Canna Group Payment Solutions is a leading medical and recreational cannabis company. It provides the necessary banking solutions to high-risk merchants to maintain compliance with state regulations. The company has established a network of resources and partners that help its customers navigate the complex and ever-evolving cannabis industry. It also works with various marijuana-related businesses, providing them with the required knowledge and resources they need to succeed.
This Canna Group Payment Solutions review will highlight the company’s services, key features, and customer experience.
Services and Features
The company offers the following services to the merchants.
KronicPay
Canna Group Payment Solutions offers a unique payment processing service called KronicPay. While the service does provide a comprehensive solution for accepting payments from cannabis customers, there are some drawbacks to using this system. Integrating existing point of sale or other payment systems can be difficult, requiring additional setup. Hence, using the KronicPay service can be time-consuming and expensive.
Tokenization
Tokenization is a feature the company offers that allows users to securely store sensitive payment information. While this service works well theoretically, implementing the security protocols can be confusing and difficult for merchants to understand. Also, Canna Group Payment Solutions’ security protocols are not as stringent as those offered by other payment processing companies, so that the merchants may be at a higher risk for fraudulent activity.
CBD Payment Processing
Canna Group provides payment processing for CBD products. While this is an attractive feature for merchants, it should be noted that the legality of CBD products is still uncertain in many countries and states. Using the service to process customer payments could result in legal issues. Some banks may not accept CBD payments, meaning merchants may have difficulty processing them.
Credit Card Processing
The company also provides services for processing credit cards. While this service can provide customers with more convenient payment options, it is important to note that the company’s fees for these transactions can be quite high. It could add up quickly and make accepting payments much less profitable than it should be.
Lawsuits and Fines
The FTC has no record of fining Canna Group Payment Solutions for wrongdoing. There are also no known lawsuits against the company regarding its payment solutions services. But, it is not unheard of for companies to face lawsuits, fines, or other legal action if they are involved in deceptive practices or fail to provide promised services. It is important to research any company before signing a contract and any valid complaints filed against them.
Rates
Regarding pricing, Canna Group is not particularly competitive. Upon review, the following issues have been found in its rates.
Not Disclosing the Pricing
The company does not publicly disclose its pricing on its website or in third-party reviews. It makes it difficult to compare the rates they offer and determines whether they are competitive. Hence, merchants must contact the company directly to get an accurate quote. It would be better if their pricing were more transparent.
High Fees
It charges high fees for its payment processing services. It effectively increases the costs for merchants already operating on thin margins. Furthermore, there are no discounts available to help offset the cost. It could make it difficult for small businesses to afford their services.
Agents Charging Commission
Some agents charge an additional commission for Canna Group Payment Solutions’ fees. This extra cost can add up quickly and further drive up the cost of processing payments. It is, therefore, important to carefully read through any contracts before signing them to ensure no hidden fees or commissions. Businesses with high volumes of transactions should also consider negotiating a better rate with Canna Group Payment Solutions.
Non-Cancellable Equipment Leases
Canna Group requires merchants to sign non-cancellable leases for their equipment. It means that they are obligated to pay for the full term of the lease, even if they choose to discontinue their services. It can be an expensive and inflexible option for merchants who are just starting. Moreover, as per reviews, the leases are usually marked up, meaning merchants are often overcharged for their equipment.
Wide Range of Potential Contracts
Canna Group Payment Solutions offers a range of contracts, from short-term to long-term. Merchants should carefully consider their needs and the terms of any contracts they sign, as some may contain hidden fees or restrictive clauses that could limit their flexibility. Additionally, the longer the contract, the more expensive it may be in the long run.
Employee Complaints
Canna Group may have positive customer reviews, but some employees report various problems with the company. Some employees have reported long hours, low pay, and a lack of job security. Additionally, some employees report feeling their work is not valued or appreciated and that management does not take their concerns seriously.
Sales and Marketing
Regarding the sales and marketing efforts of Canna Group, when reviewed, some issues need to be addressed.
Independent Resellers
The company has allowed independent resellers to market their products, but this has caused some confusion as there are now multiple people externally representing the company. Each reseller is giving out different information, which has caused miscommunication and a lack of trust in the brand. Merchants have reviewed that the resellers do not have enough in-depth knowledge of their products, which has caused customers to doubt the product’s reliability.
Deceptive Rates
The marketing materials from Canna Group are not always accurately reflect the rates and fees associated with their products. It has caused a lack of customer trust, as customers feel they are being misled. Additionally, the materials may be outdated and therefore don’t reflect current information.
Not Disclosing Terms and Conditions
The company has often not been transparent about the terms and conditions associated with its products, which has caused customers to be confused about what they are getting. Merchants have noted that they often don’t know what they are signing up for at the start, leading to dissatisfaction with the product.
Reviews
When it comes to Canna Group, reviews are all over the place. Some customers have been satisfied with their products and services, while others have not. Merchants should keep in mind the following points.
Problems in Application Turn Around
Many customers have complained about the slow application turn-around time when dealing with the company. It has caused frustration as application delays lead to further delays in the customer’s business operations. It is recommended that customers reach out to the company directly or seek out other options if they need to speed up the process.
Lack of Clear Communication
When customers reach out to Canna Group, many have found that the company doesn’t communicate clearly regarding their services and what they can do. It has caused a lot of confusion and can lead to misunderstandings. Customers need to remember this when working with Canna Group and take the initiative to ask questions and clearly understand what their services offer.
Inadequate Support
It has received many customer complaints regarding the lack of support they receive when dealing with the company. Many customers have expressed that their inquiries and questions were not answered promptly or that the support team did not help resolve their issues. Customers need to ensure they get the support they need and deserve when using Canna Group’s services.
Traditional Banking Accounts
When setting up a Canna Group account, customers must know they will not receive the same banking services as traditional banking institutions. It means customers will not be able to use their Canna Group account for normal activities such as making deposits, transferring funds, or having access to their funds promptly. This lack of services can be an issue for customers who are used to the convenience of traditional banking.
Loan Products
Although Canna Group offers loan products, it cannot be easy to qualify for these loans as the company has strict criteria. Many customers have found the process long and arduous, with no approval guarantee even after submitting their information and have given negative reviews. Customers must consider all their options when looking for loan products and know the company’s strict criteria.
Erroneous ACH Check Processing
Customers have reported that Canna Group’s ACH check processing is often inaccurate, leading to incorrect deposits and payment delays. It can be a major issue for customers who rely on their payments being processed accurately and on time. It is important to thoroughly check all ACH deposits before relying on them to ensure that the correct amount has been deposited.
Customer Support Quality
The quality of customer support from Canna Group has been a hot topic in recent reviews. Many customers have complained that the staff is not knowledgeable and that customer service is subpar. It has caused customers to experience long wait times when trying to resolve an issue or answer a question.
Conclusion
This Canna Group Payment Solutions review suggests that it is a controversial business due to its involvement in the marijuana industry. Although they have had some successes, it has come at a cost, as they have faced legal and financial difficulties. Furthermore, there is a risk that their reputation may be tarnished by public attitudes toward marijuana, which could hinder their future success. For these reasons, potential investors should consider the risks before investing in Canna Group.
