With a steady growth of cannabis legality across the United States, payments shouldn’t have been an issue. The prospects of buying pot in the open, in the brightly lit stores, wasn’t an option- the Generation X consumer segment remarks. However, with the legalization of marijuana, customers and businesses alike assumed that these problems would find a solution.
Well, this article isn’t a stance for legalizing recreational weed. Instead, it aims to disclose the unforeseen problem with legal weed- the problem of payments.
Fresh Push for the Payments Clarity
With a significant push to bring clarity to cannabis payments, there have been steps for solving the problem. Know that these changes are taking place against the backdrop of the ever-expanding area of commerce. What’s even better is that it helps spark lasting retail payment innovations down the line.
And, there has been a major political push from state attorneys general in the United States.
They are urging the federal government to bring better clarity to cannabis payments. Numerous states had shown their acceptance of ending federal restrictions on cannabis payments. Oregon is an example of the same.
With the passing of a bill, House Bill 3169, representatives aim to create a self-chartered and self-contained banking system for the cannabis industry.
Payments Remedy
While the payments gain lawful acceptance, some payment solutions that have come as bliss for the cannabis industry are:
- Cash Advances:
There have been evolutions when it comes to developing technologies that support canna-businesses. The experts at POSaBIT exclaim the instant capital businesses can get in advance for purchasing products in bulk. These systems helped to cater to the struggle with traditional financing.
In-whole payment solutions aim at providing seamless payments for dispensaries and retail stores.
- Cashless ATMs:
With cashless ATMs, dispensaries can give their customers the convenience of in-store ATM access. Also, it swears to reduce compliance risks and cash handling. Just make sure it is capable of accepting all kinds of payments and has end-to-end encryption.
- e-Check:
Processing email invoices, electronic checks, and online payments are convenient and low-cost than standard credit card processing fees.
- Retail dispensary debt processing:
One of the best payment solutions for marijuana dispensaries today is PIN debit. It is because these tend to eliminate the cash payments and reduce the risks of cash handling. What’s even better is that customers tend to save around 30% on a transaction.
Thereby, go with a processing system that is card-ready, up-to-date, and has PCI-compliant technology. According to a research report, the global marijuana market is expected to reach $84 billion. The experts foresee the U.S. as a market leader.
Nevertheless, in this legal environment, working with a specialized payments provider is the best solution. And, why not? It helps in efficiently and quickly operating the cannabis business.
The Bottom Line
Now that cannabis retail is on an ascendency, there is much certainty. Luxury brands are slowly paving their path, and numerous entrepreneurs are trying to know what works for them and what doesn’t.
The small-scale payment services are trying to craft their solutions under federal law. Payment is the key here. While cash is going far in the area of retail- digital services are vital for going further. Federal regulations are now becoming more flexible for the cannabis business.
