Dispensing medical marijuana is a fast growing business that gets more competitive every day. At one time customers may have assumed transactions would be cash only. Today more and more customers are expecting to walk into a dispensary and purchase what they need using their credit or debit cards to pay for it. If you are going to be competitive in this market, you need to partner with a company that specifically handles Credit Card Processing For Dispensaries.
When you decide to accept cards in addition to cash in your dispensary, you have several options. If your business is brand new, you may not have a computer system. In this case choosing a physical terminal is practical. With this machine, you must ring up each transaction first. Then you swipe the card and wait for authorization. After the last sale of the day you settle all your transactions. Your money will be deposited within a day to a day and a half after settlement.
Businesses that have computer systems can take advantage of virtual terminals. Using these machines, you can give your customers a paper receipt or email one to the address they give you. Having email addresses gives you the capability of staying in contact with your customers through special discount offers and promotional opportunities.
The most sophisticated option is the point of sale system. With this technology you can do a lot more than just take credit card payments. This is a complete retail system. It will provide you with vendor management, inventory tracking, detailed reporting, and security camera technology. As your business grows, this system will grow with it.
In addition to offering you a variety of payment solutions, you want a company that understands the unique challenges you face as a medical marijuana dispensary. One of these is the fear that the sponsor bank will shut down your account. In order to avoid this, the company you need will take measures like taking photos that clearly show the nature of your business and disclosing the products you sell.
There are more and more medical marijuana dispensaries opening all the time. You need to find ways to stand out from the competition and build a loyal customer base. If you have a point of sale system, you will be able to print the medicinal properties of marijuana strains your customers purchase right on their receipts. This courtesy will allow them to track how effective the purchases are. For your customers who purchase in volume, you could offer significant discounts.
This industry is getting more and more competitive. You need aggressive marketing to let people know you have the products they need. With the point of sale system, you will get information about your customers’ purchasing habits and can customize your marketing campaign to incorporate current trends.
Medical marijuana is a huge industry that is growing rapidly. As it continues to expand, you will have to meet the demands of your customers. Instead of carrying large amounts of cash to pay for their purchases, they will expect you to accept credit or debit.