We have all heard of credit card processing where traditional banks process electronic, debit cards, credit cards, and ATM payments. However, many people have not heard of dispensary credit card processing that is done for the purchase of marijuana.
Dispensary credit card processing is an innovative cannabis or marijuana credit card processing method that serves businesses in the marijuana dispensary industry. Services are provided to accept electronic payments, including dispensary debit card processing and cashless ATMs.
What is a Marijuana Dispensary?
A place that specializes in carrying and selling marijuana products. There are recreational and medicinal dispensaries across the U.S. depending upon the state in which you live. While the federal government views marijuana as illegal, there are some states that allow the sale of marijuana for recreational and medicinal purposes like helping with anxiety, relieving pain, controlling stress, decreasing back pain, and combatting insomnia.
Why Credit Card Processing for this Industry is Not Standard?
This type of credit card processing is not standard because certain industries like the marijuana industry have a high risk of chargebacks and fraud problems. Payment processors are often hesitant to provide credit card processing for dispensaries. Even merchants with a solid payment and track history who deal in this industry find it difficult to find adequate and reputable payment processors.
Costs Associated With Each Transaction
A cannabis or marijuana credit card processing company will usually charge an adequate fee with no additional costs. Each company sets its own pricing, but you should know that being in the high-risk space results in more per transaction than a traditional business.
Benefits of the Cannabis Credit Card Processing Company
There are many benefits for the person looking to use a cannabis credit card processing company. These include: accepting all major credit cards, no more hiring armored truck drivers to collect cash, lowering theft, accepting more types of payment methods, your money being held in U.S. bank accounts, money is FDIC insured, accelerated settlement terms, ticket sales are 25% to 30% higher, no cryptocurrency workaround and easy processing method for all consumers.
Who Uses the Cannabis Credit Card Processing Company?
The dispensaries are for those people seeing to purchase marijuana for recreational or medicinal purposes. The merchants often deal with these types of dispensary credit card processing companies because traditional credit card processing will not accept this industry. Merchants will sometimes have to go overseas to find someone who will process credit cards for the marijuana industry because of the high risk of fraud and other illegal gain.
How Does the Dispensary Credit Card Company Processing System Work?
The dispensary credit card company processing system works using P2P, which s the same system used by PayPal. The system is legal in 50 states, which allows the user to process electronic payments, debit cards, credit cards with no other requirements from the federal government.
How Does Shift Processing Work for Dispensaries?
With the shift processing dispensary merchant account, each merchant has the option to set a cash discount that can decrease the cost of acceptance. For some dispensaries, the cash account has eliminated what the business pays to accept credit cards.
Who knew that there are dispensary credit card processing companies that will help you buy marijuana. There are over 7,500 dispensaries in the USA, many of them acting as dispensary credit card processing companies that take credit, debit, electronic transfers, cryptocurrency, and other forms of payment to get you the marijuana needed. These dispensaries are for people who use the marijuana plant for recreational and medicinal purposes. These plants are used medicinally to reduce stress, decrease anxiety, relieve chronic and back pain, and gives you the ability to have a good nights’ sleep.
The dispensary credit card processing companies are becoming more popular as businesses and consumers embrace the use of marijuana. And while these dispensaries are popular, the marijuana credit card processing companies are still considered high risk by banks and other places. Merchants from these dispensaries who have the best track record must go through the specialized marijuana credit card processing company because of fraud and other illegal activity that is associated with this industry. While illegal activity is a part of this industry, the P2P system is one of the best payment processing systems in the world. The P2P system is used by PayPal and other well-known systems. Do your homework when searching for these dispensary credit card processing companies to ensure that you are making the best transaction available for you.