Marijuana Dispensary Payment Solutions
As of April 2019, there are 11 states (and the District of Columbia) in the U.S. that have legalized the use of recreational marijuana (cannabis). They are: California, Washington, Oregon, Alaska, Nevada, Colorado, Michigan, Vermont, Massachusetts, and Maine. An additional 23 states allow medical marijuana. And while marijuana is still classified as a Schedule 1 Substance by the U.S. government, attitudes toward cannabis are changing. Several people believe that cannabis will be legalized on a federal level at any time.
Nevertheless, since cannabis still is classified as a Schedule 1 Substance, many marijuana dispensaries have faced challenges as to how to best serve their customers when it comes to payment options.
What are the current payment options for my dispensary?
Until the federal government legalizes cannabis, it will likely remain a mostly cash-only business. There are, however, a couple of other options available to marijuana dispensaries. If a dispensary has set up a business relationship with a bank that has gained approval for a master account with the Federal Reserve, they can utilize a Pin-Debit service. ATM service providers and distributors such as GreenStar ATM currently have the capability to provide marijuana dispensaries with Pin-Debit service.
GreenStar ATM’s Pin-Debit service allows customers to pay for their product using their bank’s debit card. Once a customer enters their pin code into the pin-debit machine, an Electronic Funds Transfer (EFT) is initiated from the customer’s bank account and transferred to the dispensary’s account. GreenStar ATM is also set and ready to go with full credit card services as soon as cannabis has been legalized on a federal level and dispensaries are able to establish more enhanced banking relationships without risk of federal prosecution.
In the meantime, numerous dispensaries utilize an on-site ATM to allow customers to complete their purchase. By having an on-premises ATM, dispensaries not only assist their customers with an easy payment solution, but an ATM also creates another revenue stream for the dispensary.
Do I have to purchase my ATM for my marijuana dispensary?
Not necessarily! GreenStar ATM provides customized ATM options tailored to your needs.
- 50/50 ATM Partnership – GreenStar ATM provides the ATM, you provide the cash, and you split all the profits 50/50! This partnership works well for dispensaries who want to share the profits without the risk of investing in a new ATM. With this option, GreenStar ATM will deliver and install the ATM and provide ATM machine training, service, and support!
- Free ATM Placement – Perhaps you would prefer to have an ATM in your dispensary, but you don’t want the hassle of setting it up and servicing it. No problem! It will take NO money down for you to receive a monthly payment for the use of the space in your business. GreenStar ATM pays you, and at the same time covers all of the charges that go with having your ATM installed, the purchase of the machine, service or repair, and even paper for receipts for the life of the agreement. Your customers get the cash they need to spend more, and you pay nothing!
- Lease an ATM – By leasing an ATM you get the benefit of the latest ATM model without the upfront cost of purchasing an ATM outright. You still gain the same revenue, but without the cost.
- Rent an ATM – Do you need an ATM for an event or temporary venue? Then renting an ATM is a great option. GreenStar ATM provides full service ATM rentals and can handle both indoor and outdoor events. From planning to installation and service, it’s all covered. Renting an ATM for your event or temporary venue, will add to your customers’ overall satisfaction by giving them choice in payment options and the ability to avoid credit card processing fees.
- Purchase an ATM – Know what you want? By purchasing an ATM for your dispensary, you have the ability to generate a long-term cash flow for your business because you keep the greatest percentage of the profits. GreenStar ATM has a selection of top of the line ATMs to give you all of the ATM amenities that you’re seeking for your customers. If you want to purchase an ATM, but don’t want to service it on your own, GreenStar ATM offers a Premium Support package to service your ATM for you!
With the possibility of legalized marijuana in the United States being ever closer to a reality, dispensaries would be wise to develop a relationship with an ATM distributor in order to be ahead of the game. That way when the law has been changed dispensaries will be ready to add credit card processing immediately.