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Cannabis Payments

Legal Status: Accepting ACH & Bank Transfers at Cannabis Dispensaries

Digital cannabis payments enable consumers to pay from their bank account directly to the dispensary using their mobile phone.

Updated:
July 6, 2022
by
Legal Status: Accepting ACH & Bank Transfers at Cannabis Dispensaries

Introduction

Using ACH and digital payment platforms, cannabis business owners can leverage financial technology (FinTech) to help protect themselves from legal challenges, minimize costs, and increase operating efficiency. These payment options offer various unique features, such as full integration, prepay, pre-authorization, and easy voiding/refunding. Both consumers and retailers prefer digital cannabis payment processing solutions, leading to increased market share for these payment platforms within the industry.

Undoubtedly, digital payments and cannabis continue to go hand in hand. As time goes on and the industry continues to grow, the use of digital payments will become even more widespread.

But why have digital payment solutions, like Aeropay, become so popular?

How do dispensaries address problems with cash payments?

Cash payments can be problematic for cannabis companies. Cash shortages, processing costs, and security issues are just a few of the common issues that cash can create. It is also impossible to accept cash for online orders or for customers to prepay with cash when they place an order for pickup. Digital payment solutions help businesses avoid these common issues, operate more efficiently, and keep better track of payments.

Streamlined Operations

Integrating with a digital payment solution like Aeropay, it is easy for a dispensary owner to monitor every component of their business from a single, centralized location. Tracking payments, generating reports, and correcting errors as needed can now all be done with ease.

Better Customer Experience

Aren't you tired of telling your customers, "We are going to charge you an ATM fee, round up to the nearest five, and then give you two dollars back—sound good?" If so, you are not alone. Digital payments are not only much easier for the cannabis retailer but also less expensive for your customers.

Same Day or Next Day Deposit

A few businesses remain hesitant to switch to digital payments because they worry about getting paid. Through advances in FinTech, payment timelines are significantly accelerated through smart bank to bank transfers. Today, Aeropay offers next-day or even same-day deposits.

Delight Your Customers Throughout Their Journey

Besides providing customer benefits at the physical register, a digital payment system also makes it easier to manage other aspects of the customer experience, such as Buy Online Pickup in Store (BOPIS), delivery, and more.

The cannabis industry has a lot to consider, and businesses are becoming savvier regarding their entire cannabis technology ecosystem, including payments.

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