Short answer, not legally! But we are very excited to report that we now have a digital payment solution that merchants and customers LOVE — and one that is super customer-friendly, flexible and easy to set up. In addition, the system has already been proven to help cannabis dispensaries increase sales and average ticket size. This is really one payment solution every dispensary should be looking at as soon as possible.
The fact that our system is digital makes all the difference. Dispensaries still cannot take credit cards legally because they wouldn’t be compliant if they did. Merchant accounts are backed by Visa and Mastercard in conjunction with an acquiring bank. These banks are federally insured and therefore need to stay within the parameters of a federally legal business, and cannabis does not yet fall into this category. Until the federal government enacts a legalization bill, getting legal credit card processing for dispensaries is unlikely. Nevertheless, our digital payment solution, which allows bank-to-bank cannabis transfers, is a registered Money Services Business with FinCEN and has a State Required Money Transmitting License. This means that your dispensary can use this system with confidence and not be subject to penalties for noncompliance or have operations shut down.
The primary payment system we offer for cannabis dispensaries is very intuitive for customers and extremely flexible. Customers have the option of using it to pay in the store, at curbside or after a delivery. How does it work? The customer registers on the system app, links to his/her bank account, and then is ready to place orders. The system easily integrates with your store’s online ordering system, curbside pickup system and delivery system. One additional nice feature of the user app is the customer’s ability to tip the delivery driver. In this difficult economy, we are happy to make paying drivers their hard-earned tips easy and convenient.
This system is a major development for cannabis dispensaries. When dispensaries were limited to cash, this restriction made life difficult for some of their customers, created enormous risk and expense due to the holding and transporting of cash, and made online ordering difficult or not really practical.
With our new system, this has all improved dramatically. Customers can order from home, or anywhere they are as long as there is an internet connection. And, especially in this pandemic environment, customers avoid the need to come into the store and risk exposure to illness. And, for customers who do come into the store, having a touchless payment experience will definitely improve customer satisfaction and encourage return visits. Because online ordering and delivery are so convenient, customers will most likely continue to seek out this type of ordering long after COVID-19 is behind us.
Statistics indicate our new digital payment solution is helping dispensaries achieve dramatic growth — including a 17% average increase in average ticket versus other payment methods and a near 30% increase in customer frequency. Dispensaries report rapid adoption, which is not surprising, since with the advent of COVID-19 many restaurants and retail stores have implemented online ordering and delivery systems. Dispensary customers who may have found an online system such as this unfamiliar even a year ago may be using something very much like it every day now!
More information about this payment solution is available here. In the meantime, if you’d like to learn more and get started, please contact us now.