Via MMJ Business Daily:
The main national company handling payment processing services for the medical marijuana industry will no longer accept Visa and MasterCard transactions from dispensaries, according to information obtained by MMJ Business Daily.
Electronic Merchant Systems (EMS) – which provides merchant accounts for medical marijuana companies via a partnership with Chesapeake Bank in Virginia – informed its MMJ customers of the decision in an email (see full text at the end of this post). The new policy is effective July 1.
The change covers both credit and debit cards, though the email says dispensary clients can still accept MMJ transactions conducted with Discover cards. EMS plans to send out another letter on Wednesday informing medical marijuana merchants to batch and settle all Visa and MasterCard transactions by June 30. EMS and Chesapeake Bank did not immediately return messages left by MMJ Business Daily. Read more…