New Year, New Marijuana Laws

Jan 20, 2020

Although marijuana isn’t yet legal at the federal level, this year is going to play a crucial role in the process of marijuana legalization. If you’re interested in the new marijuana laws and want to discover a unique processor for high risk merchant processing, just read below.

New Marijuana Laws: High Risk Processor You Need

Though passed by the U.S. House, the SAFE Banking Act will enter into law after the U.S. Senate and President Trump approve it. One of the most significant things expected this year will be related to the sales of recreational marijuana and other cannabis products in Illinois.

In California, the lawmakers and activists have promised to put a ballot measure to the state’s voters this year. This would lower the taxes concerning marijuana and make the regulations simpler, thus mitigating the rapidly-growing black market for its sales.

Are you running a marijuana business and want to get a better idea on what’s going on in the space? Consider working with a true payment processing expert in the field like that can help you with new marijuana laws. EMB loves saving you money and time. EMB prides itself on providing the safest and cheapest high risk merchant services in the industry.

Marijuana Legalization Legislation

The situation is different in different states. E.g., the states with bills to legalize marijuana for adults include 10 and the U.S. Virgin Islands:

  • Delaware
  • Hawaii
  • Iowa
  • Minnesota
  • New Hampshire
  • New York
  • Pennsylvania
  • Tennessee
  • Virginia
  • Wisconsin
  • S. Virgin Islands

The legislatures in other states are anticipated to take steps to legalize marijuana this year. This refers to several states such as Connecticut, New Mexico, and Rhode Island. On the other hand, in several other states, voters will be able to consider the issue themselves. In South Dakota and Mississippi, medical marijuana measures have already qualified for the November ballot this year. Similar steps are also being taken in Idaho and Nebraska. Overall, the medical marijuana laws in 33 states, D.C., Puerto Rico, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands operate effectively.

As you see, marijuana laws are undergoing rapid changes in all 50 states. Because of this, the business owners, consumers, as well as investors in the field sometimes get confused about the legal landscape. So, work with a reputable high risk merchant processor to overcome the challenges with ease.

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

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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.