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Today I want to talk to you about the requirements needed in order to open up a merchant account for true PIN debit payment processing. True PIN debit is fully legal and compliant. Just like cash, the debit card cannot be charged back. The requirements to open a merchant account are very similar to the requirements for opening a bank account at a cannabis, regulated bank.
If you already have a bank account at a cannabis, regulated bank, which is required for PIN debit processing, you already have all the documents you need to open a merchant account. A merchant account is actually just like a bank account.
Here are the requirements for opening a merchant account:
- We have to verify all the beneficial owners of the dispensary, anybody who has 15% interest or more. And we verify that by getting a copy of a K-1 or a tax return.
- We need a copy of each beneficial owner’s driver’s license.
- We need proof of your cannabis license.
- We need to verify that you bank with a cannabis regulated bank and that you do indeed have an account with them.
- We need a copy of your three most recent bank statements.
- We need a copy of the signage in front of your location that needs to match either your legal name or your DBA name.
- We need a copy of the lease or a utility bill at your location.
- We need articles of incorporation
- We need a copy of the signed application for Pin debit processing. It usually takes about two or three weeks for merchants to do this process of gathering up all the documents needed and then for us to submit it and get an approval for your pin debit processing.
Another bonus is that you also get approved for credit card processing when it becomes federally legal. Give us a call 5052962847 or visit our webpage Cannabis Dispensary Payments – Electronic Money Company.
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