Fincann Eliminates Dispensaries’ Need to Use Fraudulent and Illegal Payment Processing Workarounds
5/12/2021 – New York, NY – Fincann, a leading provider of essential financial services including compliant bank accounts and payment processing solutions for the cannabis industry, recently launched the industry’s first fully compliant merchant processing program.
“With Fincann’s fully compliant merchant processing program, bank and credit card network bans on cannabis transactions no longer impact dispensaries,” said CEO, Nathaniel Gurien.
Credit card networks like Mastercard and Visa have made clear that they will not support federally illegal cannabis transactions in any capacity. Nothing but federal legalization is likely to change that policy. That means that despite finding access to banking, state-legal cannabis businesses cannot secure merchant accounts for processing debit and credit card transactions.
As a result, cannabis entrepreneurs employ numerous tactics to offer their customers card-based transactions, ranging from deceptive and illegal workarounds like cashless ATMs, digital wallets, and obscure company names on bank accounts.
Since the Fincann MC | Visa | Discover | ATM debit card program is fully and transparently sponsored by an experienced cannabis-friendly bank, it allows you to add all major credit cards without changing your equipment or merchant ID number once appropriate federal regulations are enacted. Meanwhile, all the major debit networks endorse and approve Fincann’s merchant processing program.
Gone are the days of rounded-up sales, customer fees, and disguised DBAs and addresses. This system allows for exactly-priced sales without fear that your illegal cashless ATM workaround will be pulled from underneath you at any moment or worse.
With Fincann’s merchant processing there are NO early termination fees, NO application fees, and NO annual fees, plus you can cancel at any time without penalty. Fincann keeps their fees at the industry standard, too: their pricing is roughly 3.3% + 35¢ per transaction, which is only a bit more as most mainstream businesses pay around the U.S. You’ll also pay only $30 per month for PCI, online reporting, and account statements.
Any state-legal, plant-touching entity can use Fincann’s merchant processing solution. That includes medical and adult-use dispensaries, processors, cultivators, extractors, and delivery.
To learn more about Fincann’s debit program and apply for an account, contact Fincann by phone or email. For media inquiries, please contact Raquel Heras.
Fincann is the financial institutions’ and cannabis industry’s one-stop resource for proven compliant, sustainable, and transparent financial services and advisory. Fincann has provided essential financial services to 100s of clients across the country, including overseas companies with US operations.
Media Contact: Raquel Heras