Visa’s letter of December 2nd, stating that point of banking payment system transactions is prohibited on their PLUS Network, has caused quite a stir in the Cannabis Industry.
Because Cannabis is still classified as a Class 1 Drug and thus Federally illegal, merchants are stuck with a “cash only” environment. Banks are required to abide by Federal Banking Regulations that prohibit credit card processing for our industry.
Therefore, Visa isn’t the problem. After all, they work hand in hand with countries where Cannabis is legal. In fact, Cannabis is not even mentioned in the Visa letter. Many other types of businesses are affected, such as “payday loans,” small businesses, high risk, etc. Many such businesses use Point of Banking Systems because they don’t want to pay processing fees, or they simply can’t qualify for credit card processing.
Visa’s job is to protect Banks and Networks and to keep them compliant. And, it is our job to make sure that our payment solutions are also compliant with Bank and Federal regulations.
GreenHouse Payment Solutions is committed to staying on the cutting edge of payment processing developments. We make sure that the networks that are being used by our providers are not the ones mentioned by Visa. Our 12 years of experience in the Cannabis Industry gives us the edge to continue to support compliance and integrity with our clients.
We do provide several alternative solutions for clients that feel uneasy with Visa’s announcement. Another new system will be introduced in the first part of the coming year. If you would like to talk with us to address your concerns, don’t hesitate to call or email.
The GreenHouse Staff looks forward to continuing working with you in the coming New Year.
Chris Mills, CEO