If you operate a cannabis dispensary or a related cannabis or CBD business you may find it difficult to get a merchant account approval. The fact that it is only legal for recreational use in many USA states yet still federally illegal makes for a difficult banking landscape. Farmers, producers, and sellers of CBD and Cannabis all know the frustration that this can create. When you’re being unfairly targeted despite your business being 100% legal, it can be a real thorn in the side. For companies who are consistently denied credit and debit card processing a Dispensary Cashless ATM is likely the right fit. Let’s see what it is, how it works, and if it makes a good fit for your business.
What is a Cannabis Dispensary Cashless ATM?
Cannabis Dispensary Cashless ATM
Similar to a normal ATM where a cardholder withdraws money using their debit card and 4 digit pin, but with some differences. Instead of the user receiving the cash they will receive a payment receipt from the merchant for the amount “withdrawn” or paid. You as the merchant then receive a standard ACH deposit comparable to traditional debit and credit processing systems. This system is a great option for businesses that can’t get traditional marijuana debit card processing or have been denied. Start taking debit card sales at the counter and reduce cash exchanges and the need for cash deposits.
Cashless ATM’s Can Reduce Costs
Not all cashless ATM providers offer reasonable rates per transaction or monthly. If a cashless ATM doesn’t save you time or money, what is the point? Here at Brother Processing, we’re proud to offer a solution for dispensaries and cannabis-related businesses that works. Here are just some of the benefits:
- Receive a state-of-the-art Ingenico terminal (includes storefront and wireless units).
- NO initial set up or start-up costs (waived).
- NO monthly upkeep costs
- NO personal information or financial documents are required for approval. We simply need the standard KYC requirements for any merchant application.
- Card present pin-based transactions effectively reduce chargebacks (customer disputes) or the chance of fraudulent transactions.
- Unlike a traditional merchant account, there are NO rates or fees for any Cashless ATM transaction. The Cashless ATM transaction cost is charged to the customer in the form of
This is just a shortlist of the benefits provided by a payment solution like this.
Start Accepting Cannabis Debit Card Sales
While the banks and governments work out what they will and will not allow, where does that leave your growing cannabis company? Waiting for legislation can take a lifetime or never happen like in the USA where it seems like half the country is split on every single issue. So it is important to find a working solution you can use now and one that doesn’t cost more than it should. For the best Cannabis Dispensary Cashless ATM look no further than right here at Brother Processing. We are proud investors in the Cannabis industry and work to build lasting relationships with our clients.
