Payment Processing for Your Medical Marijuana Merchant Account
The medical marijuana industry presents a new opportunity for entrepreneurs and investors. Regulations are shifting, with more communities legalizing cannabis as a treatment option for patients. The industry is poised to potentially take off as legislative trends continue to move in a positive direction. If you are opening a medical marijuana dispensary or if you already have one, then payment processing is essential. We can help you find a secure way to complete transactions while making the process convenient for your customers.
Cash Only vs. Credit Card Payments
To cope with limited access to business banking services, some medical marijuana merchants choose to accept cash only. This creates several challenges that could limit your business. Some customers do not carry money or prefer to pay with a card to create a record of the transaction. Accepting cash only can also increase your risk of profit loss due to:
- Theft is easier because no paper trail is created and cash is ready-to-spend
- Employee mistakes and distractions can be exploited and lead to missing money
- Raised risk of being the victim of counterfeiting schemes
Credit card payments allow you to decrease risk and increase customer satisfaction. More transactions will be recorded and trackable. It lowers the amount of funds sitting in cash drawers, which means less money can be physically removed from your business.
The Benefits of Credit Card Payments
There are many benefits that come with setting up a medical marijuana merchant account. First, it can help you build trust with customers. It conveys the message that you are a legitimate business within your local community. It’s also convenient for customers because it gives them options at the point of sale, making your products more desirable.
Credit card payments give you and your customers security features to fall back on in case of fraud. It can also streamline your operation by making it easier to collect and review data and count daily transactions. Your employees can spend less time handling cash each day and more time working on other areas of your business. That means an increase in productivity that could lead to growing revenue.
How Can We Help Your Medical Marijuana Business?
Credit card processing services are elusive in the budding medical marijuana industry. That may change as communities and lawmakers become comfortable with the concept. In the meantime, you need to find a way to keep your business running and profitable. We can help by offering PIN debit transactions.
Through a partnership with AVPS (American Verification Processing Solutions), we can provide reliable processing solutions that will allow you to build your business. Provide better service and fortify your point of sale with more ways to protect against fraud while giving customers another reason to frequent your establishment.
Set Up Your Medical Marijuana Merchant Account Today!
Are you losing profits with a cash-only business? Set up your medical marijuana merchant account today and expand your business with payment processing. We are available to discuss your needs and help you gain a foothold in this new and exciting retail industry. Contact us today to learn more about our PIN debit processing services.