The COVID-19 pandemic forced businesses across all industries to navigate uncharted waters to maintain sales. Grocery stores and restaurants have completely reconfigured how they conduct business to minimize infection risks to their employees and customers. Since COVID-19 is so easily transmitted, it would make sense for cannabis businesses to implement cashless payment options to protect everyone involved.
Obstacles on the Road to Cashless Payments
Marijuana dispensaries and other cannabis businesses operate with cash-only payments from customers. The major reason for this is that banks and other traditional payment channels are still concerned that setting up merchant accounts for cannabis businesses will get flagged by federal regulators and credit card networks. Declining credit card payment services to cannabis businesses is a preemptive move, but it also reduces cash flow for cannabis businesses. In a sense, those credit payment companies are leaving money on the table.
The Case for Cashless Cannabis Business Transactions
Cash-only payments only increase the risk of contracting COVID-19. All it takes is one asymptomatic customer handing over cash for a purchase, and those in the store are suddenly at risk for infection. If that cash is used for change later on in the day, or put in a deposit order, everyone who comes in contact with that money will be open to the coronavirus. At the heart of the matter, cash transactions perpetuate the pandemic.
Cashless Options for Cannabis Businesses
Until credit card networks ease their restrictions, there is one simple solution that cannabis businesses can employ to achieve cashless payments. Cash ATMs allow cannabis businesses to accept payments that are authorized by their customers’ debit cards. Cashless ATMs work just like regular ATMs, except there is zero contact between customers, business employees, and cash. Payments can be made via mag-stripe cards, mobile wallets, and other methods, and cashless ATMs can be connected via WiFi, 4G networks, and Bluetooth. What’s more, the fees for cashless ATM transactions are lower than those charged for credit card transactions.
At Topnotch Payment Solutions, we provide cashless ATM solutions to cannabis businesses of all types. If you want to minimize health risks to employees and customers and protect your business against future risks, contact Topnotch Payment Solutions today and ask about our cashless payment options for cannabis businesses.