As if there weren’t enough obstacles facing dispensaries, the payment method used by most pot shops in the U.S. is now on its way out. Cashless ATMs, which have been a popular and useful workaround allowing millions of Americans access to legal cannabis, are seeing a nationwide crackdown stemming from strong risk aversion by the major U.S. banks and ATM processors. Several states are already reporting complete outages, from small mom and pop pot shops, to larger MSO’s across the U.S..
So why is this happening? Cashless ATMs have been operating in a gray area of payment processing, in using a short-term workaround rather than a long term solution. Now that major payment players like Visa have grown wise of the scheme, they are slamming the door shut on these types of transactions to protect themselves, as cannabis is still federally illegal in the U.S.
There are more reasons to switch to ePaymints than just being able to accept debit and credit cards. This unlocks a whole new world of advertising opportunities based around your quick and easy payment experience. And since customers will no longer be limited by the amount of cash they have on them, they can now buy larger quantities of product. In fact, the average ticket price goes up 25%, while including a tip line for the budtender!
So if you want to upgrade your cannabis business’s payment options ASAP, give us a shout! You can reach our veteran team at info@epaymints.com, or sign up for a consultation at https://epaymints.com/integration-onboarding/ ! We would love to help your business flourish, and eagerly await your message!
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