Safe And Acceptable Cannabis Payment Processing Solutions For Businesses
As cannabis has become one of the fastest-growing industries in the world, several dispensaries are opening up. Apart from the legalization at the Federal level, cannabis dispensaries face a common roadblock – payment processing.
Whether you’re a customer or a business owner, check out these payment processing options for a more streamlined cannabis business.
Point of Banking
Point of Banking (POB) is one of the several ways in which cannabis merchants can collect payment.
POBs, also known as “Cashless ATMs”, are a payment processing workaround. These Cashless ATMs work like a traditional PIN-based swipe transaction, however, no physical cash is actual withdrawn. The cannabis customer would swipe their card and input their PIN number in the POB located in the store, “withdraw” whatever the cost of their purchase, and a receipt would be printed and then handed to the merchant to make the exchange.
Cannabis merchant account
With a proper Cannabis credit card processing company like International Payments Processing, you can set up a cannabis merchant account. By setting up the account within 48 hours, you can easily accept credit and debit cards.
You can also offer cashless ATM solutions. Here, the customers can wire money directly to their merchant account through their debit or credit card. It improves convenience and brand credibility.
Paying by crypto
Since there is still not access to traditional direct banking services, cannabis companies cannot accept card standard payments. However, like POB, there is another workaround that allows customers to pay their cannabis merchant without the necessity for cash.
USDC – or USD Coin – is a form of digital stablecoin. As its name suggests, it is a stable form of cryptocurrency that is even backed by global financial tech firms, like MasterCard or Circle.
Crypto has become more and more reliable, easy to use, and more secure than ever. As it relates to cannabis payment processing solutions, well, cryptocurrency can lower the transaction fees for cannabis (which is only around 6.5%). Crypto payments are 100% compliant, as well, as it provides all required information by the transaction to keep your cannabis business safe and secure.
This is another convenient method where the customer can pay using a third-party e-wallet application. Using their smartphone, the money is sent from their bank account to your account. Apps like Google Pay and Venmo are excellent examples that are fast and secure.
This way, it is easy to check if the money has been transferred properly. It allows the customer to bypass the transaction fees for the ATM. So, they’re more than willing to pay.