Although some people do not appreciate Cannabis, Cannabis has been around for some time. However, it has gained widespread dominance, and It takes place across the globe.
The online Cannabis merchant account is an account that online casinos use. This is a credit card processing account that serves online Cannabis companies specifically. These merchant accounts are set up for companies that are regarded as high risk. Another example is the merchant account for kratom.
The online merchant account works hand in hand with a payment processing option so that these online Cannabis dispensary can accept payment from credit or debit cards.
Things to know about online Cannabis merchant account
The major things you need to know about the online Cannabis merchant account are the rules and regulations guiding this account, and they include;
Merchant category Code Mcc
The Merchant Category Code (MCC) comprises a four-digit code representing a merchant's industry. The IRS originally implemented MCCs to improve 1099 reporting. MCCs, on the other hand, now have an impact on many other areas, such as administering loyalty programs and credit cards, as well as contesting chargebacks.
How Payment Process works
This process includes authorization, funding, and carrying out the transaction. After authorization comes to the process of settling funds, then the transaction takes place. This process is an intricate process behind the scene.
How to select the payment processor
When selecting a payment option, you need to look out for major things, including enhanced customer services, flexible operation, and fraud risk management options.
Types of payment processed
The types of payment that can be processed include Cards, E-wallets, and bank transfers. These are the most used online payment options that you will find in most high-risk establishments.
Conclusion
Knowing more about merchant accounts and payment processing options is helpful for people who are into high-risk businesses or are potential owners of one.