Why aren’t more cannabis companies utilizing this legal loophole for accepting payments?
Walking the tightrope between legal state laws and illegal federal law has made it impossible for Cannabis businesses to open a traditional merchant account for accepting credit cards. I know, I know, there are some who will say you can. Let’s try to focus on what we can do instead of what we can’t.
There have been merchants and merchant services providers (credit card processors) alike who have found work-arounds for being able to take payments outside the Visa/MasterCard network, some innovative and some pretty shady. If you’re a business owner who cares about the future of your business in this constantly changing landscape then you are looking for the innovative option, right?
Want a cannabis payments option you have no excuse NOT to use?
One of the best (and can I mention, legal..) ways to be able to take payments from all types of customers in many types of situations is through eChecks. Sometimes the most innovative payments option is the one that has been right before your eyes all along.
E-check processing is super easy to set up, very reliable and downright affordable.
Most business owners in the cannabis industry tend to be pretty open minded people. They know that regulations in their industry make everything difficult and that they are going to have to jump through hoops to accomplish their dreams. But they keep focusing on trying to get what they can’t have instead of taking advantage of the options they do have access to.
Why are cannabis businesses so weary about taking this form of payment?
Given the fact that the majority of consumers desire the convenience and flexibility of purchasing everything with their credit cards these days, it is not hard to understand why businesses feel like they must accept credit cards to be successful and the cannabis industry is no exception. What we constantly experience in the payments industry is cannabis delivery and dispensary companies insisting on finding someone, anyone, who will allow them to take credit cards. Often opting for exorbitantly priced and illegal payments options.
We constantly strive for fair access to banking for the cannabis industry, but as we continue that fight there are ways we can stay functioning and relevant in the industry. Setting businesses up with easy, automatic payments options is one of those ways. Sure, customers won’t be able to use credit to buy their, but they certainly can use the cash they have on hand to do so, without having to carry a ton of cash or use one of those expensive Cashless ATMs they install in the shop. There is no reason to force them to drive to a local dispensary when they can order directly from your site from the comfort of their home and have their items delivered discreetly to their home.
Whether you operate a cannabis delivery business alone or operate a dispensary with delivery you can definitely benefit from implementing these payments options.
First of all, this is something people everywhere are already very comfortable with. In fact, $40 trillion in payments annually are made through this type of electronic payment. Consumers use this everyday without even blinking an eye. We trust this avenue for our automatic deposit for payroll and for our IRS tax refund, or for sending that payment if unfortunately we owe! It’s what we use to pay our power bill and automatic membership fees at the gym. Customers are just comfortable with trusting this method when you have a secure avenue
And that right there is half the battle. Making sure you have gained your customer’s trust and that they are comfortable with buying from you.
Whether you are operating a dispensary with a delivery service or just a delivery service where you pick up the product and only charge for the delivery service, you need a reliable way to accept those payments. Check processing is the perfect way for cannabis delivery services to thrive in a world where it’s difficult for them to find a way to charge and take payments for their services.
It’s so easy for cannabis delivery to get started taking payments you have no more excuses!
You may be used to cutting through red tape but you won’t have to here. Check processing is quick to setup and integrate with your payment gateway and start taking payments. When a customer is ready to purchase your company will receive authorization from the customer through an online payment form, which is then forwarded to the bank for approval, check verification is performed letting you know there is actually sufficient funds in the account to complete the transaction, the transaction is completed and funds are automatically withdrawn from customers account.Yea! No bounced checks! But that’s not all, these payments can also be taken over the phone.
Theft is a huge problem for cannabis businesses. How much safer will your drivers feel without having to carry so much cash in the vehicle? Drivers will be able to carry wireless terminals with them in the vehicle to make sure that they can quickly and easily perform the transaction for the customer, if they haven’t already done so on your website. Immediately lower your chance of theft by having your customers make payments before the delivery even happens. You can rest knowing that your customers are being served and deliveries are being made without a hitch or putting anyone in danger.
More predictable cash flow is just another benefit you will experience with your business. Super quick funding means that you have access to your income on a much more regular basis allowing you to manage your own invoices and orders much more efficiently. And because these types of payments come with such low transaction fees you don’t have to worry about large costs cutting into your profits.
With a payment option so easy and secure there is really no excuse not to get stet up right away. Your customers want to buy from you, they want secure options for making those purchases. Give it to them!
With years of experience in servicing high risk industries and fighting for fair and equal access to banking and payments for the cannabis industry we are positioned perfectly to give you the support your business needs in the payments arena. Our industry leading cannabis payments program seamlessly integrates with your existing system. Our ETA certified payments professionals are fully prepared to help to coach you about the most viable and reliable options for your cannabis company while making sure you stay above board with the regulations. We strive hard to curate the reputation and experience you expect in a lifelong business alliance. Give Bankcard Brokers a call today for more information and experience what it means to have a merchant service provider truly on your side.