Although the sale of medical medical marijuana is now legal in 14 states as well as the Center of Columbia, these lenders 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 ready consider opening a merchant be aware of web pages a medical medical marijuana store; they consider the legal due groundwork 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 medical marijuana industry was strictly cash based until recently, but times have changed. If your bank is reluctant to even consider promoting a merchant account, it is time to look some place 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 efforts and they sell a medical product, they are, automagically, considered to be a higher risk. However, as long as the store owner has a decent credit score and a clean criminal history, that wont necessarily prevent them from passing. Buy Marijuana Online
A Word of Warning
One concern you need to have with regards to buying a merchant be aware of your medical medical marijuana dispensary is that don’t assume all provider is the same. Business owners in Colorado were recently surprised when their provider disconnected service without any warning. Make sure that you buy a company with a reliable track record.
3 Advantages to Credit card Payment
Once you have set up your merchant account, your business will make the most of several advantages. First, you will be able to take orders by phone or online : completing the sale at the store and speeding customers 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 things to consider 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.