Going Cashless: Payments Options For Dispensaries
Operating a Cannabis dispensary means you are operating a business in a very juvenile market. It means you will be paving the way (still) and experiencing all of the growing pains of a new and emerging market. It also means you get to be the ones to suffer through and fight for some things that other business types take for granted. Yes, I’m talking about credit card processing and the simple ability to be able to take payments for the goods you are providing your customers. There are salesmen who will tell you that they can set you up with a credit card merchant account and charge you up the wahoo just to have you end up shut down a few weeks later. It seems like if you’re not being taken advantage of then you’re just downright being denied. You’re just looking for a way to take payments for your goods and services. In this volatile market you’ll just about take anything you can get, no matter how bad it is, in order to run your business.
Cannabis dispensaries have to settle for sub-par payments options.
But, why should you have to settle for sub-par options? Why shouldn’t you expect a payments option that will not only be reliable but also save you money? How about one that can also help lower your risk of theft keeping both your employees and your business as a whole safer? How about one that delivers all three?
If you want to be able to offer your customers more options for completing their payment transactions (and you do since studies show that consumers will buy more items when they are given more options for how they would like to pay) then the best option for you is the PIN Debit Program. PIN Debit is the perfect alternative to the Cashless ATM because customers are able to purchase their chosen items for the exact amount of purchase right at the checkout counter with only one transaction.
This type of payment transaction runs directly over the debit network, completely avoiding the Visa, MasterCard and Discover network. Since it is still illegal to run payments within the cannabis industry through the card networks this is the best way to offer your customers a payments option without risking a miscoded merchant account that is doomed to be shut down and may prevent you from getting one in the future when laws do change. And if you have an eCommerce site where your customers can purchase online or provide a delivery service for your customers than Echeck capabilities just make the whole situation a lot sweeter. Both of these solutions will provide your customers with multiple options for purchasing from you with confidence.
Imagine what it will feel like to open for business everyday knowing that you will be able to serve your customers and process transactions seamlessly. Imagine how much more at ease your customers will feel knowing that they can shop without worrying that something will go wrong with the sale, or they have to jump through hoops to do it, or god forbid they’re private information may not be protected. Customers will be able to shop in your dispensary with confidence, find the exact product they need, and maybe even one they didn’t know they needed and purchase those products without a hitch. The value of this cannot be understated.
How will these payment options serve your cannabis dispensary?
Debit transactions have a significantly low cost accompanied with them and could actually end up saving you money. Contrary to popular belief cash is expensive. You’re no stranger to how much the bank charges you to make those large cash deposits. Paying for the armored car service to help you transport large amounts of cash and the danger that comes with storing, carrying and moving that cash can be greatly minimized when you accept debit payments from more of your customers. When you have less cash stored in your facility, you effectively lower your chance of falling victim to robbery.
While it’s never going to eliminate your need for vaults, security, and bank deposits it can ease the burden.
What a relief for your cashiers not having to deal with so many cash transactions. Transactions can be rung up and processed much faster and without the worry of any mistakes when making change.
Your customers will also appreciate not having to worry about whether they have enough cash on hand as well as lower fees when they do make they’re purchases. Cashless ATMs often end tapping your customers from both ends when they get hit with a fee at the withdrawal and another one on the banks end for processing the transaction. When they use their debit card the cash is withdrawn from their account without any extra fees from the bank. How would you like them to spend that extra money in your dispensary?
And what if they’re not in your dispensary? Of course, you still want to be able to make sales through your website. Customers will love the convenience of shopping online and making a payment right then and there through your secure gateway. That way when they stop by to pick up their merchandise, there is no further transaction needed and no cash being handed over. Online purchases are perfect for your delivery service as well. No worries about drivers having to carry a ton of cash in their vehicle, no worry of robbery, just quick online ordering and purchasing by the customer with a no strings attached eCheck and the driver can deliver on time and with confidence.
With quick funding into your business account you will actually have more consistent operational fluidity. Money in the bank means you can quickly and easily pay vendors and order product whenever needed.
Convenient payments options = win for the cannabis industry.
With these convenient payments options there really is no reason why a cannabis dispensary, or delivery, can’t take reliable payments and operate their business in almost the same fashion as any other business out there.
The most important consideration you need to make is partnering with a payments processor who commands an understanding of the unique concerns of the cannabis industry. Bankcard Brokers is a proud supporter of the cannabis industry. We strive to have as many solutions for cannabis related merchant accounts as we are able, remaining dedicated to legal and transparent payment avenues, often offering better options than any other merchant service provider.
Our extensive experience with high risk merchant accounts in general has allowed us to stay on top of the most innovative products available for our customers, regardless of the risk of their particular industry.
Bankcard Brokers can help you reap the rewards of reliable payment processing in your dispensary. Our ETA-Certified Payments Professionals have a deep understanding of the limitations of banking and payments availability in the cannabis industry and know how to coach our merchants how to properly take payments and thrive in an evolving industry.
