2023 is in full swing, and the days are finally starting to get longer as we move through the coldest part of the year. New dispensaries are opening and beginning to get the hang of banking, bookkeeping, inventory management, cash management, and everything else that goes into running a business in the modern world. But it has proven to be more difficult for dispensary owners in underserved communities or communities historically affected by previous laws and legislation. That is finally starting to change, and one of the places we see that progress is taking shape is the Indigenous communities of Canada.
Indigenous Owned Cannabis Dispensaries Expanding
Indigenous Cannabis Dispensary Debit Processing
Change is happening. Previous laws and the high costs associated with licensing, leasing agreements, equipment, and funding had priced out many potential dispensary owners from the Indigenous community. But that is no longer the case considering the large inflow of external investment and government programs offering guidance (both financially and logistically) for Indigenous individuals looking to start a Cannabis related business.
More licenses were provided for Indigenous-owned recreational cannabis dispensaries in 2022 than in any previous year. That momentum has kept up early in 2023, and we expect that trend to continue as funding becomes more readily available and communities look to bolster their local GDP.
The trick to operating a successful cannabis business is more than just having the best flower or pre-rolls. The operational aspects and marketing are where a profitable dispensary will outshine its peers. Historically, banks offered Indigenous business owners worse rates on debit card processing and banking loans, so knowing where to turn when it comes to your dispensary operations is critical to doing this right.
Choosing the Right Debit Card Processing Company
There are a lot of services vying for your dispensaries business. Be they big multinational banks or smaller regional banks, not all of them provide the same measure of service and fees. There are a few key questions you should find the answer to before signing any service contract:
- What sort of processing fees can I expect per transaction and on a percentage basis?
- Is the card reader provided at no cost, or must I pay for the card reader?
- Is there security & privacy built into the system?
- How is customer data stored?
- What time frame for direct deposit can I expect?
- Is there a monthly service cost?
- What are the contract terms? Are there minimum service length requirements?
- Can I cancel and change providers with or without a cancellation fee?
These are some of the more straightforward questions you want to ask any merchant service provider before signing a contract.
Specialized First Nation Dispensary Merchant Service
We take pride in working closely with many new and established Indigenous-owned cannabis dispensaries. We work closely with our clients and understand their unique backgrounds and individual needs that cannot be part of a cookie-cutter solution. Don’t hesitate to reach out with questions or to discuss how we can help you save on processing or cash-management systems.
We have been investors in the cannabis industry for over ten years and provide the best Indigenous Cannabis Dispensary Debit Processing right here at BrotherProcessing.com
