Medical Marijuana Dispensaries Need Merchant Accounts
While medical marijuana sales is currently allowed in fourteen states, as well as those in District of Columbia, these businesses often encounter great difficulty in obtaining merchant account. Considered "high risk" businesses, dispensary owners typically face personal biases as well. Many banks do not want to think about opening accounts for merchants for the owner of a medical marijuana store because they view due diligence required by law to be too complicated. Options Beyond the Banks When you consider the fact that nearly 75 percent of the American population uses their credit or debit cards often to make purchases making it essential to be able to handle these transactions is crucial for the success of many companies. Granted, the marijuana industry was entirely cash-based until recently, but the rules have changed. If your financial institution is unwilling to even contemplate opening a merchant account, it's the right time to search for a new one.  Merchant account companies tend to be more flexible, and many are now providing vital financial services to proprietors of legal dispensaries. Because most medical marijuana card ny dispensaries are new ventures and they sell medical products, they are typically considered to be higher risk. However so long as the owner of the business has a strong credit rating and a clean criminal history however, it is not necessary to prevent them from qualifying. A Word of Warning The main concern to be aware of in obtaining an account on a merchant basis to run a medical cannabis dispensary, is the fact that not every service is created equal. Businesses in Colorado were recently shocked when their service provider cut off service without warning. You should ensure that you choose a company with a reliable track record. 3 Advantages to Credit Card Payment After you've created an account for merchants, you company can benefit from many benefits. First, you'll be able take orders over the phone or on the internet which will allow you to complete the sale in the store and speeding your customers' journey. The second benefit is that you will have lower cash in the stores and thus reducing the hassles associated with a cash-rich company. In addition, tracking sales will be made easier as every purchase will show up in your balances at the end of the day. If you're looking to accept credit cards at your dispensary, skip the banks and go online to find a business who understands the specific opportunities and challenges that your business faces.  

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