There is a common misconception throughout the industry that licensed Cannabis dispensaries only have one choice for a partner merchant service bank here in Canada. But this is not the case. Nonetheless, most dispensaries don’t know how or where to source a few different merchant service provider options. With the Cannabis industry growing at a faster pace than ever, it is in the best interest of every dispensary license holder to be aware of the options available to them and their business.
A Lot Goes into a Cannabis Dispensary Operation
Start Accepting Marijuana Payments
Cannabis licenses are not simply handed out to anyone who takes the time to fill out an application. There is a good measure of due diligence that goes into meeting the requirements to manufacture, process, or distribute Cannabis in all of its various forms. Until recently, the banking industry was well behind the regulatory progression when it came to recreational cannabis businesses.
Knowing where to turn for a startup dispensary or a well-established dispensary stuck on 10-year-old processing rates could seem rather daunting. With little guidance available and a lot of hoops to jump through, many dispensaries were left taking cash-only sales or paying huge fees for credit and debit processing at their retail Cannabis stores. This is the main reason we entered the industry. Too many Cannabis businesses were given the cold shoulder when it came to standard merchant services.
Investing in the Cannabis Industry is Investing in People
As laws changed and communities that had previously been targeted for Cannabis related crimes could operate freely, the business landscape of the Cannabis space changed dramatically. What happened was a clear paradigm shift in how the government and authorities looked at Cannabis companies and the people running them. Underserved communities could now take advantage of the changes in the legal system and benefit their entire community from the proceeds of running a legitimate business.
Licensed Dispensaries Have Options Not Previously Available
If you’re a licensed dispensary or of Indigenous descent, there are several options you can consider when it comes to Cannabis credit and debit card processing. What was the long-standing norm (using Interac for debit card processing) is still available but there are better options on the table now if you know where to look. Working within the context of the law is important to keeping compliance at the forefront and is a big part of getting the ball rolling smoothly.
Your next step is to talk to the right Cannabis Merchant Service provider who understands the “do’s and don’ts” of the space.
“Your Success is Our Success”
It is a phrase thrown around by marketers and business service companies far too often. The sad truth is that most of these services operate on a volume over quality basis model. They need to keep signing up new clients as their retention and client churn are extremely high due to poor individual service. There are no cookie-cutter solutions for any business let alone one in a complicated industry like Cannabis. What one dispensary needs will vary greatly from what another dispensary needs when it comes to its banking services.
Our goal at Brother Processing Solutions has been to bring value and expertise to the entire Cannabis space for all of our clients. We have been investors in the Cannabis space for nearly 10 years and have seen the value that entire communities can benefit from firsthand.
We work with national and regional banks willing to offer dispensaries standard processing services. But where we stand out is the relationship we build with every client we work with.
Full Suit Banking, Processing & Marketing Solutions
If you need help setting up a bank account quickly to start accepting marijuana payments, we’re here to help. We work directly with online banks offering little to no cost business checking accounts. This allows you to start taking payments from the moment your account goes live. Credit and debit card processing is the next piece and with a dispensary license and bank account, you’re already halfway there.
Marketing in the ever-competitive Cannabis industry is not easy. There are thousands of companies vying for the same clientele and that can mean expensive cost-per-acquisition if you go about marketing your dispensary the wrong way. We offer full-suite customized Cannabis marketing solutions for dispensaries and producers of any size. Get the most out of your marketing budget and maximize your dispensary storefront foot traffic and sales volume.
Contact Brother Processing Solutions today.
