High-risk merchants generally understand the complexities that come with operating a business in the high-risk space, none more than cannabis dispensary merchants. As a cannabis merchant, you can understand the point of banking options they have in processing payments.
How are some dispensaries operating?
The use of cash in cannabis dispensaries is the most prevalent way to facilitate transactions however, doing business comes with added risks. Increased cash on premises leads to a higher risk of being robbed both in-store and when transporting money to banks. Criminals are also aware of this and have been known to capitalize on these issues.
Because dispensaries typically cannot accept credit card payments in the traditional sense, they have found various alternatives to continue doing business in an economy where customers rely heavily on using their debit/credit card. Many dispensaries operate with ATMs inside their stores so that customers can take out cash on site to pay for their purchases.
However, this can limit the customer to how much they can buy if they have withdrawal limits or wish to include add-ons from behind the counter that results in a higher transaction price than the amount of money they have withdrawn. This is especially upsetting for customers if there are high ATM convenience fees.
Other solutions are contrary to Visa and Mastercard association regulations and are kludgy and expensive for the merchant.
This is where IPP can help.
IPP’s point of banking solution allows merchants to accept credit and debit cards.
Why choose IPP for your dispensary payment processing?
Our solution is less expensive than others, there is no cost to the merchant, and the solution complements our other products and services. IPP offers a suite of high-risk payment processing solutions that afford any merchant in the high-risk space, notably CBD businesses and cannabis dispensaries, payment processing solutions to suit their business needs. Our industry professionals have more than 80 years of experience in the payment processing space and can help you with your various payment processing needs.