In today’s ever-evolving business landscape, it is disheartening to witness instances where companies fail to follow through on their promises. Greenlight Payments, a name in the high-risk payment processing industry, has come under scrutiny for its refusal to collaborate with cannabis industry businesses, despite its advertising and partnerships. This unfortunate situation has left many hardworking individuals within the cannabis sector feeling exploited and betrayed.
Although Greenlight Payments extensively promotes its services and collaborates with merchant service providers to facilitate payments for firms in the cannabis & hemp markets, they do not really provide their services to such businesses. During a phone conversation, a Greenlight Payments representative informed me that they are unable to provide approval to businesses that have the term “cannabis” on their website. This contradicts information that is presented in their seed policy (dated November 4, 2023), which states the term “cannabis” is acceptable.
This seems rather silly, seeing that many high-risk merchant providers continue to recommend Greenlight Payments as a reliable solution for cannabis and hemp industry payments, including seeds, CBD, and ancillary product sales.
While Greenlight Payments may appear to offer a glimmer of hope for legitimate cannabis businesses seeking reliable payment solutions, this is just a mirage. Despite their promotion and collaboration with ISOs, Greenlight Payments ultimately fails to deliver on their promises to the cannabis market. Their refusal to work with businesses that even mention the term “cannabis” on their website is a clear indication of their lack of commitment and support for this industry. This deceptive behavior leaves legitimate cannabis businesses feeling deceived and ultimately undermines the trust and hope that Greenlight Payments initially seemed to offer.
One business owner left a review just 6-days ago, “Would not recommend to any high risk business (which is the category that they primarily service). They were made aware of the products we sell prior to signing up. Application proccess took a little over a month. And they have now dropped me a month later for tobacco products of all things. Huge waste of time for everyone involved.” This experience serves as a cautionary tale for other cannabis businesses seeking reliable payment solutions, reminding them to approach companies like Greenlight Payments with skepticism and to thoroughly research their track record before signing up. Another review states, that Greenlight Payments is a “very shady company.”
Greenlight Payments CEO Says They Work With The Cannabis Industry
In a podcast on Troublegroup, former Greenlight Payments CEO Ralf Kaiser discusses payment solutions for the cannabis industry. During the interview, Kaiser states, “We’re one of the longest-standing cannabis banking compliance firms, having been used really by more financial institutions and more cannabis related businesses than many of our peers on the street today.” However, many cannabis businesses have found Greenlight Payments to be anything but reliable. Numerous reports have emerged of delayed approvals and account closures. These incidents have left business owners frustrated and struggling to maintain their operations. It is clear that Greenlight Payments’ claims of being a trustworthy solution for the cannabis industry are far from reality.
Growing Hemp Association writes, “Greenlight Payments have successfully navigated the complex cannabis banking and payments compliance regulations since 2014.” However, recent findings contradict this, as more and more businesses within the cannabis and hemp industries fail to get approval from Greenlight Payments.
Their refusal to work with this industry raises questions about their integrity and commitment. The potential consequences of such actions can be devastating for entrepreneurs who have invested significant time and resources into establishing lawful enterprises. As the industry continues to grow, it is crucial for businesses to exercise caution and thoroughly vet any potential payment solutions before providing them with personal information and further entrusting them with their financial needs.
It is crucial for businesses to be transparent and honest about the services they provide. By listing the cannabis industry, Greenlight Payments may have given false hope to countless individuals who were desperately seeking a trustworthy partner in navigating the complexities of payment processing. This betrayal not only undermines the aspirations of these hardworking individuals but also casts doubt on the credibility of Greenlight Payments as a whole.
It is disheartening to witness companies like Greenlight Payments taking advantage of dedicated individuals within the cannabis industry. The repercussions of such actions can be far-reaching and detrimental to those who are striving to operate legitimate businesses. It is essential for companies to uphold their commitments and ensure transparency in order to foster trust and support among entrepreneurs in need.
