MMJ Payment Processing in California Makes Life Easier
If you are running a medical marijuana dispensary business in California or any other state where its legal, one of the most important things you can do is make your customers happy. It might sound like common sense, and perhaps you are out to do just that anyway, but you still face some serious roadblocks. One serious problem is the inability to provide other forms of payment processing aside from cash. This pertains to a lot of financial institutions simply considering medical marijuana dispensaries a high risk business. Even if you are a high risk business this shouldn’t be a reason for banks to turn their back on you during hard times. There is a strong chance that this will happen, and with that being the case, you might be a bit upset. But should you be upset and what constitutes an MMJ dispensary as high risk? No you shouldn’t be upset; this is normal for any product or service that falls into a grey area of legality because of federal laws and regulations. Banks are not businesses too and most banks are not set-up to handle the liability of penalties under the law. If a payment processing service believes your business type could cause them to lose money because of liability at some point, then you will be considered high risk and there isn’t much you can do to make them change their opinion. At this point, it will be difficult for you to get any sort of payment processing equipment for marijuana payment processing in California. You probably have questions now, and we will do our best to answer them.
- I don’t think I’m high risk!
- This is just a classification and is usually determined by an individual payment processor as to the level or risk and liability associated with your medical marijuana business. Regardless of classification, you should be able to find a high-risk payment processor that specifically handles marijuana payment processing in California or other states.
- What if I list my business as something else?
- In theory this is a good idea. You aren’t lying about your business; you are just generalizing the types of products or services sold. Not being upfront with your payment processor may provide a short term solution to your payment processing issue, but if you are caught (and banks audit regularly), you are stand to lose more than your merchant account. They can severely interrupt your cashflows, hold your funds for an extensive time period with cause (which could sink your business), destroy your credit rating making it impossible to borrow money or buy from suppliers on terms, or the very worst blacklist you by placing you on TMF or MATCH listing as a fraudulent business which will make it impossible for you to obtain a merchant account from any payment processor for any business for the foreseeable future.
- I can make this work, right? People will just pay cash.
- You can always make it work by just accepting cash. After all, cash is king and that’s the American way, right? Wrong, in today’s society everyone wants everything to be easy and hassle free. They want to make purchases by swiping cards and not have to think about the purchase they are making or if they have the cash necessary to make their purchase. People also feel more comfortable and safer form harm when they only carry plastic because being robbed by someone with evil intentions who saw them paying with cash is a real threat. Furthermore, most people don’t like the inconvenience of using an onsite ATM machine and paying an additional surcharge just so they can buy their favorite products from their favorite California MMJ dispensary. Besides who wants to send customers elsewhere to use an ATM or worse have a bulky ATM machine take up expensive floor space they can be utilized for better purposes. The good news is that there is a payment processing service that allows for marijuana payment processing in California and other states.
We have answered three major questions, but we know there are more. First and foremost, how much does this affect your business? Well, if you cannot accept credit cards or debit cards, you run the risk of losing current and future customers and sales to the first company that does. When competing products and the service provided are similar; how good you are or the quality of your service won’t carry as much weight. What people want is convenience, and if you cannot give it to them, they will simply move on to the next person who can. That being said, you have a lot of work to do, and you need marijuana payment processing in California if you want to set yourself apart from your competitors and grow your business larger than it already is.
An Affordable Price
Unlike many other payment processing services, our services are highly affordable. The costs are fairly simple with a low price of $399.00 for the terminal hardware and pin-pad. This hardware is versatile and will interface with the equipment you currently have. This means that you will not have to replace anything in order to start accepting credit cards or debit cards. If that doesn’t make you excited, then perhaps the monthly fee will. Rather than charging you an arm and a leg for full functionality of marijuana payment processing, we will simply charge a $10 per month service fee and a small percentage fee on each transaction. Any well run MMJ dispensary will not feel the costs associated with marijuana payment processing due to the increase in sales from offering such payment options.
A Brighter Future
In California, owning a marijuana dispensary is a highly profitable business whether people like it or not. We believe in you and we believe in the strength and future this industry is headed towards. The proof of this resides in the fact that we have focused our entire business model on the medical marijuana industry. We know the business of California marijuana payment processing inside and out and are more than willing to lend our advice and knowledge to assist you in any way possible.
You are doing more than buying into a card processing service when you work with us. You are creating a unique and synergistic partnership that can boost the sales and profitability or your business for life. While you are running your marijuana dispensary there are many things that you will do. Employees will be hired, fired, new polices will be adopted, and new products may be introduced to your customers. It is important that you make the decision to partner with us at as early stage as possible in your company’s development. Let us give you the push you need to capitalize on the potential in this industry and make life easier for customers as well as potential customers by using marijuana payment processing in California and other states. It is a small feature that pays off big in the long run.