Introduction
With the increasing legalization of cannabis and marijuana-related products in the United States, the industry is set to gross more than $15 billion by 2025. A major portion of the demand is arising out of individuals and groups that are looking at cannabis and marijuana in the form of medicinal and recreational products. CBD-infused wellness products too have started proliferating the market.
With numerous brands trying to enter and dominate the industry, the future looks bright. Given how governments and lawmakers are trying to improve the formalization of this sector.
In this article, we are going to look at one area that has always remained a pain point- finance and payments. We specifically look at cannabis payment processing for marijuana dispensaries. The support of payment processing companies is wanting along with the very low presence of formal banking institutions in the fray.
List of 5 Important Features of a Payment Processing System for Marijuana Dispensaries
1. Finding a Payment Processor with tie-ups to a bank that supports CBD businesses-
You might think that this is relatively straightforward. However, the fact of the matter is that out of 11000 banks in the United States, only a mere 300 extend financial support and services to CBD businesses.
This means that the first thing you need to do is find a payment processor that has a bank to support its processing needs. You need to know that cannabis, marijuana, and CBD businesses are considered high-risk merchant accounts.
2. Offering a complete range of Financial Services and Support-
Great cannabis payment processing companies like Paybotic offer everything from gift cards to e-checks and debit card processing. Just look at the kind of payment options available at retail stores.
The more payment options you can give your customers, the easier will it be for your business to grow. People use everything from digital wallets to newspaper coupons to make payments. This is something you need to check with the payment processor.
3. Check for Payment Processors offering end-to-end payment solutions-
In most cases, payment processors use a two-step process that increases complications and limits the overall service experience. As a marijuana dispensary, you need to find a payment processing company that offers end-to-end payment processing.
This will reduce the overall fee charges, simplify the extension of credit facilities and provide better customer support. This is going to make dealings and engagements with the company far easier and convenient.
4. Integrations with your Business Website and ERP Systems-
With online playing such a major role in the growth of this industry, you need a payment processing company whose system can easily integrate with your ecommerce platforms.
Secondly, integrations with your ERP software can play a major role in streamlining the financial process and allowing you access to all financial records in a matter of seconds. This will help you maintain real-time data and records for the business at all times.
5. Look for 24×7 Customer Support and Service Offers-
From a simple transaction failing to cyberattacks on the business’s financial data, a lot can go wrong. Having a trained and supportive customer service team can help your business navigate all the troubles whenever they present themselves. This can go a long way process of financial payments for not only the business but its customers and clients as well.
The Final Word
In this article, we have looked at five important features of a payment processing system for marijuana dispensaries. As a business in this niche, you need to understand that such businesses are still in the middle grey areas of financial legitimacy.
