Marijuana entrepreneurs who want to process credit card transactions through a bank will have to adopt a key strategy for the time being: Patience.
Despite anecdotal reports that there are banks that are processing the transactions legally, experts say that this solution has been elusive.
“There is no credit card processing to my understanding at this time that is legitimate,” says Leslie Bocskor, managing partner at Electrum Partners LLC, a boutique consulting firm in Las Vegas specializing in the marijuana industry, and founding chairman of the Nevada Cannabis Industry Association. As a result, many owners of marijuana businesses must still rely on a cash-only model, which can be difficult because of the risks of robbery, internal theft and record keeping mistakes.
Read the rest of the article at Creditcards.com.