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Bankcard International Group
The Gold Standard in High Risk Merchant Accounts
BIG is entering the 4th quarter with some BIG news! We are thrilled to share that we now offer merchant services and credit card processing specifically tailored for Canadian cannabis merchants! Traditionally, the Canadian market has had limited options when it comes to accepting payments, but now they can proudly add B.I.G. to their shortlist of trusted partners!??
The cannabis industry has not only been a major focus for the BIG team over the last 13 years but it has been a passion project for us.? We are committed to progressing the industry through compliant financial services.? Our journey has earned us the reputation as the most trusted leader in the, often difficult, cannabis payment processing space.
By venturing into the Canadian space, our aim is to provide competitive payment processing that is complemented by the Gold Standard in service that we are renowned for. Our commitment extends beyond just processing payments; we strive to empower merchants by ensuring they not only comprehend their processing but also thrive and succeed in this dynamic industry.
BIG is a proud member of The Minority Cannabis Business Association (MCBA).? If you are not familiar with the MCBA, The Minority Cannabis Business Association (MCBA) is a non-profit organization dedicated to promoting equity and diversity within the cannabis industry in the United States. MCBA advocates for social and economic justice by addressing the historical disparities in cannabis prohibition, particularly the disproportionate impact on minority communities.
They work to create opportunities for marginalized groups to participate in the growing legal cannabis market. The organization offers educational resources, networking, and advocacy efforts to empower minority entrepreneurs and advocates for policies that promote inclusivity and fair access. MCBA's mission is to reshape the cannabis industry, ensuring it is inclusive and equitable, and they actively engage with lawmakers, industry leaders, and the public to push for positive change and reform.
MCBA President, Kaliko Castille is an energetic and tireless cannabis industry advocate.? Sometimes we refer to him as the mayor of cannabis town because it seems everyone knows him.? This week we wanted to get some information you probably don't know about this new father!?
BIG: Pick three of the most representative words you would like to use to sum up the essence of your business.?
Kaliko: Advocacy, Networking & Education
BIG: How long have you been in business? How did it all start for you as a company and what has the journey looked like??
Kaliko: MCBA was founded in 2015 and has been the leading policy voice for minority cannabis entrepreneurs since then. Over the years, ideas that were started at MCBA policy summits have now become law in various states and are being included in draft legislation at the federal level. We’re an all-volunteer, membership-based organization with no paid staff so we manage to do a lot with very little. ?
BIG: Briefly (one sentence is fine) tell us why did you got into the Cannabis industry?
Kaliko: I got into the industry because I grew up in the DARE generation, even helping to implement the “drug free zone” at my elementary school but eventually when I learned that my grandparents smoked cannabis and that they were considered criminals, it opened my eyes to the idiocy of our drug policies. I started off as an intern for NORML in 2011 and have been doing full-time advocacy ever since.?
BIG:?To get to know each of our clients better, what is your favorite thing to do outside of work?
Kaliko: I’m a new Dad with two daughters at home. These days I’m happy to just get some time with family to relax and enjoy the precious moments. I very much enjoy getting out for some snowboarding on Mt. Hood as well as getting out to any live reggae shows I can.?
?BIG:We are all about music and love it all, but what's in your playlist right now? – if not a playlist song, how about a favorite song or artist? And if there is a reason, why?
Kaliko:? One of my favorite bands is Iration. They are from Maui/Southern California and play their own unique blend of island, roots reggae. They really have that southern california beach town vibe. It’s great road tripping music.?
I’ve been following them since about 2010 and their music continues to age like fine wine.?
BIG:?If you could be any type of animal, what would you be and why?
Kaliko: ?Probably some sort of bird, ?maybe an owl — I enjoy flying and being in the air.? Otherwise, probably a lion.
BIG:?Time for a little self-promotion... What is your favorite thing about working with BIG? What do WE bring to the table that you love the most?
Kaliko:?BIG has been an awesome partner and member of MCBA. I’ve known Brett and the team since 2014 when I was running a dispensary and I know the team to be the most trustworthy in the industry.?
When I ran into Brett at Cannabis Conference last year and told him I was working at MCBA, he immediately signed up as a member and asked how BIG could be helpful.?
I think it’s important that folks understand that MCBA isn’t just for minority entrepreneurs — the work we do is only possible with allies like BIG being willing to pitch in and make it happen.
Thanks Kaliko!? We've certainly enjoyed being a part of the MCBA family and consistently impressed with the work you and your team get done.? We look forward to uplifting the industry and continuing to be a part of its progress and success with MCBA.?
Merchant Category Codes are essential to the classification of your business type and can have a profound effect on the cost of your merchant services.? In the United States, the U.S. Small Business Administration oversees 33.2 million businesses within various industries. Globally, there are 69 industries and 158 sub-industries within 11 sectors, adding complexity to business identification.
Merchant Category Codes (MCCs) are four digit numerical identifiers used to classify businesses based on industry and business type.? MCCs play a vital role for financial institutions, the IRS, and payment processors.? They have the ability to influence risk assessments, rewards calculations, tax reporting, and more.
A MCC can significantly impact business operations. For instance, it determines processing rates, influences the acceptance of payment cards, and even impacts chargeback protection.? High-risk businesses need to be especially vigilant about their MCCs to navigate a complex landscape of fees, acceptances, and protections.
Misusing MCCs can lead to financial and legal trouble, and getting the right MCC can mean saving big on your merchant account fees. Working with ethical and experienced Merchant Services Providers is crucial for ensuring the correct MCC classification. Understanding and properly managing your MCC can make a substantial difference in your business operations.
This week the BIG team has been focused on the event of the year, MJBiz 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
Did you know that October is Cyber Security Month?? Well it is with good reason!? The Holiday season is rapidly approaching and merchants are anticipating a banner year, even in the face of inflation consumers are predicted to spend more.? This is great news, however, the holidays also bring sharp upswings in payments fraud.
Below is a snapshot of the fraud numbers in 2023 and many sources are stating that 2023 numbers will be unprecedented.? These predictions are based on everything from increased economic pressures due to inflation to AI being used in neferious ways.
Now is the time to consider upgrading the fraud prevention steps your business takes to protect itself and its employees.? Many times you already have the tools at your fingertips, they just need to be implemented.??
Fraud in the workplace can come from so many angles that we could literally write a book on it!? But here are 4 simple things that you can implement to help protect your business.
1. Unlock the built in fraud tools in your payment gateway and set them up to your business' needs.
2. Keep your employees educated on topics such as Phishing scams and policies and proceedures for issuing and accepting payments.
3. Persistent monitoring for fraudulent payments - both inbound and outbound.
4. Responding rapidly to any suspected fraudulent activity.
If you need assistance with protecting your business from the ever increasing threat of payments fraud, the BIG team can help.