One of the fastest-growing businesses in the world is related to marijuana growth because more countries are legalizing it. This means that dispensaries are opening worldwide and creating a huge market that generates billions in revenue. You can expect it to advance even more when we get reliable studies about the benefits people have.
Most of the owners realize how much ATM’s are important when they start getting a lot of clients fast. The problem is that it’s considered illegal on the federal level so shops need to find a new way to manage it. This means that major credit card companies won’t work with them so creating their own cards is the only option. Using cash is great but it’s always better to have more options.
Why Dispensaries Need Them?
The biggest reason why the dispensary ATM machine is needed is that they have limited cashless options. Banks won’t work with them because there is a risk of being accused of money laundry so cash is the only way to go. This considerably limits their ability to take credit/debit cards or checks from their clients.
Another problem owners might have with these machines is the maintenance part because it needs to be constantly used in order to be profitable so every breakdown means a loss in sales and revenue. So, it’s not only important to buy the cheapest option but also use it a lot and in a good area. Being a shop that only accepts cash, they are a great location to buy or rent one.
An ATM seller will always have a plan for shops and banks when it comes to maintenance so they won’t experience any issues that other owners can. They will have a maintenance plan so the downtime is minimal and you could expect a reliable repair technician working on it. Time is a very sensitive factor here so the shop should also be careful where they get the machine.
How to Get One?
If you own a dispensary you probably know all the difficulties with processing payments. If you don’t own one, but you are planning to open you should do deeper research about the topic because the competition is tough. Some of them will implement cryptocurrency options but it isn’t a very popular choice so you should stick with regular currency.
The first thing you can do is to purchase is straight from the manufacturer which can have many advantages if you have a lot of clients. If the company is reputable, they will have warranty coverage and they will have the installation price included. Another benefit is that more than 50% of users will make a purchase since it requires cash and they are at the spot. You can consider it as an additional source of revenue and your customers will also view it as a benefit.
You can consider it as a disadvantage when you have to do the maintenance. If you don’t want to buy it because you don’t have enough data about the number of customers that would use it, you can always apply for a placement program or rent it. Most companies will offer to work with you and share the profits but also you can rent it and check what you can expect when you make the purchase.
There are speculations that cannabis business will grow other $50 billion in the next 5 years which is an amazing growth considered how young the industry is. The challenges are still there legally they have issues that prevent them to have more payment options. It will be much easier when the government accepts them but they will need to go with the options they have now including ATMs for marijuana shops. Get more information here: https://articles.bplans.com/how-to-open-a-marijuana-dispensary/
A model should be picked based on the layout of your space, location and size so the most expensive type won’t always be a great choice. The brand needs to be reliable because clients will recognize it and it might be the reason why someone won’t make the exchange. This will assure that they have the latest security systems. It should be on a visible spot and with a design that will attract the client.