Although the sale of medical pot is now legal in 14 states as well as the Region of Columbia, these firms often encounter great difficulty in obtaining merchant accounts. Considered “high risk” businesses, dispensary owners often face personal prejudices as well. Unfortunately, many banks just aren’t happy to consider opening a merchant be the cause of online resources a medical pot store; they consider the legal required research to be too much of a hassle.
Options Beyond the Banks
When you consider that approximately 75% of the American population uses their debit or credit cards regularly to make purchases, being able to process such transactions can be critical to the success of many businesses. Granted, the pot industry was strictly cash based until recently, but times have changed. If your bank is not willing to even consider proclaiming to offer you a merchant account, it is time to look someplace else.
Merchant account firms are often more flexible and a number are now providing essential financial services to the owners of legal dispensaries. Since most dispensaries are still new projects and they sell a medical product, they are, automatically, considered to be a higher risk. However, as long as the store owner has a decent credit history and a clean criminal history, that won’t necessarily prevent them from getting qualification. Cannabis Edibles for Sale Online
A Word of Warning
One concern you will have with regards to finding a merchant be the cause of your medical pot dispensary is that its not all provider is the same. Business owners in Colorado were recently surprised when their provider disconnect service without any warning. Make sure that you purchase a company with a reliable track record.
3 Advantages to Credit card Payment
Once you have set up your merchant account, your business will cash in on several advantages. First, you will be able to take orders by phone or online — completing the sale at the store and speeding them on their way. Second, you will be able to hold less cash at the store, reducing the concerns associated with a cash rich business. Finally, tracking sales will be basic as every purchase will show up in your evening balances.
If you want to accept credit cards at your dispensary, skip the banks and head online to find a company that understands the unique opportunities and obstacles facing your business.