Hence, many dispensary merchants provide Point of Banking (POB) solutions via cashless ATMs. This solid payment solution can be a great way to reduce processing fees and eliminate cash-on-hand requirements. According to research, cashless ATMs could possibly process as much 25% of the estimated $28 billion projected to come in from U.S. dispensary sales this year.
Are you planning to open a marijuana dispensary? Then you should immediately install an ATM to benefit your customers to make payments. And this approach will increase footfall at your dispensary to a great extent. Let’s know more in this regard in the continuing segment.
Why Cashless ATMs Are Important to Marijuana Dispensaries
A cashless ATM allows marijuana dispensaries to make sales. It’s nothing but a clever manoeuver to handle marijuana-related transactions. It’s simple! Dispensaries miscode marijuana purchases as ATM withdrawals. The cashless ATMs, which look identical to a card reader, takes fund from a customer’s account in a hassle-free manner.
The cannabis in the USA industry is still emerging as a legal enterprise. Here, many states allow marijuana for medical and recreational use. But federal law still considers it illegal. Many banks in this country are cautious about violating federal anti-money laundering laws by dealing with marijuana businesses. As a result, most banks in the USA don’t accept marijuana-related businesses or cannabis dispensaries as clients. And that is the reason why cash is still king in this business. Installing a dispensary ATM makes it easier for customers to pay with cash.
An ATM transaction happens between your customer and his/ her bank or credit card company. But they are not directly involved in your cannabis business. With this facility, customers are free to spend cash. And if your business is legal by state law, you would not have any problem maintaining your ATM. Whether it’s a standalone or wall unit, almost all type of ATMs suits your dispensary.
Cashless ATMs are a dispensary payment processing solution similar to a merchant account enabling customers to transfer money from their bank account to a merchant’s account. As a business owner, ask your customers to enter the four-digit PIN into a cashless ATM payment terminal. But remember, lending institutions are subject to anti-money-laundering laws and the Bank Secrecy act. Therefore, it’s crucial to understand how your state and Federal laws intersect. Make sure you implement the cashless ATM system legally.
Now, the question is, where can you get help? In this regard, you need to associate with a reliable ATM services provider that can be a one-stop solution for your ATM business. So, let’s know what they can do for you.
What An ATM Company Can Do for You
A reliable ATM company will install an ATM at your marijuana dispensary without any cost. Here, the professionals have expertise in ATM processing. They have extensive knowledge about ATM programming.
From cash loading and digital monitoring to maintenance, they offer a range of ATM services. They can also be your helping hand for ATM screen advertising.
Are you looking for a reliable ATM company in Colorado to install an ATM at your dispensary? Consider making a deal with us. We are a reliable ATM company specializing in offering cashless ATM solutions. Our experts are available 24/7 hours to provide technical support. So, drop us a message immediately!