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Home 🌿 Marijuana Business News 🌿 What’s In Your Dispensary’s Wallet?: Marijuana Merchant Processing 🌿What’s In Your Dispensary’s Wallet?: Marijuana Merchant Processing
In February of 2014, FinCEN (the financial crimes division of the U.S. Department of Justice) issued its guidelines for financial institutions wanting to do business with the marijuana industry. Though somewhat helpful, this memo did not change federal banking laws nor did it provide guidance on merchant processing services. Even though a marijuana business may have a bank account, it still may not have a way to accept debit or credit card payments.
In October 2014, despite state-legalization and the FinCEN guidelines, many ATMs were pulled from medical and recreational marijuana dispensaries in Colorado and Washington. As The Denver Post reported, “the machines in Colorado and Washington were connected to a network served by MetaBank in South Dakota, which in January warned ATM providers by e-mail that machines located in marijuana shops violated federal banking rules.” MetaBank’s electronic arm, Meta Payment Systems, is the largest ATM sponsor in the U.S.
Merchant processors have always...
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