Post date: 9/15/2022

Running a marijuana dispensary can be a risky business. Not only are there valuable products to be secured, but many dispensaries also carry large amounts of cash. The combination of valuable, in-demand products and large stashes of cash make dispensaries prime targets for thieves.

Armed robberies of marijuana dispensaries are on the rise. In Washington state, alone, there were more than 50 armed robberies of pot shops in the first five months of 2022, more than in all of 2021 or 2020. In at least three of those robberies, dispensary workers were shot and killed.

One way to better secure dispensary assets, and employees, is to invest in security safes and more armed guards. Better yet, secure dispensary payments by offering customers electronic payment alternatives.

Consumers prefer to pay using cash alternatives like debit cards. In fact, debit card transactions at the point of sale have been growing at a rate in excess of 20% a year since 1996, and now exceed credit card payments, according to the Federal Reserve.

Point of Banking solutions are tailor-made for retail dispensary sales.

A Point of Banking machine works like an ATM, only it doesn’t dispense cash. A customer swipes their card, enters their PIN and a dollar amount to cover their purchase, then receives a receipt which is presented to the dispensary clerk. When the transaction is completed, the customer receives any change in cash.

Point-of-Banking transactions process through regional ATM networks, and merchant funds are deposited in federally-insured financial institutions.

  • There are plenty of advantages to Point-of-Banking solutions beyond the improved security of eliminating excess cash.
  • Set-up is quick and easy and the device takes up very little counter space. Simply plug the device into an outlet and connect it to a phone line or internet and you’re good to go.
  • Point-of Banking devices can be used to accept debit or PIN-authorized cash advances from customers’ credit cards.
  • Increased customer spend – customers spend as much as 80% more when using a card to pay for purchases rather than cash.
  • The risks of chargebacks and fraud are practically eliminated since customers must input their unique PINs to complete transactions.

Paybotic’s Point of Banking solution has been built for cannabis businesses, and provide secure payments to dispensaries across the U.S.

Want to learn more? Click here to start the conversation.

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