Though the financial services sector is steadily opening up to the hemp industry, especially due to recent positive regulation, it is still seen as a “High Risk” industry. For this reason, not being educated and ensuring you do all the right things here can be VERY VERY Costly and can even shut down your business after you have put all your time, tears, sweat, blood, and effort into building it. EVEN If you “thought” you were doing it all by the books.
Some credit card processors can use shady practices that if you do not know better can cost you dearly if you get caught in the middle. This can be something as simple and easily overcome as opening a replacement account. OR you could get put on the Credit Card company-owned “TMF” or Terminated Merchant File AKA “Match List”. This is an industry-wide “Blacklist” meant for criminals but it has become very broad in how it can be interpreted. Once one is on this list with business, EVERYTHING on that merchant processing application you filled out, will now be blacklisted! This includes but is not limited to, LLC, EIN, Addresses, Phone Numbers, Websites, Social Security, Owner’s Names, etc, that you will NEVER be able to put this information on another merchant application again and expect to get processing approval. YOU DO NOT WANT TO GET ON THIS LIST! KNOW THE RISKS! Unlike a credit report, you can’t just write a letter and get it resolved as a misunderstanding. The only way to combat this is to convince the bank that put you on the list of the misunderstanding and get them to take you off, or get an attorney and fight them legally. Both are long-shot wins, so ultimately you just want to ensure you take steps and do things the right way, in order to avoid this issue.
We have relationships to help you get moving in all of the following areas! Please fill out the “Financial Services Form” and we will reach out to you to discuss your needs and put you in touch with one of our affiliates with a solution best tailored to your needs. Everyone’s needs are different, but we have solutions for almost all!
- Atms / Crypto Currency Atms / Cashless ATM
- ACHBanking
- Credit Card Processing
- E-Check
- POS – Point of Sale Systems
- Cash Till Automation
