Despite the fact that the sale of medicinal marijuana is now legal in 14 states and the District of Columbia, merchant accounts for these businesses are typically tough to come by. Dispensary operators endure personal prejudices as well as being considered “high risk” enterprises. Unfortunately, many banks are unwilling to provide a merchant account for a medicinal marijuana store owner because they believe the legal due diligence is too time consuming.
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Alternatives to Banks
When you consider that over 75% of the population of the United States uses their debit or credit cards to make purchases on a regular basis, being able to handle such transactions is important to the success of many businesses. Granted, until recently, the marijuana economy was purely cash-based, but times have changed. It’s time to hunt for a new bank if your current one won’t even consider granting you a merchant account.
Many merchant account companies are more flexible, and a number of them are now providing vital financial services to legal dispensary entrepreneurs. Because most dispensaries are still young businesses selling medical products, they are automatically seen as a greater risk. However, as long as the store owner has a good credit score and a clean criminal record, they should be able to apply
A Cautionary Note
One thing to keep in mind while looking for a merchant account for your medical marijuana shop is that not all providers are the same. Colorado business owners were recently astonished when their provider abruptly cut off service without warning. Make certain you choose a provider with a proven track record.
Benefits of Using a Credit Card
Your firm will benefit from a number of advantages once you’ve set up your merchant account. First, you’ll be able to take orders over the phone or online, allowing you to finish the transaction in the store and get your clients on their way faster. Second, you’ll be able to keep less cash on hand at the store, lowering the risks that come with running a cash-heavy firm. Finally, keeping track of sales will be easier because every transaction will be shown in your evening balances. If you want to accept credit cards at your dispensary, skip the banks and look online for a company that understands the challenges and potential your business faces.