What do I do with all this cash?!
We know legal cannabis retailers have this weighing heavily on your minds
Currently credit card companies are not processing payments for cannabis businesses and banks are reluctant to take them on as clients. Instead cannabis businesses have to find other ways to run their business. Those that are all cash businesses are leaving their business, employees and customers vulnerable to crime. They are also running into road blocks when it comes depositing their money into their banks, often having to actually “launder” their money to mask any cannabis smells. Then there is the issue of paying employees, growers, taxes, bills, and licenses. New comers to the industry are not aware of the risks of taking on credit card processing, like square, where they run the risk of being shut down and blacklisted. The alternative option many dispensaries and retailers are having much luck with are Cashless ATM Terminals. Instead of running an all cash business they use a cashless ATM terminal that routes the money from the customers account to their account.
What is a Cashless ATM?
Cashless ATM is a debit card terminal, they look much like a typical credit card terminal many convenience stores have. However Cashless ATM Terminals are run on the ATM network. The business types in the amount (an increment of five, like an ATM machine), the customer swipes their card, types in their debit card PIN number and accepts the transaction. The money is then routed from the customer to the establishments account.
Why SingleSeed Payments?
SingleSeed Payments provides cannabis dispensaries and retailers with the Cashless ATM: a solution that works. Customers and patients swipe their ATM/debit card at the point of sale and their payment is transferred from their bank account to yours.
SingleSeed Payments has relationships that allow us to customize solutions for both unique and traditional businesses. We currently provide solutions to more than 100 legal dispensaries. Our involved presence in Denver, Colorado means we are aware of and acclimatized to the evolving needs of legal cannabis entities. We abide by the National Cannabis Industry Association Pledge and Code of Conduct in word, action and spirit. We want to work with you long-term. We want you to have the best systems in place: systems that address your individual wants and needs.
As more options become available and as technology is developed we will keep you informed, be in discussion with you, listen to you, and provide you with the best products and services available. Check it out with are featured in GeekWire!
Please comment on this post to get the word out on your cash issues—we are in this together.