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Hi Gingergaye here with Electronic Money Company. We do merchant processing and we help with payments in the Cannabis Industry.
People are asking me what do I need, to do an application for our program which is called true pin debit processing? It doesn’t take credit cards, it takes pin debit, it’s fully legal and compliant in your industry.
Here are the requirements we need in order to set you up with a merchant account:
1. you need to have a bank account with a bank that is audited and regulated for the cannabis dispensary industry and we are going to need a voided check or a letter on bank letterhead and with your rounding and account.
2. We are going to need articles of incorporation and your operating agreement.
3. We need to verify the owners of the business and everybody who has at least 15 equity in your business. We need their names, we need to verify the tax return that they are associated with this business and either with a tax return or a k1. Anybody who is not a 15 or more owner cannot sign a merchant application for true pin debit payment processing in the cannabis industry,
4. We need a copy of your cannabis license and it needs to be active.
5. We need to make sure that you are not doing any health claims on your website.
6. We need a pre-application filled out with you, with the profile of the owners and address and all that kind of stuff.
7. We are going to need a picture of your signage at your physical location and we’re also going to need a copy of a lease or a utility bill for that location.
8. We are going to need three months of merchant statements. If you’ve already been doing pin debit processing and you want to switch to our program, but if you’re new to this business you don’t have that and that’s okay we also need three months of bank statements if you’ve been in business for a while and if you haven’t, then we’re probably going to ask for some bank statements from your owners in three consecutive months.
There you have it, you can see this is very different from just filling out a little application for merchant processing for credit cards. The industry is highly regulated, we want to give you a heads up of all the stuff you need to prepare before you want to open your merchant account which will be pin debit only and it will not run on the interlink visa network or the mastercard, maestro network because those guys don’t want anything to do with your industry because of the legality federally but it will run on the other pin debit networks for the exact amount of a person’s purchase. It’ll grow your sales because people will be able to spend more money than they have in their pocket, true pin debit.
Call us if you have any questions at all. We have a whole network of attorneys, accountants, bankers that we can refer you to and I’m putting together a whole playlist on our YouTube channel, so you can check out our other videos. Take care guys and good luck with your business! We’re here to help.
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