Despite the fact that the sale of healthcare marijuana is now legal in 14 states as well as the District of Columbia, these enterprises normally encounter excellent difficulty in acquiring merchant accounts. Deemed “high threat” businesses, dispensary owners generally face personal prejudices as nicely. However, a lot of banks just are not willing to take into account opening a merchant account for the owner of a healthcare marijuana shop they take into account the legal due diligence to be as well significantly of a hassle.
Options Beyond the Banks
When you take into consideration that about 75% of the American population utilizes their debit or credit cards regularly to make purchases, being in a position to method such transactions can be crucial to the success of quite a few businesses. Granted, the marijuana sector was strictly cash based until not too long ago, but times have changed. If your bank is unwilling to even take into account supplying you a merchant account, it is time to appear someplace else.
Merchant account firms are generally additional versatile and a number are now supplying critical monetary solutions to the owners of legal dispensaries. Because most dispensaries are nevertheless new ventures and they sell a healthcare item, they are, by default, deemed to be a larger danger. On medical marijuana dispensaries , as lengthy as the shop 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 need to have with regards to obtaining a merchant account for your medical marijuana dispensary is that not each and every provider is the similar. Business owners in Colorado have been recently shocked when their provider shut off service with no any warning. Make positive that you choose a corporation with a trustworthy track record.
three Advantages to Credit Card Payment
As soon as you have set up your merchant account, your business enterprise will profit from numerous benefits. Initially, you will be able to take orders by telephone or on-line – completing the sale at the shop and speeding your buyers on their way. Second, you will be able to hold much less money at the store, lowering the concerns linked with a cash rich small business. Lastly, tracking sales will be simplified as every single buy will show up in your evening balances.
If you want to accept credit cards at your dispensary, skip the banks and head on-line to come across a firm that understands the one of a kind opportunities and obstacles facing your organization.