Medical Pot Dispensaries Need Merchant Accounts
Although the sale of medical dope is now legal in 14 states as well as the Location of Columbia, these firms 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 to consider opening a merchant are the explanation for the master of a medical dope store; they consider the legal homework 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 dope industry was strictly cash based until recently, but times have changed. If your bank is hesitant to even consider offering you a merchant account, it is time to look a fitness center. Buy THC Concentrates Online
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 investment strategies and they sell a medical product, they are, automatically, considered to be a higher risk. However, as long as the store owner has a decent credit history and a clean criminal history, that won’t necessarily prevent them from being qualified.
A Word of Warning
One concern you will have with regards to acquiring a merchant are the explanation for your medical dope dispensary is that its not all provider is the same. Business owners in Colorado were recently surprised when their provider power down service without any warning. Make sure that you decide on a company with a reliable track record.
3 Advantages to Credit card Payment
Once you have set up your merchant account, your business will benefit from several advantages. First, you will be able to take orders by phone or online — completing the sale at the store and speeding your web visitors 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 shortened 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.