Things are starting to look very different in the Cannabis business landscape. What seemed impossible to many people just a decade or two ago has become a reality. Cannabis is legal in Canada and many states throughout the United States. In Canada, we are ahead of the USA in how the federal government and banks interact with cannabis-related businesses.
Licensed dispensaries can take advantage of credit and debit card processing like other businesses in Canada, but only if you work with certain regional banks. Not all publicly traded national banks in Canada allow standard merchant service accounts with marijuana-focused businesses. That is slowly changing, but for now, we stick with regional banks.
Licensed Dispensary Merchant Services Opening Up
Cannabis Credit Card Services Canada
It has been a long time coming, but dispensaries working with the right cannabis merchant service provider can apply to take payments through credit cards. Previously, only debit card transactions were permitted through electronic POS terminals that operate similarly to an ATM withdrawal. But that is finally changing for a few key reasons.
- No longer deemed “high-risk” merchants
- Same direct deposit time frame as other businesses
- Standard transaction processing fees
- No large cash reserves
- No discrimination based on your business classification
In the past, Cannabis businesses (even in weed legal states) were looked at as “high-risk” companies along the lines of pornography or gambling businesses. This meant only expensive high-risk merchant accounts were offered and these carried huge fees and other aspects that seriously hurt businesses on the margins. That is no longer the case in Canada or even the United States where cannabis remains federally illegal.
Credit Card Sales Now OK
With the changes in laws and public opinion seriously leaning in favor of Cannabis, credit card transactions are back on the table. Many customers may still prefer to pay via debit card or even cash (though some dispensaries don’t even accept physical cash anymore), now dispensaries can offer all typical payment forms like any other shop.
Still Taking Mostly Cash Transactions?
If you are still taking a majority of your sales through physical cash you should be using a cash management system. This adds a huge level of security and efficiency when you have a medium to large size dispensary with multiple employees and lots of clients. No one wants to distrust staff, or customers, but protecting the cash you receives doesn’t have to be difficult. With a cash management system, you can live paranoia free that your cash is being handled and cataloged properly.
What Does it Mean for Your Business?
Whether you’re an established dispensary or a newly licensed operation, you can take advantage of the merchant options open to you. For the best Cannabis Credit Card Services Canada, look no further than right here at BrotherProcessing.com. We are proud investors in the Cannabis industry and have specialized in cannabis and related business operations for over a decade. We understand what Cannabis businesses need through every step of the process from farmers to producers and dispensaries alike.
Give us a call today and let’s discuss your processing needs.
