marijuana dispensary credit card terminal

#Marijuana dispensary credit card terminal registration#
#Marijuana dispensary credit card terminal verification#

You can accommodate many types of customers, including recreational, medical, and CBD users, and ultimately it’s the most efficient system. It’s also easy to set up for both over-the-phone and in-store purchases. Other benefits of virtual terminals and online payment processing include the cost efficiency, because the dispensary doesn’t have to pay for any physical equipment. This also makes it easy to take orders over the phone as well as online.

#Marijuana dispensary credit card terminal verification#

The dispensary can use the card and compare it to the MMV system to run verification when processing payments. A virtual terminal doesn’t accept physical cards but rather uses the information from the card to process payments, which makes online processes seamless, and makes a good workaround for in-store purchases. Payment processing solutions such as virtual terminals are also a growing area of interest in the cannabis community. In these cases, it’s easier for merchant systems to work with the cannabis dispensaries, as they use the same medical processes that medical facilities use, connecting them with Medical Marijuana Verification Systems (MMV) to let sellers verify these cards.

#Marijuana dispensary credit card terminal registration#

In many states, there are specific regulations that affect who exactly can buy cannabis products, and these can include registration identification cards for anyone who grows, transports, handles, or consumes the cannabis product. CBD oil businesses, which are seen as more mainstream as they don’t produce the high that THC products do, are easier to manage with federal law as well. In states with the most permissive laws regarding cannabis sales, such as Colorado, cannabis credit card processing is doing great business. Cannabis Payment Processing Services and the Cannabis Industry What should just be a simple transaction requires the use of large amounts of paper money, armed guards, and armored trucks.īut there are some merchant services that are willing to work with cannabis retailers, and have taken the steps to navigate the minefield that is cannabis credit card processing. This results in all kinds of troublesome practices, such as needing cannabis dispensaries to be all-cash businesses (which means keeping large amounts of cash on hand in the dispensary and thus making them a prime target for robberies). In many places, banks that accept funds from a marijuana dispensary–even a legal one–can be considered money laundering. But the problem is that marijuana is still illegal on a federal level and is therefore a nightmare when it comes to finding cannabis credit card processing and merchant banking solutions to sell the products, both online and in person. In the United States in 2019, the marijauna market was worth more than $52 billion, and it’s expected to triple by 2025. Cannabis and CBD dispensaries are doing amazing business in the US now that they’re legal in 33 states for medical marijauna and 11 states for recreational marijuana.