Although the sale of healthcare marijuana is now legal in 14 states as properly as the District of Columbia, these corporations usually encounter excellent difficulty in getting merchant accounts. Regarded as “high threat” firms, dispensary owners often face individual prejudices as properly. Regrettably, quite a few banks just are not willing to think about opening a merchant account for the owner of a health-related marijuana shop they contemplate the legal due diligence to be as well considerably of a hassle.
Solutions Beyond the Banks
When you consider that about 75% of the American population uses their debit or credit cards frequently to make purchases, being able to method such transactions can be essential to the good results of lots of businesses. Granted, medical marijuana dispensaries was strictly cash based till lately, but occasions have changed. If your bank is unwilling to even contemplate offering you a merchant account, it is time to look somewhere else.
Merchant account firms are generally much more flexible and a quantity are now providing important financial solutions to the owners of legal dispensaries. Considering the fact that most dispensaries are nonetheless new ventures and they sell a medical product, they are, by default, considered to be a higher risk. Having said that, as lengthy as the retailer owner has a decent credit record and a clean criminal history, that will not necessarily stop them from qualifying.
A Word of Warning
A single concern you should have with regards to acquiring a merchant account for your medical marijuana dispensary is that not just about every provider is the very same. Organization owners in Colorado have been not too long ago shocked when their provider shut off service without any warning. Make positive that you choose a firm with a trusted track record.
3 Positive aspects to Credit Card Payment
Once you have set up your merchant account, your company will profit from quite a few advantages. Initial, you will be in a position to take orders by phone or on line – finishing the sale at the shop and speeding your customers on their way. Second, you will be capable to hold less money at the shop, minimizing the issues associated with a cash rich business. Finally, tracking sales will be simplified as every obtain will show up in your evening balances.
If you want to accept credit cards at your dispensary, skip the banks and head online to obtain a company that understands the exceptional possibilities and obstacles facing your business enterprise.