5/26/19 Update: According to customer reviews, iFund420 has closed for businesses. CardPaymentOptions.com will no longer update this review but advises merchants seeking similar services to review our best accounts for companies in the cannabis industry.
Founded in January 2018, iFund420 (ifund420.com) is a small business financing company that claims to provide merchant accounts and banking services to medical marijuana dispensaries. The company appears to function as a DBA or subsidiary of Gravity Finance (gravityfinance.com), a business lender located in Scottsdale, Arizona. iFund420 is one of the few companies that openly advertises its ability to help merchants accept debit and credit cards through a conventional merchant account in partnership with a U.S. bank. This is rare due to the fact that Visa, MasterCard, and most national banks have gone on the record stating that they will not allow their networks to be used for marijuana transactions. iFund420 also advertises that it can process payments for CBD oil vendors and paraphernalia sellers.
Merchants who wish to inquire about iFund420’s solution for cannabis businesses will need to sign a non-disclosure agreement in advance. Ryan McClain is the CEO of both iFund420 and Gravity Finance, which are both headquartered at 7702 E Doubletree Ranch Rd, Scottsdale, Arizona 85258. The company does not disclose its banking relationships on its website, and it’s likely that it guards this information fiercely to avoid regulatory scrutiny.
- Sales & Marketing: iFund420 does not appear to hire independent resellers and has not received any complaints related to its sales practices.
- Costs & Contract: iFund420 appears to offer variable contract terms depending on each merchant’s business type and processing history.
- Complaints & Service: iFund420 has received fewer than 10 public complaints.
- BBB Rating: iFund420 does not have a profile with the Better Business Bureau at this time.
- Rates & Fees: How Merchants Got The Best Rates With iFund420