Now that COVID-19 has grown into a global concern, businesses everywhere are moving toward cashless systems. Although health experts believe the risk of transmitting the virus via money remains negligible, it is still a fear among many. This makes virtual commerce an enticing prospect for companies across the board, especially those within the cannabis industry.
Because it has not yet achieved across-the-board legalization, marijuana sellers face struggles that other industries do not. Traditionally, cash has been highly encouraged, as credit card usage is likely to bring the attention of federal regulators. Additionally, many creditors are issuing blanket denials of all dispensary transactions.
Pot distributors now have a new method of payment perfectly built to suit their needs. Topnotch provides comprehensive payment solutions for the cannabis, CBD, and hemp industries and ensures total compliance and continuity by partnering with banks and other lending institutions that understand the specifics of the underwriting process for cannabis products and businesses. Our cash-free ATM manufacturers offer secure alternatives to handling dirty coins and grimy dollars.
Customers connect traditional credit cards with these systems. When approaching a kiosk, buyers input their PIN just as they would at a typical ATM. Transactions appear on credit card statements as standard cash withdrawals or advances, leaving big plastic none the wiser.
Cannabis businesses stand to benefit greatly from these devices. To start, their transaction fees are decidedly reasonable. In fact, they remain considerably lower than those typically charged by credit card companies. Dispensaries can also implement convenience fees that match the financial burden attached to this new means of payment processing.
Setup is quick and simple. No point-of-sale system integration is necessary and weed-centric ATMs are compatible with all manner of online access. Bluetooth, dual-band Wi-Fi and 4G are all supported. Any style of virtual payment can be accepted, everything from mobile wallets to magnetic-stripe cards. Importantly, these machines are a snap to maintain.
Best of all, solid data encryption ensures that hackers will never be able to gain access. Marijuana-focused ATMs are great for reducing fraud, as well as transaction disputes. Getting rid of your cash register for good has the added benefit of blessing you with additional counter space. Besides all these positives, what could be nicer than never having to take a trip to the bank ever again?
The cannabis industry faces legal hurdles that make their activities particularly difficult and our current pandemic makes business for them even trickier. Thankfully, cashless ATMs have arrived on the scene and are already easing the situation. Interested in learning more? Contact the Topnotch team today to get started.