Hi I own a cannabis extraction company in Oklahoma. We are not a grower or a dispensary and want to be cashless. We just turn plant material to oil and sell our branded goods to dispensaries only, not to the general public. We are developing a woocommerce website and want to find a merchant processor that will do ach and credit card payments. Domestic is preferred but offshore is accepted as a last resort. Any suggestions?
What do other extraction companies use? All merchant processing companies seem focused on dispensaries instead of growers and extractors.
You won’t find it. Convert all your corporate docs to a medical supply company or some kind of Argo technology consultation company name. You then shelter all payment through a burner bank account while your primary only takes wires from your personal burner that accepts payments. See when you do business with unsavory others with questionable account activity every person they send money to will basically be audited. You need a service like veem or cc direct pay merchants that you pay for service not each transaction.
Basically on paper and company profile make your company have nothing to do with cannabis. Then you can use a shell corp that burns through merchant accounts or bank accounts to protect your main account.
So you attack Chinese vendors by asking what they would do if someone’s house burned down from their equipment. Then you lay out in great length the steps you take to avoid having any financial traceability with your customers. Kind of makes it sound like if that happened you’d be MIA before anyone could try and hold you liable.
I’d look at fin tech companies. There’s a fin tech startup in Hong Kong that will incorporate you there and open an account for you. They even supply merchant services for USD.
Fin tech would be less risky because you are rolled into some account at a bank that doesn’t really administer the way you spend money.
I’ve been thinking about this a bit and that’s the way I’d try it.
