Five Methods of Payments for Cannabis Dispensaries
Having a Greenstar ATM in your dispensary, simply put, increases your sales. But for those few dispensaries that want to operate cashless or offer additional purchase options, we created an infographic to highlight some of them.
- One option some dispensaries use is a “hidden merchant” account operating like a traditional merchant account, however the merchant in this scenario chooses to operate under a different identity. Merchants opting for this payment method will often work with a third party name to hide the nature of their business. We don’t recommend this.
- Cryptocurrencies such as Bitcoin, Ethereum and others are used by some marijuana dealers, however they must first be purchased or mined, which can be complex. Online wallets and websites can allow individuals to transfer their US Dollars into cryptocurrencies and back, but this also requires additional setup and has its own risk.
- Another cashless option for dispensary transactions is to use a pre-paid card. This option allows customers to determine how much they need to spend and reload with that specific amount. Furthermore, an automated clearing house (ACH) much like a bank-issued debit card, based on an ACH network, is used to make bank transfers, which is highly reliable and efficient.