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Why is it so hard to find a good payment processor?
For emerging businesses in high-risk industries (particularly CBD and cannabis), it can be immediately apparent that banking options are limited. While there are a few options for merchants trading from Canada where cannabis has a legalised trade, trying to negotiate a similar path in the United States or Europe is fraught with complications.
It seemed that many merchants, PSPs, ISOs and others in the cannabis and CBD industry thought that there would have been a solution by now. Despite the fact that there has been legislation that allows banks to process payments for cannabis companies, it is still a big risk for those involved.
Most merchant processors wish to keep their company approval stats high by maintaining a low-risk client book. LumiPay is different in that it actively seeks those in industries viewed as high risk and makes it work. Every time.
In the United States, too, the situation can be further complicated by the conflict between federal and state laws. As of now (November 2019) a bill is being passed to the Senate concerning the legalisation of cannabis on a federal level, however, no large scale changes have taken place yet.
What makes LumiPay so special?
“LumiPay provides a safe and seamless path for unique payments worldwide.”
It works with a number of banks on your behalf, chooses the best acquiring bank for you based on approval rates and the cost of processing. How does it do this? First, we’ll need to explain a simple concept: the processing chain.
To sum up, the processing chain is the step-by-step mechanism involved in any payment transaction between customers and businesses. It moves from customer to merchant via payment through an intricate banking and payment system and eventually back to the customer who now has their goods.
Traditional payment processors only have the ability to handle one or two steps in the processing chain. LumiPay’s strength is that it can handle multiple steps in this process from customer to merchants to acquiring banks and back again.
LumiPay is a single-entity which has the unique ability to process payments for an industry otherwise fraught with risk.
Why choose LumiPay?
LumiPay are unique in that they are not controlled or owned by an acquiring bank. Instead, they work with several banks in order to gain the highest approval rating possible. This approval rating is much higher than any of our main competitors. Our secure payment gateway protects businesses when they’re at their most vulnerable and safeguards against risk.
Added to that we have Level 1 PCI Compliance and can offer in-depth business analysis. We’re compatible with nearly two-hundred payment methods and our same-day integration means you can be ready to accept payments in no time at all.
Best online Payment Processor in Ireland – Voted by readers
You can contact LumiPay on [email protected] and allow them to grow your business.