The popularity of weed stores or marijuana dispensaries is on the rise. With states legalizing the consumption of recreational weed, people will have more access to these businesses. If you already run a marijuana dispensary, or have started one, then you’re on the right track. Projections show that this will be a billion-dollar industry in the next ten years. If you’re looking for ways to make things easier for you, though, consider putting an ATM at your shop. That way, your customers will have an easy time paying you in cash. Here are some of the things you need to know about getting an ATM for your shop dispensary and why it matters.
While many states already approve the use of recreational marijuana, federal laws as well as regulations are slow to accommodate these changes, so they still consider the substance illegal. That won’t stop the dispensaries in some states from operating. However, some card companies won’t let you use their card to buy weed at these shops. You can go around that problem, though, by providing an ATM to your customers. With an ATM for a marijuana dispensary, your customers can get the money they need to shop at your place with no worries.
Cash is King
Major banks that run on federal levels also don’t accept dispensaries as clients. At least, not yet. That should change in the very near future. But while it still hasn’t, companies are left in a bind as they cannot make deposits, unlike other businesses. That’s why many weed dispensaries allow cash transactions instead. It’s the fastest and most convenient way to allow customers to pay without all the other problems that come with card payments.
Not all your customers might have cash on them, though. That’s where an ATM comes in. By installing one by your weed dispensary, you make it easy and convenient for your customers to pay for their purchases even without a card. You essentially offer your market another way to pay for your products. An ATM makes it easy for them to get the cash they need.
Another handy side benefit that you get from cash transactions is that it doesn’t generate any of the processing fees that you’d normally get when you allow cashless transactions. When customers use their cards to pay for a purchase, you actually pay for the processing fees that incurs. When they pay with cash, though, you won’t have to worry about processing charges. They might not be a lot but if you have plenty of customers that use card transactions, imagine how much you’ll need to spend on the fees. With cash transactions, you save on costs.
ATMs can also increase foot traffic to your shop. Once they’re there to withdraw money, it won’t take them a minute or so to just enter your shop. With great marketing and promotions in place, though, it should be easy enough to encourage them to look around and shop.