ABACA Banking and Payment Processing for Hemp and Cannabis – Company Review

ABACA offers digital banking services to cannabis and hemp companies throughout the U.S. It was founded in 2017 and connects high-risk businesses with compliant banking, payment processing, and lending.

ABACA serves cannabis businesses with physical plants in Illinois, Arkansas, Missouri, Oklahoma, and North Dakota. They also serve ancillary cannabis and hemp businesses nationwide. Some of the customers listed on their website include Harvest Health & Recreation, 4Front Ventures, and Grassroots Companies.

Even though hemp is legal throughout much of the U.S., it is still considered a high-risk industry. The FDA is working to streamline the regulatory framework for this industry and make it easy for businesses in this sector to conduct their business normally. However, this is still a work in progress and essential services, such as banking, are difficult to come by when dealing with cannabis. 

For the previously stated reasons, ABACA is one of the few companies offering banking services to hemp and cannabis businesses. As such, they have partnered with state-chartered, FDIC-insured local banks to provide suitable banking solutions for their clients.

Below we have reviewed the services and unique selling points of this company. First, though, here are a few things to consider when assessing the pros and cons of a good payment processing gateway for your hemp and cannabis business. 

What to Look for in a Hemp and Cannabis Payment Processing Vendor

Hemp and Cannabis Friendly

Both the hemp and cannabis industries are misunderstood by the public. In most cases, businesses involved in this industry are treated with a lot of skepticism and negativity. This has contributed to many businesses shying away from seeking professional banking services, which results in lost income for the banking industry.

As a result, if you are to get a payment processing service provider you should obviously make sure that they have a cannabis friendly approach to business. 

Experience in the High-Risk Industry

You don’t want to be the “guinea-pig” for a company, as this may come at a very high cost to you. This includes getting exposed to payment card fraud and incurring extra charge-backs. Ask the company for referrals to their previous customers before you choose any one payment processor over another.

Also, be on the lookout for companies that make exaggerated claims about what they have helped their clients achieve over a short duration of time. 

Easy Integration

The cost of switching your ecommerce site to suit that of the payment processor can be exorbitant, so it is imperative that you work with a payment processor that offers easy integration with your e-commerce site. In other words, the company should enable you to integrate their payment processing software seamlessly with your e-commerce system.

Additionally, opt for a processor that has POS system integration. This will help you manage both online and offline transactions while reducing labor costs. A POS system can also help you to build customer loyalty and to gather business intelligence. 


When selecting a banking and payment processing vendor make sure you scrutinize all the hidden costs before you commit. While monthly payments may be negligible, other hidden costs may put the service beyond your reach. Hidden costs may be in the form of:

  • Statement fees
  • Compliance fees and non-compliance fees
  • Terminal fees
  • Chargebacks

Ask to hear about any additional fees that will be chargeable once you begin working together.

Customer Support

You will need good access to customer support because of the nature of the industry, which is high-risk and fluid. Find out what previous customers are saying about this company and how they treat their customers before committing. 

A Review of ABACA: Banking and Payment Processing


  • Hemp and cannabis friendly, which means clients do not have to mask the nature of their business
  • In business since 2017
  • Offers secure banking accounts with partner banks within a day
  • Can be easily integrated with the BigCommerce platform
  • Allows electronic B2B and retail transactions
  • Reduce financial compliance costs
  • Clients can easily pay with their regular plastic cards
  • Optimized user experience
  • Good customer support
  • Newly designed virtual terminal

Unfortunately, we could not find any customer reviews, positive or negative, on this company. But from the outside looking in it seems that ABACA offers useful and solid banking and payment processing services to cannabis and hemp businesses.