If your dispensary only accepts cash or only employs one limiting payment processing system, you’re missing out on a huge chance to save time, and money, and provide a better consumer experience by leveraging cannabis payment solutions. In this post we This post, will discuss the drawbacks of operating a cash-only dispensary, as well as the advantages of using cannabis payment solutions at your dispensary. Finally, we will also take a look at some Cannabis payment solutions that you can implement at your dispensary.
Disadvantages Of Being A Cash-Only Dispensary
Following are the disadvantages of operating as a cash-only dispensary:
External And Internal Theft
Large sums of money on the premises might increase the danger of theft and pose a safety concern to both employees and customers. External theft is responsible for 10% of all financial and product losses in the cannabis sector. Employee theft, on the other hand, is responsible for around 90% of all losses.
Employees use a cash-only POS system, are paid in cash, and are aware that there is a cashbox on-site as well as an armored car that makes regular trips. Having significant sums of money in your possession might lead to temptation. Aside from putting in place strict protocols and surveillance technology, dispensaries can reduce the risk of internal theft by thoroughly assessing their employees for integrity and reliability through exhaustive background checks and references. A hiring error and inadequate security measures could cost the company time and money, a scenario that is all too often.
Limited Cart Size
If you’re a cash-only dispensary, your customers’ options are limited to how much cash they have on hand or how much money they choose to withdraw from an ATM. Because of the additional work required to obtain more money, dispensary customers are much less likely to be upsold above their initial set spending limit.
Sub-Par Customer Experience
According to research by Fundera, 80% of Americans prefer to pay for items with debit or credit cards, while only 14% prefer to pay with cash. Furthermore, only 16% of Americans carry cash with them at all times.
Benefits Of Cashless Payment Processing
Following are the benefits of implementing cashless payment processing at your dispensary:
Better Customer Experience
Processing cashless payments allow customers at your store to spend less time in line and pay in the ways that are most convenient for them. Meeting the demands of your customers boosts your reputation as well as your profit line.
Faster Transactions
Cashless payment technology allows you to service more customers in addition to being more convenient. Each transaction is completed faster, allowing you to sell more goods and services to more people. Every day, you increase the number of sales opportunities available to you.
Better Security
Secure electronic payments allow users to transfer money without having to carry cash. It reduces the efficiency of a robbery in the store and secures your revenue more than cash payments ever could.
Data Collection
You get customized data about your customers with every electronic payment transaction. As a result, cashless payments help you conduct better market research and get to know your customers better.
Accounting Accuracy
Counting cash receipts makes you prone to human error. While your payment solution automatically tracks money received, it improves the accuracy of your accounting by removing the possibility of errors.
Accounting Efficiency
Automated accounting is not only more precise, but it is also faster. A processing solution linked to your accounting software saves you time and money by eliminating the need for manual accounting.
Top Cannabis Payment Solutions
BrytePay™
Payment processing for cannabis is a challenging operational undertaking. And Brytemap is here to help your dispensary accept payments in the most efficient and cost-effective way possible. BrytePay is one of the most reliable and cost-effective ways for your cannabis dispensary to eliminate cash payments. It also boosts security by funneling less cash through your operations.
Aeropay
Aeropay is a fintech company that enables people to enjoy cashless transactions.
Their solution enables businesses to accept a complaint, cashless, and contactless payments, while customers enjoy the ease of spending. Paying with a personal mobile device instead of cash or cards offers safety, convenience, and a modern lifestyle.
Aeropay is the superior way to transact, thanks to smart and secure technology and a focus on compliance.
Paybotic
They are a group of skilled payment experts who’ve spent several years forming and strengthening a network of domestic and international partners to provide solutions for practically every type of legal high-risk business. They customize a high-risk payment solution by picking the best partner alternatives to suit your precise needs, whether your business needs debit card processing, ACH processing, check service, or any other payment solution.
POSaBIT
They offer a complete payment solution for cannabis retailers and dispensaries of all sizes. They don’t believe cannabis shop owners should need numerous solutions to run their dispensary business because they have an innovative point-of-sale and a variety of cannabis payment processing choices.
Takeaway
Cashless payment technology allows you to get more done in your work day and earn more money in the short and long term. Work with a payment processing company that will enable your business to accept safe electronic payments. With today’s technology, there’s no reason not to propel your company forward.
