Cashless ATMs enable dispensaries to accept debit cards and PIN-enabled credit cards as payments. This helps to reduce fraud and chargebacks and is proven to increase ticket sales on average by 30% and tips by 50% with next-day funding. Payment terminals are available for countertops with Wi-Fi or 3G/4G for delivery. In addition, POS integrations are available, depending on the business’s needs.
Dispensaries cannot accept credit cards because cannabis is still illegal at a federal level. In the past, cannabis businesses have operated with cash only due to these federal restrictions.
Ian Rassman stands behind a network of cannabis financial providers that offer solutions to meet the payment processing needs of organizations of all sizes. Our company specializes in compliant banking and payment solutions servicing the cannabis industry.
Keeping track of cash payments is complicated and challenging. Cannabis payment processing allows retailers to automate transaction reporting in a way that is impossible when dealing with cash. In addition, having large amounts of cash anywhere is a security risk. It is widely known that many cannabis retailers deal in cash, which might make customers feel uncomfortable and even deter them from visiting. Many people opt for more frequent, smaller withdrawals to avoid the risk of having too much cash on hand.
Cashless ATMs are the most widely used cannabis payment methods. Not to be confused with the traditional form of ATMs, which is a cash machine that allows users to make financial transactions such as withdrawals, deposits, and transfers. A cashless ATM will enable users to use their bank cards to buy marijuana instead of withdrawing cash. After the user inserts their bank card into the point-of-sale device, money is transferred from their account to the dispensary.
Despite their similar names, Cashless ATMs don’t look like traditional ATMs. Instead, they appear as a standard payment card terminal at the checkout counter.
Debit Processing / Cashless ATMs avoids the federal ban by miscoding the transaction as a withdrawal. The service has been offered as an alternative payment solution for 8 years. In addition, this technology has become widely adopted because it was the first card-based solution to Federal Marijuana Bans.
Ian Rassman built an impressive network of partners with the technology to process transactions with PIN-operated debit cards through Cashless ATM symptoms. In this process, the funds are electrically transferred to an account of the user’s choice. The transaction allows customers to avoid high fees associated with credit cards. Also, for those conducting cash-only transactions, a cashless ATM would offer a decreased risk of transporting large sums of cash.
For businesses conducting Cash Only payments, this solution would cut down on the risk and hassle associated with typical sales. The system can help business owners create better relationships with their customers by giving them more options.
Ian Rassman has built strong business relationships with numerous cannabis payment processing providers that offer an extensive list of financial services. These organizations provide services that utilize only the most advanced technologies, integrations, and offer their clients exceptional customer service.