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Canna Group Payment Solutions Review

Phillip Parker
Phillip Parker

I was tired of watching unethical merchant services companies take advantage of unsuspecting business owners, so I built this website and wrote hundreds of reviews to expose their shady business practices.

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Canna Group Payment Solutions Overview

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Rating

5/5
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Website
877-420-8625

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Rating:
5/5
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View Rates & Fees
877-420-8625

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High Risk Specialists

Also known as Canna Group LLC and Canna Group Payment Processing, Canna Group Payment Solutions is a merchant account provider that primarily serves high risk merchant sectors. The company was launched in December 2015 and incorporated in March with a focus on CBD merchant accounts and marijuana payment processing. However, Canna Group also offers credit card processing businesses selling kratom, nutraceuticals, travel, multi-level marketing (MLM), credit repair, tobacco, adult entertainment, firearms, collections, penny auctions, and more.

Canna Group Payment Solutions Location and Ownership

Canna Group Payment Solutions is headquartered at 2692 Jordan Rd, Columbus, Ohio 43231, and does not list its acquiring bank. Sami Spiezio is the CEO, president and founder of Canna Group Payment Solutions and appears to be a former partner at Trinity Payment Solutions and the former vice president of sales development at Netcom PaySystem.

Canna Group Payment Solutions Review Table of Contents

  • Costs & Contract: Canna Group Payment Solutions offers variable contract terms according to each business’s type and processing history.
  • Complaints & Service: Canna Group Payment Solutions has received fewer than 10 public complaints.
  • BBB Rating: Canna Group Payment Solutions currently has an “A” rating Bureau and has received 0 complaints since its profile was created in January of 2019. The company has been accredited by the Better Business Bureau since April 2019.
  • Sales & Marketing: Canna Group Payment Solutions hires independent sales agents but has not received any complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With Canna Group Payment Solutions
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Canna Group Payment Solutions Rates, Fees, and Costs

Canna Group Payment Solutions Rates, Fees, and Costs

Cost Summary

Swiped Rate 1.00% - 4.99%+
Keyed-In Rate 1.00% - 4.99%+
Early Termination Fee Undisclosed
PCI Compliance Fee Undisclosed
Equipment Lease Terms Undisclosed

Variable Contract Terms

Canna Group Payment Solutions does not disclose most of its pricing to the public, and there are no complaints that mention specific rates or fees charged by the company. As a high risk payment processor, it’s likely that the company’s contract terms and pricing will vary dramatically depending on each merchant’s business type, location, and processing history. Canna Group Payment Solutions offers its agents an 80% commission on equipment sales, so it’s possible that agents can set their own pricing for long-term equipment leases. Merchants are advised to purchase their own equipment whenever possible to avoid getting locked into long-term, non-cancellable equipment leases.

High Risk Means High Fees

High risk merchants who sign up with Canna Group Payment Solutions should expect to pay higher-than-average fees, and they may also be subject to cash reserves on their accounts. This is standard practice within the industry due to the elevated risk of chargebacks that many high risk merchants pose. High risk merchants can reduce their risk of fund holds and chargebacks by being open and transparent with Canna Group Payment Solutions about their business type and product lineup from the start.

No Red Flags

We cannot find any Canna Group Payment Solutions complaints related to the company’s pricing, and there’s no reason to believe that the company’s merchants are dissatisfied with their pricing at this time. It is possible that Canna Group Payment Solutions offers a wide range of potential contract types, so merchants should understand how to spot undesirable terms in their contracts.

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Canna Group Payment Solutions BBB Rating Summary

BBB Summary

Product & Service Complaints 0
Billing & Collection Complaints 0
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

Clean Complaint Record

Canna Group Payment Solutions currently has an “A” rating from the Better Business Bureau and has been BBB accredited since April 2019. The company has received 0 complaints since its profile was created in January 2019. It also has not received any informal reviews on its BBB profile.

An “A” Performance

The BBB has slightly lowered the company’s rating because due to the short amount of time that Canna Group has been operating. Given the fact that the BBB’s profile for Canna Group has not received any complaints, we agree with the BBB’s rating. Merchants should be aware that there are still good reasons to be skeptical of the BBB’s rating system.

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Truth In Marketing & Advertising

Key Points

Employs Independent Resellers Yes
Advertises Deceptive Rates Yes
Discloses All Important Terms No

Inside/Outside Team

Canna Group primarily relies on independently contracted sales agents across the country to market its services. Independent sales agents are commonly linked to elevated complaint rates, but we have not found any Canna Group sales complaints that mention deceptive conduct or misrepresented fees. We will therefore assume for the time being that the company’s sales team does not engage in unethical activity.

Canna Group Sales Commissions

Canna Group makes its agent agreement available on its website. This agreement outlines the standard commissions that the company pays to its sales agents:

Standard Commission is equal to 50% of the excess between the Buy Rates stated below and VENDOR’s collected fees generated from Referred Merchants derived from ISO.

Cash Advance Commission is equal to 50% of the funded amount and isn’t paid until company is funded by vendor.

Equipment Commission is equal to 80% of the net profits

Set up/Reprogramming Commission is equal to 50% of the amount collected

Merchants should bear these commission splits in mind when negotiating with any agent.

Canna Group Rate Quotes

The Canna Group Payment Solutions currently advertises “High Risk Rates as Low as 2.99%” for non-CBD or marijuana businesses. It is likely that this quote is only the company’s qualified rate, while Canna Group makes no mention of the higher mid-qualified and non-qualified rates that may be charged. However, given the fact that we have not found any allegations of misleading rate quotes, it appears that the company is generally straightforward about the rest of its rates. If you suspect that a Canna Group Payment Solutions sales agent has misled you about your rates, you can double-check your monthly bill with a third-party statement audit.

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Our Opinion Of Canna Group Payment Solutions

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A Solid Option for High Risk Merchants

Canna Group Payment Solutions rates as a reliable merchant services provider according to our rating criteria. The company enjoys a clean complaint record and is able to serve both standard and high risk merchants. However, merchants should be aware that we have not found detailed information about the company’s pricing and fees. We will continue to monitor the company and update this review as needed. For now, merchants should be sure to compare Canna Group’s pricing to that offered by other top-rated high risk payment processors.

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Why I'm Qualified to Write About Credit Card Processing

I’m a small business owner who previously worked in the credit card processing industry. I started this blog in 2009 to help other business owners by exposing credit card processors that engage in unethical marketing, rate and fee trickery, and fine-print-contract schemes. Over the last decade, I’ve reviewed hundreds of merchant services providers which has helped to educate over 5 million businesses on the nuances of credit and debit card acceptance. I’ve appeared in the New York Times, Los Angeles Times, Inc. Magazine and a host of other publications to offer insight on the subject of card acceptance. 

I offer merchant account and credit card processing consultation for the following needs:

  • Selecting the right credit card processing services for your business.
  • Reducing credit card processing fees with your current merchant account provider.
  • Negotiating credit card processing fees when changing merchant accounts.
  • Strategies for reducing and recovering funding holds and chargebacks.

 

Schedule a call with me today!

 

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