The cannabis industry has a lot of trouble with money because they can’t take cards for their products or work with federally insured banks. Their products may be legal on the state level but not the federal level.
When you go out to buy something, you generally just have to bring along a debit or credit card and you can buy anything from most stores. It doesn’t work that way with cannabis. If a dispensary were to take cards, they could have their funds frozen and then their merchant accounts shut down because what they’re selling is not legal federally. Companies that offer merchant processing services have to abide by certain laws. That’s why they won’t let people use their services to collect money for cannabis or products related to it like CBD oils.
A dispensary should have an ATM in it because people can then get cash out quickly and easily to make their purchases. Not only does that help people that didn’t bring anything but their card with them to the shop, it also is just a nice convenience for customers in general. Instead of having to run to the bank to get cash out, people can get it out right then and there at the shop they are at. ATMs are okay to get money out of as long as someone has the funds for the transaction they are making. Then, that cash can be used to buy marijuana and anything else at a dispensary.
ATM machines may be an investment at first, but they pay off over time and we feel that having an ATM for your marijuana business (such as one from Greenstar ATM) is critical at this current time. When people know that they can go to your shop without having to go to the bank first, they are more likely to shop with you. If you advertise on your website or wherever you speak to your customers that you have an ATM, you can get a lot more attention paid to your business. While some ATMs charge a fee, that’s nothing compared to having to go all the way to the bank and wait in line to get money out.
You now know more about the cannabis industry and why it’s so necessary for them to take cash. While cannabis is becoming more and more legal in the USA, it’s still taking time for it to become legal on a federal level. This may change in the future, but that is the reality for now.