We have been servicing marijuana-related businesses since 2010. Once we found the first available solution and were able to assist a dispensary owner with their non-cash payment needs, I realized then it is an area where we should focus and always be on top of the laws and especially our ability to continue medicinal and recreational marijuana dispensary merchant account services . The one solution which has been solid for us and our many customers has been the Point of Banking (POB) solution. Call us today to discuss payment options for your dispensary: 1-855-246-8640.
Being involved in the marijuana industry, you are aware of the difficulty of obtaining basic services like checking accounts, merchant accounts and other banking services. The banks are still hesitant to service marijuana dispensaries because of the unfair classification of marijuana as a dangerous drub by the federal government. The ability to process non-cash payments should not be a luxury for a business owner. We have dedicated ourselves to providing dispensary owners with all possible processing solutions available in the marketplace at any given time.
If you’ve had your merchant account shut down at your medical marijuana dispensary, or opened a dispensary after the credit card industry’s policy changed, forcing you to operate as a cash-only business, you do have options.
Point of Banking – POB Card Processing
A payment alternative that we’ve been offering since 2011 is known as point-of-banking (POB) card processing. While many merchant account providers charged rates as high as 6% when traditional merchant accounts were available, the POB solution features works in a similar manner to an ATM. In fact, it is often referred to as a cashless ATM. We will set you up with a machine for your business. The customer swipes their card, enters their 4-digit PIN code for their debit or credit card, agrees the the purchase amount, agrees to a small service fee and then authorizes the transaction. There are no monthly or per transaction fees charged to the business. Once the machine is purchased and installed, there are no expenses for the dispensary owner to pay. The cardholder agrees to and pays the only fee – the service fee. As the dispensary owner, you can also allow your customers to get cash back utilizing the point of banking machine. They will authorize a higher amount, you give them the cash and 2-3 days later, the money is in your bank account.
Using a specially programmed terminal at the dispensary, customers swipe their credit or debit card, then sales associate enters the sale price. The customer enters their PIN, and then accept the convenience fee.
Benefits of Point of Banking Service for your marijuana dispensary:
- The ability to legally accept credit & debit cards
- Fast approval
- Easy, simple setup
- Funds are seamlessly direct-deposited into your account
- Safe, PIN-based transactions (no chargebacks)
- Pre-programmed terminal
- No processing or cancellation fees
- Wireless terminals available for deliveries
With POB services, FMA’s marijuana dispensary clients are able to lower their in-store cash and the problems arising from having too much cash on hand. On the other side of the counter, the customer is able to not spend the last of their pocket cash or even make a larger purchase because the store offers the ability to use plastic for payment.
As more states make the sale of marijuana legal, traditional merchant accounts may be made available to dispensaries in the future. Until then, the POB program is a great way for you to legally accept credit and debit card payment, lower your operating costs, increase your customer base, and boost customer loyalty.
Even if you already have a solution which you feel is working for you, reach out so we can start a relationship. The POB debit and card processing solution has been strong for a long time and we look forward to helping with all payment options at your marijuana dispensary. If you have any questions about merchant account services, call or fill out form today, we look forward to helping you: 1-855-246-8640.