It Is Possible to Get a Merchant Account for a Marijuana Dispensary

The cannabis industry is trying to stabilize itself, but it’s managed to gain a foothold. With the legality of it all still in question in many places, plus the risk that comes with a fledgling business, there are many factors that make banks worry. It’s not easy to take what was previously a black market operation and turn it into a legitimate endeavor. The good news is that there are ways to establish your marijuana dispensary with the payment options and protections that other companies rely on daily.

Why Are Marijuana Dispensaries Considered High-Risk?

Bringing marijuana to the light of the legal business world presents several challenges. Many financial institutions are reluctant to provide merchant account services due to the high level of risk. Their concerns include:

  • Changing laws that vary from one state to the next
  • Dispensaries could become a desirable target for burglars and scam artists
  • The stigma of operating in an industry that was previously part of the black market
  • If raided, the federal government could seize property used as collateral

Acceptance of the marijuana industry is growing, but banks are slow to get on board. Business owners are looking for ways to incorporate more financial services into their dispensaries. Some companies are stepping up and offering solutions, like South West POS Technologies. We have partnered with American Verification Processing Solutions (AVPS) to bring payment processing to high-risk businesses like those in the marijuana industry.

What Are the Benefits of Accepting Credit Card Payments for Marijuana Purchases?

Some dispensary owners have opted to keep things simple and accept cash only. This can work, but it will limit your customer base and open you up to many risks. Debit and credit cards are common in today’s society. Some people refuse to carry cash, even for small transactions. That means you will be eliminating those people from your pool of potential customers.

Counting and handling cash also creates the potential for employee mistakes. Missing money is difficult to track, and human error could hurt your profits. With payment processing services, exact amounts and related information are stored electronically, so you know it’s accurate and accessible. Not only does this greatly reduce human error, but can also increase efficiency.

While it is not impossible to steal financial information off of a computer, it is much easier for the common thief to run off with a handful of your hard-earned cash. Tracking down a criminal is much harder when they have money in-hand. Payment processing services will allow you to keep less cash in your dispensary at a time. Fewer dollars on the premises means less potential loss should someone break in.

Start Accepting Credit Card Payments Today

Credit card payments are secure, easier to count, and convenient for customers. Give your marijuana dispensary all the POS tools it needs to keep profits growing. Contact us today to learn more about our high-risk merchant account services.

Harbortouch Elite POS System Makes EMV Chip Payment Processing Easy

EMV chip cards are the preferred payment method in the United States, Europe, Malaysia, United Kingdom, and many other countries throughout the world. Small businesses that haven’t switched are missing out on potential sales as well as security features that protect you and your customers.

Benefits of EMV Payments

According to a Javelin Strategy & Research report, approximately 15.4 million consumers fell victim to identity theft in 2016. That was a 16% increase from 2015, making it the highest year for fraud that the firm recorded since 2004. In an effort to help stem the tide of unauthorized card use, banks have moved to EMV technology.

Traditional magnetic stripe cards contained information that is permanently recorded and unchangeable. If a magnetic card was stolen, the sensitive data stored on it could be used to make purchases. They were also more susceptible to counterfeiting.

EMV chips work differently. The little metallic square on the card is actually a functional computer chip. This chip will generate a unique transaction code each time it is used. The code cannot be used again. This prevents card duplication. While the system won’t completely stop theft and data breaches, it will make it much more difficult for criminals to make a profit.

What Do You Get with Harbortouch Elite POS System?

The Harbortouch Elite POS system brings you best-in-class solutions that include chip card payment processing. Retailers, restaurants, and bars can offer a better customer experience with streamlined transactions that take less time and provide advanced security protection. What else do you get with this powerful point of sale system?

  • Reduce errors and shrinkage through better recordkeeping and less human error
  • Spend less time totaling sales or calculating payroll with Harbortouch’s reports
  • High-end hardware that can stand up to the demands of any business environment
  • Hybrid cloud technology that lets the system continue working even when offline
  • Professional installation by a certified technician
  • 24-hour customer support plus comprehensive training

Accept the Cards Your Customers Prefer

Consumers must feel confident in your business before they are willing to complete transactions. The first step is accepting the cards that they prefer with the most recent payment processing technology. HaborTouch Elite POS works with all major credit and debit cards, including Visa, MasterCard, American Express, and Discover. Contact us today to find out how you can start accepting EMV chip card payments.