"High Risk" – It’s not what you think.
Bankcard International Group
The Gold Standard in High Risk Merchant Accounts
At BIG our passion is helping good business owners who want to operate in the most efficient and transparent manner.? To BIG these businesses deserve services that other providers cannot or will not provide.? At least not in combination with great service and competitive rates.
The term "High Risk" is not a term that BIG likes in the payments space.? No one likes to be called high risk and our consultants don't like telling any business they are considered high risk.? Unfortunately there is no other widely accepted term in payment processing for businesses who are "hard to place" or who are in a vertical with a higher than normal chargeback risk. ?
Every acquiring bank and processor has their own idea of what is high risk.? Many banks consider all eCommerce business as "high risk", even in today's world! BIG maintains strong relationships with many acquiring banks, all with diffent tolerences and definitions for "risk".? These long standing relationships help us provide service to businesses that cannot find it anywhere else.? They also help us provide a tailored merchant account experience for everybusiness that best fits its needs and goals, not ours.
Don't go with just any "high risk" payment service provider - Go BIG and take the risk out of merchant services!
We encourage everyone to check out or visit one of Bloom Medicinals locations.? As a highly consumer centric dispensary chain focused on education - Bloom is "Where Compassionate Care Meets Cannabis".? Their mantra is to provide customers and patients with cannabis experts with a patient-centered approach focused on compassionate care & premium quality.
Bloom Medicinals prides itself on offering a wide range of cannabis products, tailored to meet the unique needs of patients. From flower to concentrates, edibles to tinctures, the company caters to diverse preferences, ensuring that patients receive the relief they seek.
Despite its significant growth and influence, Bloom Medicinals maintains a compassionate and patient-focused ethos, ensuring that patients receive the attention and support they deserve. Their approach to cannabis as a healing tool rather than just a commodity sets them apart in an industry that's still finding its footing.
As the cannabis industry continues to evolve and expand, Bloom Medicinals remains a beacon of trust, care, and commitment to patients in need. With an ever-expanding presence and a reputation for quality and community engagement, Bloom Medicinals stands as a shining example of the positive impact that a cannabis business can have on the well-being of individuals and communities.
In the ever-evolving world of cannabis commerce, maintaining seamless payment processing while adhering to strict compliance standards is a top priority for businesses in the industry. As the demand for legal cannabis products continues to rise, ensuring clarity and accuracy in payment transactions is crucial.
In our recent article, we unveil five essential tips to help guide cannabis merchants toward compliant payment processing.? ?We hope these tips shed light on key aspects to consider.
1. Receipt and Statement Descriptor: The descriptor on the customer receipt and statement must accurately reflect the business name, address, and contact information.? Fudging this information is a common pitfall that should be avoided.
2. Sponsor/Acquiring Bank: Knowing your acquiring bank is essential, as they play a pivotal role in ensuring transparent and compliant transactions, abiding by Anti Money Laundering programs.
3. Payment Processor: Understanding the distinction between the payment processor and acquiring bank is crucial, as both must adhere to card association rules and federal banking laws.
4. Supported Debit Networks: Only specific debit networks allow cannabis transactions. Merchants should inquire about which networks are supported to ensure a smooth customer experience and compliance.
5. Transaction Reporting: Detailed and traceable transaction reporting is essential for compliance, audit readiness, and cross-referencing.
To simplify the complex world of cannabis payment processing, partner with a trusted, compliant payment provider like Bankcard International Group. Our transparent and compliant solutions cater specifically to the cannabis industry's unique needs, providing peace of mind and readiness for future changes in federal regulations. Our expertise can help cannabis businesses enhance their payment processing and ensure a seamless experience for their customers.
领英推荐
We’re always focused on the future of the industry, and this week is no different. We’re busy planning for this years signature Cannabis event, MJ Biz Con!
I am sure that you are all excited to participate in the largest cannabis industry show on the planet and we are no different.? Most of our team has proudly attended and/or exhibited at every MJ BizCon since the beginning back in 2012.
While the show, and industry, have grown exponentially since then, one thing remains consistent.? The quality, dedication, and collaboritveness of the pioneers that make up the cannabis industry.? We have always been and continue to be impressed by an industry that has brought together such a great group of people.?
As we approach 2024 it is clear how many challenges the industry faces but the trajectory of progress is also clear.? With proper education, collaboration, and fair policy the cannabis industry can lift economies and the quality of life for those who engage with and depend on it.
BIG will be exhibiting again this year at MJ BizCon - we'll be in booth #6322 and look forward to seeing you there.? No matter what sector of the industry you are in we'd love for you to stop by and say hi.? Until then, stay tuned to our channels for latest information that could affect your business.
What do you want to talk about?
Let us know what topics you would like to hear about, discuss, argue over, and share.? Write us at [email protected] or send us a DM on LinkedIn.
Infographic of the Week
October is Cyber Security Month.? But it is also the season that merchants across the country are gearing up for Black Friday and the holiday sales season!? The infographic of the week comes from MasterCard to summarize the biggest problem of the season, friendly fraud.? Namely "Promo Fraud".
In the world of e-commerce, the rapid growth in revenue has also given rise to a troubling issue - promo fraud. This type of fraud involves the deceitful exploitation of promotional program incentives, costing U.S. retailers a staggering 1.2% of their total revenues, equivalent to a whopping $89 billion annually. A prime example of this is PayPal, which in 2021 identified 4.5 million illegitimate accounts that were created to take advantage of their incentive-based customer acquisition campaign, offering $5 or $10 to new users during sign-up. The consequences of this fraud are not limited to financial losses but also stock value depreciation. The concerning part is the lack of legal consequences for those involved, making it often overlooked.
Many business owners don't know that they have tools at their fingertips to address this problem and more.? If you want know how you can tighten up the fraud prevention tools you may already have access to - give BIG a call.
Recognizing the severity of the problem, many organizations are seeking tools and strategies to combat promo abuse. Mastercard is taking a unique approach by unifying digital identity elements to enhance risk decision-making while maintaining a positive customer experience. As e-commerce continues to thrive, addressing promo fraud is becoming increasingly vital.
Many merchants don't know that their existing payment gateways may also have tool and plugins to help fight friendly fraud.? Have Questions?? Let the BIG team know!