Choosing The Right Company To Handle Credit Card Processing For Dispensaries

By Shannon Sexton

As more states legalize medical marijuana, the business of dispensing it is growing rapidly. Some customers presume they will be required to pay cash for their purchases, but many businesses are allowing them to charge the expense using credit or debit cards. If you are opening a dispensary and want to succeed in this competitive market, you need to hire a company that has the experience to handle Credit Card Processing For Dispensaries.

When you decide to accept cards in addition to cash in your dispensary, you have several options. If your business is brand new, you may not have a computer system. In this case choosing a physical terminal is practical. With this machine, you must ring up each transaction first. Then you swipe the card and wait for authorization. After the last sale of the day you settle all your transactions. Your money will be deposited within a day to a day and a half after settlement.

For businesses with computer systems, a virtual terminal can be set up. This is a good solution for those that don't have point of sale systems. With this technology, you can offer your customers an email receipt. If they find this acceptable, it will give you a method of offering valued customers special discounts and promotional opportunities.

The third, and most comprehensive, option is the point of sale system. With this technology you get much more than the ability to accept card payments. You will have a total retail system. It includes detailed reporting, inventory tracking, a security camera, vendor management, and more. You can add to the system as your business grows.

Running a medical marijuana dispensary has more challenges than most businesses. You will need a processing company with enough experience to know what those challenges are and have solutions for meeting them. For instance, the company should take pictures of your business interior that clearly show the products you sell and the nature of the business. You can't afford for the sponsor bank to shut you down due to poor communication.

Competition gets more aggressive all the time, and you need to stand out so your customers will return to your dispensary again and again. With the point of sale system, you can print out the medicinal properties of the marijuana strains customers purchase. That gives them an additional tool to track the effectiveness of the treatment. You can also offer discounts for those customers who purchase in large amounts.

The point of sale system will help you market your business. You will be able to track the purchasing habits of your customers and turn that information into a customized marketing campaign. Understanding the current trends will give you an edge over the competition.

Medical marijuana is a huge industry that is growing rapidly. As it continues to expand, you will have to meet the demands of your customers. Instead of carrying large amounts of cash to pay for their purchases, they will expect you to accept credit or debit.

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