Medical marijuana dispensaries require merchant accounts in order to operate.
Despite the fact that the selling of medical marijuana is now legal in 14 states and the District of Columbia, merchant accounts for these companies are also difficult to come by. Dispensary owners face personal prejudices as well as being considered “high risk” businesses. Unfortunately, several banks are unable to open a merchant account for a medical marijuana store owner because they believe the legal due diligence is too time consuming. If you’re looking for more tips, Cannasseur Pueblo West has it for you.
Alternatives Away from the Banks
When you realise that about 75% of the population of the United States uses their debit or credit cards to make purchases on a daily basis, being able to process those transactions is vital to the success of many companies. Granted, until recently, the marijuana industry was purely cash-based, but times have changed. If your bank is reluctant to even consider giving you a merchant account, it is time to look somewhere else.
Many merchant account companies are more versatile, and a number of them are now offering vital financial services to legal dispensary owners. Since most dispensaries are still new businesses selling medicinal products, they are automatically regarded as a higher danger. However, as long as the shop owner has a good credit score and a clean criminal record, they should be able to apply.
A Cautionary Note
One thing to keep in mind when looking for a merchant account for your medical marijuana dispensary is that not all providers are the same. Colorado business owners were recently shocked when their provider abruptly cut off service without notice. Make certain you choose a business with a proven track record.
3 Benefits of Using a Credit Card
Your company will benefit from a number of advantages once you’ve set up your merchant account. First, you will be able to take orders by phone or online – finishing the transaction at the store and speeding your customers on their way. Second, you’ll be able to have less cash on hand at the shop, reducing the risks that come with running a cash-heavy company. Finally, keeping track of sales will be easier because every purchase will be reflected in your evening balances.
If you want to accept credit cards at your dispensary, bypass the banks and look online for a company that recognises the challenges and opportunities your business faces.