Even though the sale of medical marijuana has become legal in 14 states as well as the District of Columbia, these businesses often encounter great difficulty in obtaining merchant accounts. Considered "high risk" businesses, cannabis concentrates dispensary owners often face personal prejudices as well. Unfortunately, many banks just aren't prepared to consider opening a merchant take into account the owner of a medical marijuana store; they look at the legal due diligence to be an excessive amount of a hassle.
Options Beyond the Banks
Considering that approximately 75% of the American population uses their debit or charge cards regularly to make purchases, to be able to process such transactions may be critical to the success of many businesses. Granted, the marijuana industry was strictly cash based until recently, but times have changed. If your bank is unwilling to even consider offering you a merchant account, it is time to check somewhere else.
Merchant account firms are often more flexible and a number are now providing essential financial services to the owners of legal dispensaries. Because most dispensaries are still new ventures and they sell a medical product, they are, by default, considered to be always a higher risk. However, provided that the store owner has a decent credit record and a clear criminal history, that won't necessarily prevent them from qualifying.
A Word of Warning
One concern you should have in relation to obtaining a merchant take into account your medical marijuana dispensary is that don't assume all provider could be the same. Business owners in Colorado were recently surprised when their provider shut off service without the warning. Be sure that you decide on an organization with a dependable track record.
3 Advantages to Credit Card Payment
Once you have put up your merchant account, your organization will benefit from several advantages. First, you will be able to take orders by phone or online - completing the sale at the store and speeding your web visitors on the way. Second, you will be able to put up less cash at the store, reducing the concerns associated with a cash rich business. Finally, tracking sales is likely to be simplified as every purchase will arrive in your evening balances.
If you wish to accept charge cards at your dispensary, miss the banks and head online to discover a company that understands the unique opportunities and obstacles facing your business.
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