As the cannabis industry continues to grow in the United States, so does its propensity to get caught up in scams. Since it’s not federally legal, the cannabis industry is strictly a cash business. This puts an unnecessary target on their back from people looking to steal from them. As the legalization of marijuana continues to grow, it is even more important to beware of marijuana banking scams. Let’s take a look at a few examples of those scams and how cannabis credit card processing from Paybotic can help.
Types of Scams
Since cannabis dispensaries and companies are cash businesses, they are susceptible to crime. This is a result of the amount of cash on hand at any given time. But they are susceptible to more than just the “smash and grab” criminal. Since banking isn’t regulated at any level, there are many “companies” out there that claim to be financial business solution companies. These E-wallet companies might throw out claims that they have banking options, they actually don’t. Instead, they are taking advantage of the current financial situation of the cannabis industry and scamming companies out of money.
Are You Looking for a Trustworthy Cannabis Credit Card Processing Company?
Luckily, there are good companies out there that are here to help dispensary owners and others in the cannabis industry. At Paybotic, we will work with you to set up a processing system that will ensure that you aren’t getting scammed out of your hard earned money and your clients can have a safe way to pay. Leave us a message or call us at (844) 420-4729 to learn more!