Despite the fact that medicinal marijuana sales are now legal in 14 states and the District of Columbia, merchant accounts for these businesses are still scarce. Dispensary owners are subjected to personal biases as well as being classified as “at risk” businesses. Several banks have refused to open a merchant account for a medicinal marijuana store owner, claiming that the legal due diligence is too time consuming. If you are looking for more tips, check out Dispensary-253 Farmacy Recreational Marijuana Dispensary
When you consider that over 75% of Americans use their debit or credit cards to make purchases on a daily basis, being able to handle those transactions is critical to the profitability of many businesses. Granted, the marijuana economy was primarily cash-based until recently, but times have changed. If your present bank won’t even consider offering you a merchant account, it’s time to look for a new one.
Many merchant account providers are becoming more adaptable, and some are now providing critical financial services to legal dispensary entrepreneurs. Dispensaries are automatically regarded as a greater risk because they are still young enterprises offering therapeutic products. However, the store owner should be allowed to apply if they have a strong credit score and a clean criminal record.
A Word of Caution
When looking for a merchant account for your medical marijuana shop, bear in mind that not all providers are created equal. When their supplier abruptly turned off service without warning, Colorado company owners were taken aback. Make sure you go with a company that has a solid track record.
Using a Credit Card Has Its Advantages
Once you’ve set up your merchant account, you’ll be able to take advantage of a number of benefits for your business. To begin, you’ll be able to take orders over the phone or online, which will allow you to complete the sale in the store and get your clients on their way faster. Second, you’ll be able to keep less cash on hand at the shop, lowering the hazards associated with operating a cash-heavy business. Finally, because every transaction will be reflected in your evening balances, keeping track of purchases will be easy. If you want to accept credit cards at your dispensary, skip the banks and look for a company that understands the obstacles and potential your business encounters on the internet.