Medical Marijuana Dispensaries Need Merchant Accounts

Although the sale of medical marijuana is legally allowed in fourteen states and the District of Columbia, these enterprises often have a difficult time when it comes to obtaining merchant accounts. As “high risk” businesses, dispensary owners often face personal prejudices too. Unfortunately, many banks just aren’t willing to consider opening accounts for merchants for the proprietor of a medical marijuana store; they consider that the legal due diligence process to be too burdensome.

Options Beyond the Banks

When you consider the fact that nearly 75 percent of the American population uses their credit or debit cards frequently for purchases and transactions, the ability to process these transactions is crucial to the success of many companies.

The marijuana industry was entirely cash-based medical marijuana card ny until recent, but the times have changed. If your bank is unwilling to even think about giving you a merchant bank account, it is time to look somewhere else. 

Merchant account companies are generally more flexible. A number offer crucial financial services to owners of dispensaries that are legal. Since the majority of dispensaries remain brand new and offer a medical product, they are typically thought to be more of a risk. However as long as the store owner has a strong credit rating and a clean criminal history however, it is not necessary to stop them from being eligible.

A Word of Warning

One concern you should have regarding obtaining a merchant account for your medical marijuana dispensary is that not every company is alike. Businesses in Colorado were shocked recently by their provider’s decision to shut down service without warning. Be sure to choose the company that has a proven history.

3 Advantages to Credit Card Payment

Once you have set up accounts for your business, the company will benefit from a variety of benefits. For one, you’ll be able to accept orders over the phone or on the internet and then complete the transaction at the store while speeding customers to their destination. Additionally, you will be able to keep less cash at the store which will reduce the worries associated with a cash-rich company. Additionally, tracking sales will be simplified as each purchase will appear in your balances at the end of the day.

If you’re looking to accept credit cards at your dispensaryshop, bypass the banks and search online to find a business that is aware of the specific opportunities and challenges for your business.