A dispensary merchant account takes your financial handling out of the realm of dangerous cash and gives you power over your company. FinTech Group offers premium services for businesses in the Cannabis space.
Why do I need a merchant account?
Cannabis companies are profitable. Fifteen percent of dispensaries make between $500,000 and $1 million every year. In an industry with over $6.7 billion in sales, 25 percent of businesses exceed $1 million in revenue annually.
This is much better than even your local pizzeria which sees only $400,000 to $800,000 on average with top stores grossing just over $1 million in a few key areas. You need a customized financial solution to deal with everything from taxes to regulations.
What financial services does my dispensary need?
You work hard to bring in customers and offer the best product. Leaving your cash in the register is not advisable. Our financial services include:
- Payment processing
- Cash flow management
- The provision of pay cards
- An intuitive platform for dealing with your revenue
We provide the same services to your industry as the banks that often deny you give to other clients. There is no reason to suffer because of outdated federal laws.
Does my company need a payment card?
Any business has standard office supply costs. From marketing material and televisions to display ads to your technology and even the paper in your printer, there are business expenses to consider.
Payment cards allow for purchase orders to be made under the company without burdening employees. Even the most profitable businesses require lines of credit and cards facilitating the provision of vital business supplies.
Why do banks blacklist dispensaries?
Unfortunately, marijuana is still considered a schedule one drug by the federal government. This immediately places you on a blacklist at many banks worried about increased scrutiny and the potential of an investigation.
The cannabis industry is new and untested as well. Unlike in the past where banks eagerly signed up clients and even extended a line of credit, the easy funding period of the pre-2008 recession is long over with proven sales in a proven industry required for even the smallest line of credit.
Where can I bank for my dispensary?
There are many options for point of sale systems in the cannabis industry but relatively few for banking. Handling money is much different from facilitating a sale and often seen as involving companies to a much larger extent.
The FinTech Group does not maintain a blacklist for established companies approved by state governments. While we still strive to live within the laws set by the states, we are willing to help you deal with your financial needs, maintaining one of the highest approval rates of any company in our industry.
Opening a dispensary merchant account
Streamline your finances with a payment card wherever medical or recreational marijuana is legal. The FinTech Group supplies payment cards for your dispensary without maintaining a blacklist.
Our company has the highest approval rate in the industry. Visit our website to find out more.
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