But getting a bank account is only the first challenge for cannabis-related companies. How to manage payments is another hurdle both marijuana and CBD companies must clear. Even in legal states, the pot business is a cash-dominated one. Advocates for banking reform say cannabis dispensaries struggle to find workarounds to issues like paying taxes and handling large amounts of cash securely.
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For purveyors of CBD products, particularly online businesses without a physical storefront, being able to accept credit cards is a critical business function. “On the day-to-day side, the biggest problem is merchant services credit card processing,†Tapman said. “It’s a real impediment to not be able to swipe your credit card.â€
Alpert experienced this when her merchant processor abruptly shut its doors last spring, leaving her unable to process customer payments for a number of weeks. “It’s not great for business to have all these stops and starts, especially a new business like us,†she said. “It’s really bad read more for the flow of business. It’s really hard to project what we’re going to do. We can’t estimate sales,†she said. Worse yet, the abrupt shutdown of her former payments vendor has made it difficult for Alpert to get access to those funds.