with cannabis businesses that are compliant with state laws.

This is also true of putting end to their services, doing anything with the loans given to those businesses, or putting a limit on a depository institution’s access to the Deposit Insurance Fund.

To sum up, the pressure to come up with an effective federal solution to the cannabis conundrum is still actual. Find the right high-risk processor to overcome the challenges in the industry easily.

Let us help you get a high risk merchant account today!

Get Started

Award winning.

  • 2012
  • 2013
  • 2014
  • 2015
  • 2016

Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

Live Chat