Best Dispensary NearbyPosted by: Kim Sears | Posted on: March 21, 2021
Despite the fact that the selling of medical marijuana is currently legal in 14 states and the District of Columbia, merchant accounts for these companies are also tough to come by. Dispensary operators face personal biases as well as being considered “at risk” companies. Unfortunately, several banks are reluctant to open a merchant account for a medical marijuana store owner because they feel the regulatory due diligence is too time consuming. Learn more by visiting Tokyo Starfish 3 Recreational Marijuana Dispensary Bend-Dispensary Nearby.
Alternatives to Banks
When you remember that about 75% of the populace of the United States uses their debit or credit cards to make payments on a daily basis, being able to process those transactions is crucial to the survival of many companies. Granted, until recently, the weed industry was solely cash-based, but things have changed. It’s time to search for a new bank if the existing one won’t even consider giving you a merchant account.
Many merchant account companies are more versatile, and a number of them are now offering vital financial services to legal dispensary operators. Since most dispensaries are now new companies offering prescription drugs, they are automatically viewed as a higher danger. However, as long as the shop owner has a good credit score and a clear felony record, they should be able to apply.
A Cautionary Note
One thing to keep in mind when looking for a merchant account for your medical marijuana pharmacy is that not all providers are the same. Colorado company owners were recently shocked when their supplier suddenly turned off service without notice. Be ensure you pick a business with an established track record.
Advantages of Having a Credit Card
Your company will benefit from a number of benefits after you’ve set up your merchant account. Next, you’ll be able to take orders on the phone or online, helping you to finish the transaction in the shop and get your clients on their way quicker. Second, you’ll be able to have less cash on hand at the supermarket, reducing the risks that come with running a cash-heavy company. Finally, keeping track of purchases would be easier and any order will be reflected in your evening balances.