Open your Business to More Revenue With a Cannabis Merchant Account
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Key Challenges for Cannabis Merchant Accounts (And How We Solve Them)
Why Open a Cannabis Merchant Account With FastoPayments
One Account, Complete Cannabis Payment Processing
Cannabis Payment Processing
In Your Dispensary
Want to take cards and bank payments at your shop? We've got you covered. It's as simple as swiping a card or letting customers pay straight from their bank account. No headaches, no hassles - just money in your account when you need it.
Online
If you're selling online, we've made it just as easy. Our system lets cannabis businesses accept bank payments without breaking a sweat. Need to process refunds or void a transaction? Just click a button. Want to let customers set up pre-payments? We do that too. Whether you're running a dispensary, moving product wholesale, or operating another cannabis-related business, we've got your back.
Our Beliefs
No more jumping through hoops, no more banking headaches. Cannabis businesses deserve better. You're running legal operations, serving your communities, and playing by the rules. You should have access to the same banking services as any other business.
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FAQs
Why can’t I use traditional payment processors for my cannabis dispensary?
Even in countries where cannabis is legal, many payment processors refuse to work with cannabis businesses or other industries they deem “high-risk.” They use sophisticated algorithms to flag transactions or merchants involved in cannabis, and while you might not be identified right away, it’s only a matter of time.
The problem isn’t just the loss of the prior day’s revenue or a temporarily shut-down merchant account, it’s the long-term blacklisting. This could mean that even when the rest of the industry moves on, you might still be barred from accepting credit cards.
The risks extend beyond the card companies. Sometimes, state regulators get involved, questioning why your business isn’t compliant with their rules. A combination of lost revenue over several weeks and regulatory issues can be devastating, especially for a young company. In some cases, it could even lead to a lost license, effectively putting your dispensary out of business.
By understanding these challenges and choosing a solution designed for high-risk industries, you can protect your business from these pitfalls and ensure a smoother, more reliable payment process.
Why not just use cash?
Cash might have been king once upon a time, but for dispensary customers, it’s become more of a hassle than a help. You need to have the exact change on hand or rely on ATMs that often come with extra fees and delays. For many shoppers, especially those who don’t visit frequently, carrying cash just isn’t practical anymore.
Digital payments, on the other hand, offer unmatched convenience. Electronic methods let customers pay quickly and securely with debit cards or mobile wallets, eliminating the need to lug around cash or hunt for an ATM. This means faster transactions and even opens the door to innovative options like curbside pickup and contactless payments.
In short, while cash is still liquid, digital payments win when it comes to speed, ease, and reliability. By embracing electronic payment channels, dispensaries can streamline operations and provide a smoother, more efficient shopping experience that keeps pace with today’s fast-moving retail environment.
Can I process payments internationally with FastoPayments?
Yes, FastoPayments supports multi-currency payment processing, allowing you to serve international customers where cannabis products are legally sold.
Is FastoPayments compliant with data privacy laws?
We use tokenization and end-to-end encryption to secure sensitive payment data. We also offer discreet billing descriptors to protect your customers’ privacy and enhance trust.
Is FastoPayments compliant with cannabis regulations?
We continuously monitor cannabis regulations at the country and regional level, updating our systems to meet the latest standards. By integrating tools like identity verification, METRC tracking, and comprehensive KYC/AML checks, we make sure every transaction adheres to the strict requirements unique to the cannabis industry.
We also work closely with cannabis-friendly financial institutions to ensure that all aspects of our payment processing remain compliant. This way, you can focus on running your business, confident that your cannabis payment gateway is always operating within the bounds of the law.
How much does a cannabis merchant account cost?
At FastoPayments, we typically see cannabis merchant account fees in the range of 2% to 4% per transaction. But that’s just the beginning. On top of those fees, you might also encounter processing, monthly, setup, PCI compliance, chargeback, and even termination fees.
The exact cost for your cannabis payment gateway depends on a few key factors, your processing history, sales method, the countries you operate in, your sales volume, and the type of products you sell. Every merchant account is unique, and so is the pricing.
Because of these variables, it’s best to get in touch with us for a tailored quote that fits your specific business needs. We’re here to help you understand the full picture and secure a solution that works for you.
How long does it take for payouts to hit my account?
Payouts typically occur within 24 to 48 hours, depending on your business type and transaction volume. Our quick settlement process ensures cash flow for operational needs.
Is FastoPayments compatible with e-commerce platforms?
Yes, FastoPayments supports integrations with major e-commerce platforms like Shopify, WooCommerce, and Magento, making it easy to accept payments online for cannabis-related products.
Do you support other high-risk industries?
Yes. we support a range of high-risk industries, including:
