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Cannabis Payments

ROI of Cashless Cannabis Payments

How to determine the best cannabis payment solution for your business.

Updated:
July 6, 2022
by
ROI of Cashless Cannabis Payments

When deciding which cannabis payment option makes the most sense for your business, be sure to keep the following variables in mind:

Margin

How does a given cannabis payment solution affect your bottom line? While there may be a fee, consider the impact of a cashless payment solution to increase the total transaction value. Be sure to understand all the costs associated with a payment solution. When comparing margins across payment solutions, don't forget to consider cash management, compliance, and settlement times.

Revenue

Does a given payment processing solution affect your business's ability to generate income? You might be able to get away with passing fees onto customers, but as the cannabis space evolves, consumers look for the best products and the best buying experience. The ideal cannabis payment processing solutions will benefit all parties involved.

Current Retail Operations

How does your current payment processing affect your broader operations? Asking customers to visit an ATM, wait for assistance at a single register, or go out of their way while visiting your store, will increase wait times and impact your bottom line.

BOPIS, Curbside, & Delivery

Curbside pickup, BOPIS, delivery, and other shopping channels are becoming increasingly popular. Be sure to select a cannabis payment solution that makes it easy to process payments for all shopping experiences.

Integration

How easily can you integrate a given payment processing solution into your already-existing operating systems? A payment solution should be simple for consumers, budtenders, and management alike.

Optionality for Customers

In the non-cannabis space, customers choose between Visa, Mastercard, American Express, PayPal, Venmo, AfterPay, Klarna, Gift Cards, and more. Customers making a cannabis purchase may also want the ability to choose how to pay. Ultimately, the more difficult you make it for customers to pay you, the more difficult it will be to continue generating business.

Customer Experience

Place yourself in the shoes of your customer. What types of payments would you, as a consumer, prefer to have available? Anything that can be done to increase security, efficiency, transparency, and legitimacy will make it much easier for you to ensure your customers are happy.

Conclusion

Clearly, there is a lot to consider when choosing which cannabis payment process is ideal for your dispensary. When considering all variables above, it’s evident digital payment providers, like Aeropay, will become the preferred payment solution in the cannabis space soon.

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