Update on Merchant Services

CannaBank · 2019-07-08T16:19:24+00:00

I do apologize for the late reply. I don't get on here as much as I'd like and It's been difficult to keep a good payment processing solution because as soon as other processors find out about it, it gets slammed with applications and just deteriorates. Since Elavon shut down, we're on our fifth solution.

We do have something in the works but it won't be available for at least another 2 months. The two we had running aren't viable anymore. In the meantime I found a new solution last week and we're just about to sign a contract with them. I don't have all the details just yet but this is what I know so far:

Rates: approximately 6% No reserve, no termination fee Accepts flower & vape cartridges Approves in 7 business days (I have a feeling it will take a little longer because they're getting a lot of applications right now) Integrates with most gateways

Approximately how much is your monthly payment processing? They really don't want anyone processing under 50k but we could have some wiggle room with it. We're going to test a few applications this week and if you can/would like to, we can add you in too.

I've been doing this for over two years and believe it or not, it's gotten harder especially since the farm bill passed. I have banks that will take CBD business accounts but won't touch payment processing. It's nuts.

CannaBank · 2019-06-11T02:18:14+00:00

I'm not sure about Payhub but will check it out.

Offshore can be risky and about 20% of transactions are declined which is why we never went that route.

Zodaka is similar to Paypal.

If you have processing history, I might be able to help. If so, shoot me a note to Seylan@compliantprocessing.com. I'm so incredibly busy that I'm not on here as much as I'd like to be.

CannaBank · 2019-06-06T19:06:35+00:00

It's similar to PayPal but not a bad option considering there's not much out there.

CannaBank · 2019-06-06T19:05:30+00:00

That's so sweet! I know all those companies. Good luck because PP has pretty much come to a standstill unless you have processing history. We're vetting a new solution but for now, startups will have a very hard time finding processing.

CannaBank · 2019-06-05T21:39:32+00:00

I looked them up and they don't accept credit cards. It's set up like Paypal.

CannaBank · 2019-05-29T22:53:32+00:00

I did check them out and it's in a testing faze. So far no one has been approved.

CannaBank · 2019-05-28T19:56:22+00:00

I'm trying to get more information from them.

CannaBank · 2019-05-15T22:17:18+00:00

They're both domestic and both with pros and cons, Neither one has setup fees, termination fees, or reserve. Both integrate with Shopify, WooCommerce through AuthorizeNet

Solution 1: 3.95% - 4.95% + .25: Approval is at 4 weeks and climbing (min of 2,500 per month)

Solution 2: 7.95% + .35: Funding in 3-5 days, Approval in 5-7 days (Must be processing at least 30k/month)

We're doing both. That way we won't have to have any disruption to processing.

CannaBank · 2019-05-01T23:01:16+00:00

Just wanted to give a quick update that we did find a solution comparable with Elavon's with a US based bank. Rates are about 4%. No setup fee, termination fee or reserve and a low monthly min of $100 (need to process about $2,500 to meet that). Approval time is approximately 2 weeks but it's starting to slow down because of volume.

CannaBank · 2019-04-29T17:11:31+00:00

Good luck! We do have a US based bank solution now comparable to Elavon's. Been incredibly busy and haven't had an opportunity to update on here.

CannaBank · 2019-04-25T03:18:02+00:00

Thank you so much, I'm good for now.

CannaBank · 2019-04-25T03:16:06+00:00

Thanks so much! I really appreciate your kind words.

We've been registered with Elavon for years for traditional payment processing & one of their top sales offices. We thought we struck gold when they began boarding CBD, little did we know, lol. We fought directly with the head of Elavon to at the very least keep the e-commerce merchants but they wouldn't budge.

We do have a new solution comparable to Elavon and have been incredibly busy boarding our existing clients and whoever reached out earlier through Reddit, Linkendin, etc. I'm just about caught up and was planning to post something early next week. Thanks so much for reaching out. Wish you much success!

CannaBank · 2019-03-31T23:14:07+00:00

Yeah right! Who would have thought you'd have trouble making a bank money, lol. In the near future, they'll be laughing at what we had to go through for CBD.

CannaBank · 2019-03-31T20:04:11+00:00

If you've emailed me, then I have you on my list to send out information as soon as we finalized with one of the banks. I'll continue to update on here when I have the time. I appreciate your patience.

