Technology has forever changed the ways consumers purchase cannabis. And due to many reasons, including security, the majority of dispensaries and their owners prefer a cashless ATM. These ATMs require little space, involve less credit card transaction bills, and help to attract more customers.
But, how exactly does a cashless machine work? If this question has ever crossed your mind, the following section is for you.
So, continue reading as we dive deep into the process of cashless machines and how dispensaries are using them!
How Cashless ATMs Work?
Point of banking machines uses a payment terminal to run transactions without dispensing cash. The customers swipe or insert their card into the terminal and enter their pin. Then they choose the amount of money they want to withdraw. Next, the device will give a voucher that the customer will use to pay the merchant.
After the transaction, the funds from the customer will reflect in the merchant’s account. Just like traditional ATMs, the cashless ones also release funds in predetermined amounts. The main difference is that cashless machines run transactions in set increments.
How Are Dispensaries Using Cashless ATM To Grow Their Business?
The unique benefits of cashless devices have revolutionized payment processing for high-risk businesses.
Here’s how each industry is benefitting from these machines:
The legalization of medical and recreational marijuana across the country is causing a boom in the cannabis industry. But still, cannabis businesses have to deal with the problem of a high-risk business. The Safe Banking Act provides more legal protections for banks that process cannabis payments, and a cashless ATM only enhances the security.
The machines are perfect for dispensaries that want to comply with federal law. It reduces the cost of fees, chargebacks, and frauds.
2. Medical Marijuana
One of the hurdles surrounding medical marijuana clinics is the lack of secure and convenient payment methods. Even until recently, these companies relied on cash-only payments. The introduction of cashless machines has made things much more manageable.
Customers can now buy their medical products and go to their appointments without having to carry cash. Both marijuana clinics and banks can now comply with federal laws without creating inconvenience for their medical patients.
3. For CBD Companies
CBD products infused with so much better have gained a ton of popularity in the last decade. Medical researchers have been widely recognized and proved the many health perks of CBD and hemp products. They can reduce nausea, improve heart conditionals and even bring relief for chronic pain.
And on the other hand, CBD companies are finding relief with cashless payment devices. These machines are helping them to complete their debit, credit transactions without the hassles of mobile banking. The companies don’t have to pay a ridiculous amount of payment fee anymore.
So, do you want to enjoy the many benefits of a cashless ATM too? If your answer is yes, feel free to reach us for any services or queries related to ATMs. And for more informative content like this one, stay tuned!