Even though sale of medical marijuana is currently legal in 14 states along with the District of Columbia, these businesses 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 prepared to consider opening a merchant account for who owns a medical marijuana store; they look at the legal due diligence to be too much of a hassle.
Options Beyond the Banks
Considering that approximately 75% of the American population uses their debit or charge cards regularly to produce purchases, to be able to process such transactions may be critical to the success of several businesses. Granted, the marijuana industry was strictly cash based until recently, but times have changed. If your bank is unwilling to even consider offering you a merchant account, it is time to appear somewhere else.
Merchant account firms are often more flexible and pickering ontario dispensary lots are actually providing essential financial services to the owners of legal dispensaries. Since most dispensaries are still new ventures and they sell a medical product, they're, automatically, considered to be a higher risk. However, so long as the store owner includes a decent credit record and a clean criminal history, that won't necessarily prevent them from qualifying.
A Word of Warning
One concern you ought to have in terms of obtaining a merchant account for your medical marijuana dispensary is that not every provider may be the same. Business owners in Colorado were recently surprised when their provider shut off service without any warning. Be sure that you choose an organization with a dependable track record.
3 Advantages to Credit Card Payment
Once you've create your merchant account, your company will profit from several advantages. First, you will be able to take orders by phone or online - completing the sale at the store and speeding your visitors on the way. Second, you will be able to hold less cash at the store, reducing the concerns of a cash rich business. Finally, tracking sales will soon be simplified as every purchase will arrive in your evening balances.
If you intend to accept charge cards at your dispensary, miss out the banks and head online to discover a company that understands the unique opportunities and obstacles facing your business.