Running your business on cash-only basis means paying employees, bills and taxes in cash. It means no credit or debit card payments from clients. No small business loans or real estate mortgages. No services from mainstream armored car companies that also contract with the federal government. No official records to build credit or establish a financial identity.
And it means a lot of cash that must be stored somewhere and makes marijuana businesses an even greater target for crime, let alone risk of employee theft. It is estimated that retail stores lose up to a collective $60 billion a year in merchandise due to employee theft. This is even more of a serious problem for marijuana entrepreneurs. In fact, up to 90% of losses reported by dispensaries are due to employee theft! Then this leads to a high employee staff turnover rate, which is ALWAYS costly and time-consuming.
There are several benefits of running a business with minimal cash. Having powerful systems, especially Point-of-Sale (POS) and cashless payment systems, will transform the way marijuana dispensaries do business. While POS system allows for inventory tracking and daily sales reconciliation, a cashless payment system will make it easier, faster, and more convenient for marijuana retailers to stay on top of the financials. At CannaPay, we work with your dispensary not only to consult and assist you with just payment processing, but also to make sure you can make better use of your payment processing data to optimize operational efficiency and increase your bottom-line profits.
Need help accepting cashless payments at your dispensary? Talk to us (844) 420-4729 or fill out this form and we will reach out to you immediately.
We thrive to provide you the absolute best transaction processing experience merchants in the cannabis space. Any solutions you need, we will get it to you at the best pricing, from credit card processing to point of banking to E-check to ACH and Gift Cards. Not just that, we are constantly developing enhancements at our clients’ requests to help make your business as successful and profitable as possible.
Even when the payment landscape for the cannabis industry constantly changes, you deserve to be able to utilize actionable payment insights can be combined with your existing decision tools/metrics to maximize values added to your business, just like any other traditional industry. We help you make it happen, assisting you take appropriate measures and actions to accommodate their payment needs while also remain compliant, protected, and cost-effective.
Customer support has been key to getting us where we are today, and will continue to be at the core of business. We want your business for many years to come. That is why all of our support is done in-house. Anything you need, ask away anytime. Our support team is there for you whenever you need us.
