California is the latest state to pass into law the ability for marijuana dispensaries to sell marijuana for recreational use. As of January 1, customers will have the ability to walk in, but marijuana for personal use from retail dispensaries. We have seven years of experience helping dispensaries with California marijuana merchant account services and their credit card processing needs. Call Today: 1-855-246-8640
As with every other aspect of the marijuana industry, there are rules and regulations to follow, but it is an exciting time of progress in the great state of California. Although the voters and the government are ok with having the ability to buy and sell marijuana legally, the banks and the federal government still have not accepted the fact that the industry is growing without their help or cooperation. Because of the banks’ unwillingness to work with marijuana dispensaries, we have created a special group within our company which specializes in helping the dispensary owners with their payment processing needs.
Once we experienced success in helping California medical marijuana dispensaries with their payment needs, we made a full marketing push to make everyone aware of our California Marijuana Merchant Account Services.
Some banks in California will open checking accounts for dispensaries, but none is willing to offer marijuana merchant account services. Our company has been helping dispensaries and marijuana-related businesses with their payment needs for over seven years. There have been several solutions which have come and gone over the time since we started. We are always made aware of the next solution which will be beneficial for the dispensary owners to be made aware of. The one solution which has been active and working for us the past several years is the Point-of-Banking (POB) solution.
The business purchases a machine which looks like a normal credit card processing machine, but the customer uses it to swipe their credit or debit card, enter a PIN to perform either a debit card transaction or a cash advance on their credit card. The cardholder then agrees to a service charge and is even offered cash back at the business owner’s discretion. Once the final amount is entered and approved, the transaction is successful and the business owner will receive the funds into their checking account in 2-3 days. The only cost of that transaction was just paid for by the cardholder. The business owner pays nothing after the equipment is installed. There is no per-transaction fee, no monthly fees or service fees of any kind. The business owner also has the option of increasing the service fee and keeping the difference between their actual cost and what their customer is agreeing to. The cardholder is happy to receive their product and based on testimonials, is not concerned about having to pay a service fee for the ability to buy product using plastic.
The second solution for California marijuana merchant account service we offer operates similarly to a traditional merchant account. It runs via an App which can be downloaded from the App Store. Swipers will be purchased for devices which will be used to run the transactions and will work on either IOS or Android devices. One Android tablet will be required to run the administrative side of the payment solution. Both debit and credit cards can be used with this solution without the use of a 4-digit PIN. The customer will be able to purchase product as if they are purchasing candy at a convenience store, other than they will be agreeing to a service fee when checking out. With this solution, the business pays a percentage of each solution and the cardholder pays a service fee on every transaction. There are also no monthly fees for this California marijuana merchant account.
Because neither solution has a monthly fee, some dispensaries are opting for both solutions. If the customer has a PIN-based debit, they are pushed toward using the POB solution. If the customer has a credit card – any of the major four brands – and no PIN, the dispensary will use the second solution.
If every customer is allowed the use of plastic and is not being forced to use the last of their pocket money on their purchase, the dispensary will immediately see more sales and a higher average ticket per checkout. Going forward with the POB and the California marijuana merchant account will grow your business and your profits. Call today: 1-855-246-8640.