Cash is becoming a thing of the past. Yes, it is still very much in circulation and will likely always stay that way to some degree. However, over the last few years, contactless and cashless payments have become the new standard in paying for most anything, that includes cannabis payments.
Contactless payment methods have become so ubiquitous that most people don't even use cash regularly anymore. According to a national survey, only 50% of Americans carry cash with them at any given time, and it’s usually less than twenty dollars.
QR codes, in particular, have become the latest trend for all markets. For cannabis payment processing, they’re a complete game-changer and offer lots of benefits for business owners.
What are QR Codes and how do they work?
In the early 1980’s, almost all major manufacturing or large-scale distribution operations switched to the barcoding system because of its efficiency and cost-effectiveness.
The "QR" in a QR code stands for "Quick Response." Essentially, it's a scannable code that seamlessly stores data for just about anything with a digital pulse. It's similar to a barcode but faster in pulling up information from URLs or other information.
Despite its quickness and capacity, the QR code didn't catch on until around 2018, when developers started making scanning apps for smartphone can quickly read a QR code with their camera. They've become the go-to for all types of businesses across all sectors.
Companies use QR codes for payments, marketing, advertising campaigns, and sharing business information. Starbucks and Dunkin’ Donuts both have great cashless options using QR codes. Even big box stores like Target and Walmart use them. So, why not payments for dispensaries?
Most consumers, especially younger generations, are already using the latest tech and are no strangers to QR codes. Currently, sales numbers in the U.S economy are influenced heavily by Millennials and Gen Zers. They prefer convenient and on-the-go payment methods using digital wallets, cash transfer apps, or cards, whether they're paying in person or online.
What are the benefits of using a QR code?
QR codes have become the most popular digital payment method for dispensaries. They are easy to use, completely accessible to anyone who has a smartphone, and the process is quick and painless.
Whether you're running a marijuana delivery business or a retail dispensary, here are a few benefits QR codes can offer if you use them for your cannabis eCommerce payment processing.
Easy to use
Before, it may have been necessary to download a separate application on your smartphone to scan a QR code. All new smartphones now come with a scanner built right into the camera. All you have to do is open the camera app and hold the camera like you’re about to take a photo of the QR code. A notification will pop up with a URL directing the user to a particular website.
Simple to set up
QR codes are so accessible that you can create one in less than a second. There are also a ton of free QR code generators for businesses to quickly set up a QR code linking directly to their website or payment portal.
No expensive hardware
There’s no need to buy additional hardware to make transactions happen. Just be sure to display the code near your store's checkout. You can scan a QR code from paper or a digital screen, so you can easily print the code and display it on the counter with an acrylic display. If the customer is purchasing online, all you have to do is insert the QR code image somewhere on the payment portal page.
Easy and preferred user experience
Customers prefer to make digital payments because it's easier and takes less time than fumbling with cash. With QR codes you can create a better user experience with faster transactions that will likely generate more. Plus, you won't have to worry about keeping cash on hand, making change, or counting money totals at the end of the day.
Most secure way to pay online
All QR codes use tokenization, a process that secures the sensitive data linked to the code by replacing it with stand-in data, known as a token. Cryptocurrency is protected in the same way and is the safest way to keep your data private.
Use Aeropay's QR code payment process for your cannabis store
The Aeropay QR code payment process is seamless and ideal for cannabis businesses. Whether your customers are paying in-store, ahead of time online, or for delivery, you're creating a fast, convenient and preferred way of handling transactions. Customers are far more likely to return, and you're likely to save yourself many headaches.
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