Many medical marijuana dispensaries are forced to deal mainly in cash. Banks have been slow to grant traditional bank accounts to medical marijuana dispensaries (or related services). Without a bank account is difficult to set up a merchant account or accept credit card payments from patients. Allowing a patient to purchase on credit often increases the amount of daily transactions/totals.
MMJ businesses that are unable make deposits may accumulate large sums of cash, which is a risk. Also, having to pay cash for business expenses adds the further complication of not having a digital record available when completing tax returns. Inflows and outlays can be accidentally filed incorrectly, making accounting and record keeping difficult. Fortunately, this is avoidable.
How a Merchant Account Can Help Your Cannabis Business
Having the ability to accept “plastic” payments will increase average transaction size and total number of transactions. This will help insure you are maximizing your reimbursements and covering overhead. Luckily we found a high quality, cost effective merchant account provider for medical marijuana dispensaries (and related businesses). They are a well-established processor that has delivered cutting edge service since 2004. This cost-effective solution is performed via any smartphone. Once cleared, the funds are available within two days.
Here is how to get started:
– Complete set-up within a few minutes by logging onto the registration page, and providing core information
– When a customer makes a purchase, scan their credit or debit card on the spot, and send the billing information to the processor
– Receive confirmation the payment cleared, hand over the medicine and you have another happy patient
– There is no setup fees and no monthly fees.
Extended Benefits Offered
The processing service includes a free feature allowing you to send invoices and reminders to customers. You can also sell online directly off your website by adding ‘buy now’ buttons to your pages, and prep orders knowing the payment is secure.
The processing service also includes a feature enabling clients to view orders, invoices and payments, online or through the integrated smartphone app. This really is the smart(phone) way to bank cash for cannabis. If there were a better way, we would love to know.
So What Does this Cost?
The merchant provider does not charge a setup fee, monthly fee or any other structural cost. It is strictly a pay-as-you-go affair, with credit cards fees a low 2.95% and debit cards an amazing 1.95%. Despite these rates, payments still deposit to merchant accounts within one to two business days. That’s merchant accounts for marijuana dispensaries delivered in impeccable style!