Accepting money for legal and licensed cannabis dispensaries has been like the wild west over the past few years. In Canada, the banking landscape for marijuana businesses is confusing, and in the USA, it can seem flat-out impossible to organize. Because of this, many shops still take cash for most of their payments. In 2022 this should not be the case. The problem is that many dispensaries have access to debit card processing that allows them to take card sales but with severe limitations. Here we’ll look at some signs it is time to upgrade your cannabis debit card processing provider.
Processing Fees & Rates Per Transaction
Cannabis Debit Card Processing Company
The most straightforward item to look at is the processing rates and per-transaction fees for your cannabis dispensary. This has gotten more competitive over the years, with merchant service providers pushing down rates to stay competitive. But the fact remains that many cannabis merchant services have higher rates and more expensive per-transaction fees than what businesses should be paying in 2022.
Long gone are the days of dispensaries and marijuana accessory shops being labeled “high-risk” by banks. However, they are still not looked at like traditional businesses, including bars or restaurants. If you are still facing direct deposit times that are longer than 1 business day, providing high levels of cash reserves to your processor, and paying anything more than regular processing fees, it’s time to make a change.
Why Offer Debit Card Processing via Cashless-ATM
When a patient or patron enters a dispensary to make a purchase, dispensaries who do not have a cashless payment option may find they are limiting the amount of product they can sell. Look at it this way, a patron comes into the dispensary with $80. They plan to spend a total of $80 on Cannabis. However, when they get to the counter and see the options, they think, “I’m here now; why don’t I double up my order and save myself the next trip.” Or they see the menu options and want to try a few varieties, quickly getting over $80. But they only have $80 of cash in hand, no ATM nearby, and the dispensary doesn’t have a card-paying option. The dispensary misses out on more business and the patient or patron is disappointed.
As a business owner, this is the last place we want to find our customers. If they have a desire and you have the product, you should be able to meet them in the middle and offer further options for making their purchase. This is why a cahsless-atm as a cannabis debit card processing option is something many dispensaries are taking advantage of.
Benefits of Changing your Merchant Service Provider
There are a few key reasons to upgrade your processor; let’s take a quick look:
- get new and better processing rates
- eliminate per transaction fees
- upgrade your card reader and touchless payment options
- allow customers to make larger purchases
- eliminate cash where possible and streamline the customer experience
- take higher tickets per customer
- improve direct deposit time frames
- increase sales volume and profit margins
Offering your customers every available payment option will give them confidence in their cannabis purchase. Therefore making them more likely to return.
Who to Work with In Canada and the USA
If you’re not using card sales or have a merchant provider that doesn’t match your expectations, it’s time to change. For the best Cannabis Debit Card Processing Company, look no further than Brother Processing Solutions and over ten years of expertise in the Marijuana industry. BPS has invested in farmers, producers, and dispensaries for a decade and has partnered with many of the most popular shops around. Do not hesitate to give us a call, and let’s discuss your processing needs and where we can improve your experience and bottom line.
