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In this case study, we outline our work with an online big-ticket cannabis accessories company that specializes in glassware, storage, and apparel relating to cannabis. Solely due to their direct connection to the cannabis industry, despite no actual cannabis being sold under their brand, they are automatically flagged as high-risk by traditional payment processors.
As a result, traditional payment processors either won’t work with them at all or give sub-par service rife with unexpected fees, flags, holds, and freezes.
Since they run a legal business in the United States, and don’t directly sell any cannabis, our client had previously sought out service from traditional payment processors under the assumption that they’d be treated just like any other merchant. Unfortunately, they had their accounts suspended by two different big-name processors, leaving them almost entirely unable to make money as an online business.
As a result, they lost sales, and the merchant accounts limited their checkout options even when they were active. This made things more difficult for both the client and their customers, and did not meet the standard of service that legally operating U.S. businesses expect from a trusted partner.
They reached out to us in search of a reliable merchant account that wouldn’t pull the rug out from under them, and they got that and more. Our Paynote Verified ACH solution was the no-brainer option for a risk mitigating payment method that would provide the stability they needed.
Within a week, we had a fully brand-customized payment gateway set up for them with saved bank details and NSF protection for easy and secure repeat payments. Paynote doesn’t simply offer a reliable merchant account, though. It also comes with a number of useful features designed specifically for high-risk and subscription-based merchants:
Overall, the Paynote platform not only brought stability by reducing payment failures and not holding/freezing their account, it also brought added value by offering easier, branded payment gateways that directly improved our client’s reputation among their market.
As a result of their partnership with Paynote, our client experienced the following results:
Overall, our client sought out a merchant account that would accept their business, and in return, they got a purpose-driven high-risk payment platform designed to improve their bottom line. They got more business, lost less money to fraud and merchant account issues, and developed stronger customer relationships that increased their customer lifetime value.
Paynote offers a secure and easy-to-use platform to send and receive ACH payments. We have a simple online application process and require no credit checks so businesses can set up their accounts quickly. With our payment pre-validation and optimized processes, Paynote can reduce payment disruptions and shorten ACH payment processing time from the standard three days to just one business day. Sign up for a free trial to see our fast and reliable ACH payments in action.
For more information, contact us to learn how our quick and cost-effective ACH transfers can help your business grow.
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