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Why You Need The Option to Refund Cannabis Payments Digitally

Cannabis
September 21, 2022
Rachel Ludwig

If you are operating in a region like Colorado, California, or New Jersey that allows your store to offer refunds, one of the best ways to build customer trust is by implementing a fair and understanding dispensary return policy. Aeropay’s eCommerce cannabis platform provides a compliant, reliable way to offer dispensary customers refunds on their transactions. State regulations are a factor for dispensaries, but customers are likely to return and spend more at a business with a clear refund policy. Aeropay allows dispensaries to provide streamlined digital cannabis payments and refunds that return to the customer’s bank account. 

How important is a streamlined return policy? 

Most consumers want to know a business’s return policy before buying. In fact, research shows that 66% of consumers read a company’s return policy before buying, and 95% say they are more likely to buy from a brand again if they have an easy return experience. Budtenders understand that cannabis is a very personal experience, and some customers might be trying new strains and products for the first time. Offering customers a refund or store credit for their purchases allows them to shop without a worry. 

It’s no secret how important customer service is for businesses, and it turns out that having a smooth return policy is a vital step in customer care. New data shows that 96% of shoppers believe that a business’s return policies directly reflect how much a brand cares about its shoppers. 

Gain more control during unforeseeable circumstances 

Coronavirus reminded everyone that unforeseeable issues could happen at any moment. Businesses were extremely impacted by the pandemic, and the repercussions are still occurring today. Industries across the board are still dealing with supply chain issues, even cannabis manufacturers. Due to supply chain issues, some edibles are taking longer to produce than usual. When it comes to problems that might go wrong,  if you have the power to correct the situation for your customer it’s important to do so. If your customer orders a product online that becomes unavailable, through Aeropay, you can immediately refund them digitally. Prompt service will be far more memorable than the dispensary running out of a particular product. 

It can also be beneficial to void payments instead of refunding

With a marijuana payment processor like Aeropay, refunding customers is even more convenient by voiding payments. Although credit cards are illegal in the cannabis space, after a credit card processor verifies a customer’s account and funds, the funds are deducted from their credit line. However, those funds aren’t immediately transferred from their account to your business’s account. Typically businesses are paid by credit processors in batch payments on a schedule. This leaves funds unsettled, giving budtenders the opportunity to take advantage of voiding payments. When a purchase is voided, the charge is removed from the customer’s credit line and is never deposited into the dispensary’s account. 

With Aeropay, voiding cannabis payments is inexpensive and quicker than refunding cannabis payments using cash. If a budtender uses the option to void before the payment is settled, a dispensary can avoid the merchant fees associated with refunds. A voided transaction disappears from a patron’s statement in 24 hours. Refunds may take up to 3-5 days to process. 

Keeping track of balances can be a breeze 

A return policy might make incoming and outgoing funds a little difficult to keep track of for your dispensary if you only accept cash. So why not partner with a marijuana payment processor to do the heavy lifting for you? Aeropay was designed to be a leader in the payments and  eCommerce cannabis world by offering more for the budtender and the customer. Backed by the leading compliance-based banking program, Safe Harbor, Aeropay allows dispensaries to partake in standard banking practices and customers have a more convenient payment option that is completely contactless. Aeropay uses bank-to-bank transfers, a more secure and accurate way to handle funds. 

Each payment is meticulously recorded, saving business owners time and effort when it comes to reconciling their accounts. Without having to manually track charges and handle large amounts of cash, dispensaries have a clear picture of their income. With the help of a cannabis payment processing platform that manages a dispensary’s more challenging tasks, you are able to spend your time improving and expanding your business.

Aeropay has your back

Partnering with Aeropay gives your business the tools it needs to give customers the best experience with your products. They will feel confident investing their money in a dispensary that cares for them. So why not let Aeropay take care of your business? Request a demo today, and acquire compliant, contactless cannabis payments for your business.

Author

Rachel Ludwig

Digital Marketing Manager
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