The cannabis industry is booming with unprecedented opportunity as new markets emerge across the United States. For ambitious entrepreneurs looking to claim their stake, this exciting time demands a strategic partner. Evolve Payment stands as your dedicated ally, bringing years of expertise in navigating high-risk industries to the forefront of cannabis commerce. We are poised to ensure your success in this dynamic landscape.
The Evolving Landscape of Cannabis Commerce
As more states legalize cannabis, the industry is shedding its “cash-only” stereotype. However, traditional banking institutions remain hesitant to accept cannabis-related payments due to federal regulations. This creates a significant hurdle for businesses that rely on efficient and secure payment processing for operation.
As a result, many businesses resorted to cash, “cashless ATMs,” or processing credit transactions as debit transactions. These actions made them susceptible to theft, fraud, and in the case of processing credit as debit, losing their business license. Customers also fell victim to fraud through undisclosed fees associated with “cashless ATMs.”
Evolve Payment is uniquely equipped to help cannabis businesses overcome these hurdles, providing compliant, efficient, and scalable payment solutions from day one.
Streamlining Business Transactions with ACH Cannabis Payment Processing
At the heart of our support for dispensaries and other cannabis businesses is the Green Card ACH payment system. This payment method offers the convenience of cash and credit card transactions, with the added benefit of security and compliance. Integration into your POS (point of sale) system is easy, letting you focus on your business, product, and customers.
- Convenient: Customers open their app and use a unique QR code to pay for their product, eliminating the need for cash.
- Fast: Transactions occur in real-time, much like a credit or debit card.
- Secure: Digital transactions mean less cash on site, improving safety for businesses and staff.
- Compliant: Every transaction has a clear paper trail, reducing the chance of fraud and giving business owners, financial institutions, and customers peace of mind.
Reducing Processing Fees Through Ad Partnerships
ACH fees, along with state taxes on cannabis products, are typically passed onto the customer. This drives up the cost, making prices seem excessive for a single product.
One potential solution that’s a growing topic of discussion within the industry is ad partnerships between cannabis brands and dispensaries. Under these sponsorships, cannabis brands would cover a dispensary’s ACH fees in exchange for prominent cannabis product displays, much like how beer signs grace liquor stores and bars.
Evolve Payment is at the forefront of these discussions, ready to help dispensaries and cannabis manufacturers capitalize on opportunities that benefit businesses and customers.
Comprehensive Support for the Cannabis Market
Navigating emerging cannabis markets demands a partner knowledgeable in cannabis compliance and growing businesses in high-risk sectors. Evolve Payment offers the resources, technology, and support to succeed in this rapidly evolving industry. We confidently hold the cannabis compass in hand and are ready to help guide your business toward market dominance. Send us a message to start the conversation!