Despite the fact that the sale of medical marijuana is now legal in 14 states as well as the District of Columbia, these firms normally encounter wonderful difficulty in obtaining merchant accounts. Considered “high threat” businesses, dispensary owners normally face private prejudices as nicely. Regrettably, quite a few banks just aren’t prepared to look at opening a merchant account for the owner of a healthcare marijuana shop they consider the legal due diligence to be as well a lot of a hassle.
Solutions Beyond the Banks
When you take into consideration that roughly 75% of the American population makes use of their debit or credit cards often to make purchases, becoming capable to method such transactions can be important to the results of several enterprises. Granted, the marijuana market was strictly cash based until not too long ago, but times have changed. If your bank is unwilling to even contemplate supplying you a merchant account, it is time to look someplace else.
Merchant account firms are generally additional flexible and a quantity are now delivering vital financial solutions to the owners of legal dispensaries. Considering the fact that most dispensaries are nevertheless new ventures and they sell a medical item, they are, by default, regarded to be a larger risk. On the other hand, as long as the store owner has a decent credit record and a clean criminal history, that will not necessarily protect against them from qualifying.
A Word of Warning
One concern you should have with regards to getting a merchant account for your healthcare marijuana dispensary is that not just about every provider is the identical. Enterprise owners in Colorado had been not too long ago surprised when their provider shut off service without any warning. Make sure that you pick a corporation with a dependable track record.
three Benefits to Credit Card Payment
When you have set up your merchant account, your small business will profit from a number of benefits. First, you will be capable to take orders by phone or on the net – completing the sale at the retailer and speeding your buyers on their way. Second, you will be in a position to hold significantly less cash at the store, decreasing the issues connected with a cash wealthy business enterprise. Lastly, tracking sales will be simplified as each obtain will show up in your evening balances.
If buy dankwoods online UK want to accept credit cards at your dispensary, skip the banks and head on-line to obtain a enterprise that understands the special opportunities and obstacles facing your company.