Even so-called ancillary professionals who work directly with patients and consumers but don't touch the plant find that financial institutions across the U.S. have been nearly universally unwilling to knowingly provide bank accounts or services to companies that disclose or are discovered to be engaged even tangentially or secondarily involved in the legal marijuana industry.
As a result, B2C ancillary professionals have often opted not to disclose their involvement with licensed marijuana-related businesses, hoping to avoid detection by the bank depending upon the extent of their public profile in the industry. However, even in these instances, banks under pressure from regulators are taking advantage of rigorous software and detection tools to more effectively detect and identify this unwanted activity.
Of course, those ancillary providers of goods and services who advertise or disclose their interaction with the industry are at much greater risk of having their accounts closed. Depending upon one’s public profile, it’s likely such operations masking the nature of their business risk the continuing harassment and distraction of having their accounts closed several times a year.
To use a stable business checking account as well as other conventional banking services, it’s necessary to fully disclose the nature of your business to the bank. FINCANN can introduce you to local bankers in your state who will transparently welcome your account. Your only cost (over and above conventional bank charges) is our modest advisory fee.
Once a transparent bank account is established, FINCANN can provide a variety of (now-compliant) electronic (cash-free) payment solutions, including MasterCard, Visa, American Express, Discover & JCB, as well as electronic ‘wallet’ programs, ACH debit, and electronic check apps, including shopping cart integration which you can use to accept payment from your customers and clients. We’ll work with you to implement the optimal package for your specific circumstances, especially since market pricing currently ranges from roughly 2.9% to 8.4% with 3-6 month rolling reserves of between 0% - 10%.