While medicinal marijuana purchases are now legal in 14 states as well as the District of Columbia, such companies still find it very challenging to secure merchant accounts. Considered “at risk” companies, doctor’s office operators often frequently face personal biases. Unfortunately, many banks are simply unwilling to consider opening a merchant account to a medical marijuana store owner; they consider legal due diligence to be too much of a trouble. Cannabis Delivery-Chalice Farms Recreational Marijuana Dispensary – Happy Valley has some nice tips on this.
Tools For the Banks
Considering that about 75 per cent of the American population routinely uses their debit or credit cards to make payments, being able to handle these transactions will be vital to other companies’ performance. Granted, until recently, the weed business was focused solely on cash but things have changed. When the bank doesn’t even recommend giving you a merchant card, maybe it’s time to search elsewhere.
Merchant account companies are also more agile, and a variety are already supplying the operators of licensed dispensaries with critical financial services. Since several dispensaries are already young enterprises and offer a pharmaceutical drug, they are deemed a higher risk by nature. However, as long as the store owner has a decent credit record and a clean criminal history, that won’t necessarily impede their qualification.
A Alert Phrase
One question you may have in having your medicinal marijuana dispensary a merchant account is that not every supplier is the same. Earlier, company owners were shocked when their manufacturer turned off operation without notice. Make sure you pick a company that has a credible track record.
3 Visa Card Purchase Advantages
When you have set up your merchant account, you can benefit from many advantages for your company. Next, you can take orders on the phone or online-finish the deal at the shop and send the buyers on their way. Second, you will keep less cash at the supermarket, thus growing the issues associated with a cash-rich company. Finally, monitoring purchases can be easier when each transaction shows up in the evening ledger.