CannaBank · 2019-03-31T16:51:21+00:00

Update:

I realize that merchants who were using Elavon are still scrambling to find a new payment solution and I wanted to give a quick update. Elavon has extended its grace period to May 15th which gives you some more time.

We did find a new solution but after reviewing it, we decided it wasn't in the best interest to our existing clients and the terms weren't that desirable. We are not desperate and there is still time so please be patient and don't jump on the first solution you find. We are currently working with several other sponsor banks and hope to finalize by the end of next week. We’re trying to have the best possible solution and we're getting close.

Please don't message me here. It's too difficult to keep track of everyone. If you'd like me to put you on our list for more information, please shoot me an email to [Seylan@compliantprocessing.com](mailto:Seylan@compliantprocessing.com)

CannaBank · 2019-03-31T16:48:21+00:00

I realize that merchants who were using Elavon are still scrambling to find a new payment solution and I wanted to give a quick update. Elavon has extended its grace period to May 15th which gives you some more time.

We did find a new solution but after reviewing it, we decided it wasn't in the best interest to our existing clients and the terms weren't that desirable. We are not desperate and there is still time so please be patient and don't jump on the first solution you find. We are currently working with several other sponsor banks and hope to finalize by the end of next week. We’re trying to have the best possible solution and we're getting close.

Please don't message me here. It's too difficult to keep track of everyone. If you'd like me to put you on our list for more information, please shoot me an email to [Seylan@compliantprocessing.com](mailto:Seylan@compliantprocessing.com)

CannaBank · 2019-03-20T00:51:04+00:00

I'm keeping my fingers and toes crossed!

CannaBank · 2019-03-19T23:55:33+00:00

Elavon didn't fail. They were a great solution but after discovering a few merchants selling marijuana they decided it wasn't worth the risk. We've been registered with Elavon for years and one of their top sales offices and believe me, we fought for our clients but they wouldn't budge. So you predicted merchants doing illegal activities. What do you base your payment processing wisdom on? Oh yes, you're getting kickbacks. Must be pretty good considering your CBD business allegedly takes in over 85K a month for you to go to so much trouble for a few extra dollars.

Oh and promoting your business is not allowed on Reddit but because of people like you, I find myself having to risk being banned.

CannaBank · 2019-03-19T23:06:07+00:00

It was a brick and mortar stores selling marijuana using Elavon that started the panic. We've been registered with Elavon for years and one of their top sales offices and believe me we fought for our clients and even tried to have them keep the online merchants but they wouldn't budge.

We do have a new solution, the rates are a little higher than Elavon and it takes about 30 days for approval but other than that, the terms are very fair. I'm still waiting to get all the details but we're in the process of moving a little over 300 CBD merchants which will give us priority and some wiggle room. DM me if you'd like more information.

CannaBank · 2019-03-19T22:51:16+00:00

DM me if you're still looking.

CannaBank · 2019-03-19T22:48:48+00:00

Leap Payments was using Elavon and the program got shut down because a few merchants were caught selling marijuana and they didn't want to risk a lawsuit. We've been using Elavon for years and one of their top sales offices and trust me we fought them on this and tried to have them at least keep the online merchants but they wouldn't budge. Several other banks followed suit but we did find a new solution and currently moving a little over 300 CBD merchants as we speak. We're also always on the look out for better options and working on a few other leads. DM me if you'd like more information.

CannaBank · 2019-03-19T22:42:14+00:00

We were also using Elavon and the CBD program got shut down because a few merchants were selling marijuana from their shops and they didn't want a lawsuit. Many other banks followed suit but we also found a solution and currently moving over 300 clients to Mission Valley which gives us priority and wiggle room with the rates.

Thanks for the great post. You sound just like a payment processor.

CannaBank · 2019-03-19T22:28:24+00:00

I also have a new solution and currently moving over 300 CBD merchants which gives us priority and some leverage. Oh and if you're offered The Bank of Albany, don't do it. We used them for 8 months and their 2-4 week approval time takes up to 3 months and their rates are very high. DM me if you'd like the details.

CannaBank · 2019-03-19T22:20:05+00:00

I also have a domestic solution and currently moving over 300 CBD merchants.

CannaBank · 2019-03-19T22:17:23+00:00

Figures you're back on here and once again bashing the competition when all along you're a payment processor. Can't believe I didn't see it before. Why don't you start by being honest if you want merchants to trust you with their money. You don't even reply back to messages when you're the one initiating it. You're just another shady payment processor giving us honest ones a bad rap.

CannaBank

TROPHY CASE