iHemp Michigan is now offering a way for CBD stores and Cannabis dispensaries to increase business sales with a credit card for their customers that does not use the regular credit card system like Visa and MasterCard. Proceeds from the credit card program support iHemp operations.
iHemp Michigan has partnered with a Native American Bank to make this incredible offer available. This credit card is provided by a private lender, which means it does not have the same restrictions most credit card companies currently have for CBD and Cannabis purchases. No Visa or Mastercard rules apply.
The fee for using the card typically is about 3.75 percent paid by the customer. The cannabis and CBD dispensary earns a 75 cents commission on every sale made with the card. So if 10,000 sales are made each month using the card, the company gets $7,500 back.
There also is no contract so cannabis businesses can leave the program at any time and return the credit card processing equipment if they change their minds. Cannabis businesses that have provided this payment option to their customers have experienced a 25 percent or more increase in sales.
The Native American Bank has also offered banking services for the Michigan hemp and cannabis markets that only cost $150 a month in service fees, while all the other banks and credit unions that serve the cannabis market charge $1000 a month or more. In development is a checking account tied to the Native American Bank.
For more information, contact Blain Becktold at 616.502.0881 or email blain@ihempmichigan.com.