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Cannabis Payments: The Value of a Reliable Cashless Solution

Cannabis
November 7, 2023
Kenny Long

Many cannabis businesses are trying to capitalize on the 41% of Americans who say none of their typical purchases are done with cash. As the cannabis industry legitimizes, dispensaries want their customer experience to feel like going to a coffee shop or grocery store. 

To give dispensaries this option, hundreds of payments companies have come out of the woodworks with workaround solutions like cashless ATMs, PIN debit, and even credit card processing

These cashless options have been a light at the end of the tunnel for cannabis retailers, until the day they suddenly stop working—which is happening more and more frequently

While so many companies are pitching “compliant cash-free cannabis payments”, they never mention the fact their solution isn’t actually legal, and has a high likelihood of being shut down—leaving you with nothing but disconnected card terminals and empty promises. 

There’s immense value in choosing a reliable provider for cannabis payments, this post explains why.

What’s the most reliable cannabis payment option? 

Recent statements from major card networks like Mastercard and Visa have made clear what’s always been true—as long as cannabis is federally illegal, dispensaries won’t be allowed to accept cards. 

The only legitimate and compliant payment option for cannabis retailers are bank-to-bank (ACH) digital payments (like Aeropay). ACH payments allow cannabis customers to send money directly from their bank account to the dispensary in one click from their phone. 

ACH payments aren’t just the only reliable option for dispensaries, they also increase dispensary efficiency and boost revenue.  

The value of reliability for cannabis payments

Cannabis retail is one of the most heavily regulated industries. It’s also projected to be valued at almost $450 billion by 2030. 

Savvy dispensary owners understand they need to offer consumers alternative payment methods from cash, but there is a significant risk when those solutions aren’t reliable. 

Picture this: You’ve implemented a new debit card processing solution at your dispensary. Customers are happily swiping their cards to pay for cannabis, when one day your card readers stop working. You call for assistance only to learn there is no fix in sight. 

Now, customers are coming in expecting to pay with a card, but you’re forced to tell them it’s no longer an option. There’s a clear negative impact on customer experience and you’re back to square one as a cash-only business.

This is a real risk with the majority of processors who advertise cannabis payments.

Alternatively, offering a 100% compliant solution like Aeropay means you can invest in customer adoption of digital payments for the long term, without fearing an eventual shutdown. 

ACH payments let your dispensary enjoy the benefits of digital payments, like higher customer spend, improved efficiency, larger tips, and increased online orders—forever. 

Get reliable cannabis ACH payments

As you look for a reliable payment solution for your cannabis business, consider Aeropay digital payments

Aeropay offers secure and instant digital transactions for cannabis retailers and business to business payments—eliminating the need to keep hauling duffle bags of cash around. 

Aeropay has never been shut down because ACH payments are the only compliant payment option available for dispensaries. 

Schedule a 15 minute demo to see Aeropay’s full digital payments solution and put bank-to-bank transfers to work for your business.

Author

Kenny Long

Senior Client Success Manager
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