Because of all the regulations in the cannabis trade, many banks don’t service dispensaries. This can lead to a whole host of problems from manually keeping track of your cash-on-hand to protecting it from theft.
It can also lead to dispensaries being a target of thieves, which heightens the risks for those working there.
With that said, there are small financial institutions and payment processors that work with and may even specifically cater to cannabis dispensaries. Both can provide a number of worthwhile benefits worth considering.
Starting with banking institutions, here are some of the top benefits for cannabis dispensaries:
Banks can provide a level of protection, often backed by insurance, that can help safeguard your profits. In turn, it will lower the risk of your dispensary being targeted by thieves if there is not much cash on-site.
Banks will handle a lot of the behind-the-scenes work, keeping track of how much you deposit, and your sales, and generate a paper trail. This can be a big help when filing taxes, qualifying for loans, and even selling your dispensary if you’re ready to retire.
All the behind-the-scenes work, including protecting your profits, all contribute to greater cost savings. With a bank account, there’s no need to spend as much protection on the money that’s in your shop and there is a lot of time and money saved when it comes to all the manual paperwork and tracking that would need to be done if you did it yourself.
In conjunction with a bank account, payment processors can provide a number of worthwhile benefits:
Younger generations in particular don’t often carry cash on hand and prefer non-cash payment options. By using a cannabis-friendly payment processor like Toke, dispensaries can accept more payment options and keep track of all transactions.
POS (point of sale) software that is specifically tailored for the cannabis industry can offer loyalty programs that are designed to keep your customers coming back and can be fully customizable for your specific needs.
POS payment processors have been shown to increase order sizes which increases overall profit.
Apart from keeping track and ordering all transactions, payment processors made specifically for the cannabis industry adhere to regulatory guidelines and can help keep everything above board and avoid any hassle of doing it yourself.
POS software can provide real-time analytics that can help you better manage your shop. For example, it can track how much inventory you have and when you need to order more along with data on which products are selling the best.
Cannabis-specific banking and payment processors can drastically reduce your workload, optimize your store, and help you better keep track of and protect your profits. Just make sure to always read the fine print and choose banking and POS software that are not just getting “off the ground” and instead have a solid history in the business.
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