Welcome to GreenHouse Payment Solutions
Legal marijuana outlets, both medical in 20 states and recreational in Colorado and Washington, have a serious problem. The transactions for their products have to be made almost entirely in cash because it is very difficult to open and keep a bank account in order to take credit cards for purchases.
Even though the use of marijuana medically or recreational in these 20 states is legal, the Federal Government classifies it as illegal. For this reason, most banks including state-chartered banks, will not provide any traditional banking or credit card services to marijuana outlets. They are afraid that federal regulators and law enforcement will come down on them with fines and further restrictions.
These limitations have created many burdens for the business owners. Burdens such as paying employees in cash, purchasing money orders for buying supplies and paying bills, and of course, additional security concerns like break-ins, robbery, assault, etc.
Some marijuana business owners have tried to circumvent the banking limitations by using their own personal accounts, hiding the nature of their business, etc., only to see their accounts and their credit card processing eventually shut down by worried bank managers. Some business owners have gone through a half-dozen or more bank accounts in just a few years.
GreenHouse Payment Solutions LLC has been involved in the Credit Card Processing Industry for over 10 years and have been personally involved the last 5 years with the Medical Marijuana Industry in helping to provide payment solutions that work. We have been professional consultants for small to medium sized businesses helping them utilize the best processing solutions available for their transactions. We have specialized in point of banking programs over the past 4 years bringing a creative knowledge base to our group.
GreenHouse Payment Solutions LLC has a proven way to add more revenue and profit to your organization. Through our relationships with several major processors, we have the ability to provide many payment options in order to customize solutions for both unique and traditional businesses. Being based in Denver, Colorado has given us the opportunity to stay with the pulse of this ever evolving Cannabis Industry and to be of service to businesses in all States presently active and those newly opening.
We are also a member of the National Cannabis Industry Association and abide by the NCIA Pledge and Code of Conduct in word, action and with the spirit of integrity that is at the core of these principles.
At this point in time, credit card processing continues to be an elusive option for the cannabis industry’s merchants. All major credit card processing companies absolutely will not allow credit card transactions, period! Anyone who promises processing this way is misleading you! The best way to accept payments for cannabis merchants at this time is the Point of Banking System, also referred to as a “Cashless ATM”. Instead of dispensing cash, the transaction is processed at checkout and funds are deposited into any bank account.
In regards to Credit Card Processing for the Industry, the situation has been very volatile. Recent comments by the Attorney General Holder, indicates that positive movement towards banking institutions allowing cash deposits is occurring. Once guidelines are set, individual banks will be able to make decisions on whether to participate in the Marijuana Industry.
Hopefully credit card processing will follow in a timely manner.
We have been involved in setting up credit card processing for mainstream businesses for many years now. We are aligned with processing companies that will take on marijuana outlets at best possible rates when the light turns green.
Our promise to our clients is that we will keep them informed. When banking permits cash deposits, we will make recommendations.
It makes good business sense to keep the point of banking system in place, but when legitimate card processing becomes available, we will give the option to our clients to add this payment system to their locations.
See Cashless ATM, and owner, Chris Mills of GreenHouse Payment Systems LLC, featured in Jan. 24, 2014 interview on KOAA5 Colorado Springs.
We are a strategic partner with Denver Relief Consulting, and together we are helping to make the Cannabis Industry more mainstream by providing professional payment solutions for merchants and keeping you informed on the latest trends in this ever evolving Industry.