Guide to Cannabis Payment Processes

Being one of the fastest-growing industries in the world, it is projected that they will grow to $30 billion in just a few years. It’s a dream job for many people in the US but there are some legal issues that companies are struggling with. The growth would be even larger if it was legal in every state but still, it’s estimated that the market will spread globally.

Some of the issues dispensaries have come upon are payment-related. If you visited them already, you probably noticed that cash is the main payment method. But, at least you can contact Greenstar ATM for dispensaries because there are ATMs made for this purpose. They work a bit differently but the process is very simple.

Cash Rules

Dispensaries have fewer options when it comes to purchasing options compared to other types of stores. Cash is the main way to buy marijuana but has its pros and cons. There are some limitations because people can carry only a certain amount in their pockets. But, a bigger problem is that there are security and logistical challenges.

There are more mistakes and the point of sale because of human error in the counting process. Managers will also have more work to do because they will go through every transaction to find inconsistencies. When you have larger amounts, you will need to store them in vaults and hire people to transport them to the bank.

Profits will for sure be smaller when you cut down all the additional costs of maintaining such business. Having an ATM can help a lot in these situations and the only downside is the fees and help out the customer when using it the first time. COVID situation also had an impact on these problems so people are looking for new ways to manage it like mobile payment.

Cashless ATM

Many stores didn’t purchase these machines yet but it also isn’t used in other industries. It functions on the same principle as a traditional ATM, where you would use a card and PIN to transfer money. But, instead of providing dollars or other currencies, it spits out proof that you made a deposit. The amount will be deposited on your account after registering at the dispensary or you will get a piece of paper that you will use to purchase.

They can usually be found in the stores and there will always be someone to instruct you what to do. This has been a great change in the cannabis industry because most banks don’t regulate their transactions. Customers are satisfied with it and it’s a very reliable way to buy something.  Read more on this link.

People take time when they are at the dispensary so there usually aren’t any lines you have to wait. You can look around if someone is at the ATM because it’s usually in the store. You might see them in casinos where the ATM will print out a ticket with the amount you deposited.

Credit Cards

More than 80% of Americans between 25 and 50 own a credit card and most of their purchases are with it. You might wonder why dispensaries don’t accept them and the reason is simple, they can’t. The federal-level illegality of marijuana blocks the purchasing processors like Mastercard or Visa. This means that these institutions won’t work with these companies.

There are many things that need to be regulated first so this can become one of the options. Some are accepting the risk but it’s never recommended to do so because cards can get declined and blocked. In the near future, we can expect some changes but we won’t be able to use credit cards freely in the next decade.

Cryptocurrencies

We are living in the future and cryptocurrencies have become one of the main topics in the world. Some small countries already have it as a payment option but there is still instability. There’s no doubt that one day everything will be digital, anonymous, and secure, we just don’t know when. Find out more here: https://www.investopedia.com/news/top-marijuana-cryptocurrencies/

For now, crypto for cannabis is only used on the black market but that was also the case for marijuana for many states years ago. So, it looks like a promising future for this industry. Until then, we need to stick to ATMs and cash.

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