Even though sale of medical marijuana is currently legal in 14 states along with the District of Columbia, these businesses often encounter great difficulty in obtaining merchant accounts. Considered "high risk" businesses, dispensary owners often face personal prejudices as well. Unfortunately, many banks just aren't ready to consider opening a merchant account for the master of a medical marijuana store; they look at the legal due diligence to be an excessive amount of a hassle.

Options Beyond the Banks

If you think about that approximately 75% of the American population uses their debit or credit cards regularly to create purchases, being able to process such transactions could be critical to the success of several businesses. Granted, the marijuana industry was strictly cash based until recently, but times have changed. If your bank is unwilling to even consider offering you a merchant account, it is time to check somewhere else.

Merchant account firms tend to be more flexible and a number are now providing essential financial services to the owners of legal dispensaries. Since most dispensaries are still new ventures and they sell a medical product, they are, automatically,  cannabis delivery   considered to be always a higher risk. However, provided that the store owner includes a decent credit record and a clear criminal history, that will not necessarily prevent them from qualifying.

A Word of Warning

One concern you should have in relation to obtaining a merchant account for your medical marijuana dispensary is that don't assume all provider may be the same. Business owners in Colorado were recently surprised when their provider shut off service without the warning. Make sure that you select a company with a dependable track record.

3 Advantages to Credit Card Payment

Once you have set up your merchant account, your business will benefit from several advantages. First, you will have a way to take orders by phone or online - completing the sale at the store and speeding your customers on the way. Second, you will have a way to carry less cash at the store, reducing the concerns associated with a cash rich business. Finally, tracking sales will be simplified as every purchase will show up in your evening balances.

If you want to accept credit cards at your dispensary, skip the banks and head online to discover a company that understands the initial opportunities and obstacles facing your business.