ATM has changed the industry a lot and has become one of the best ways to make fast transactions. This is why many business models change their processes to make it easier for their clients to trade. The biggest reason why ATM machine for dispensary exists is that many credit card companies won’t allow their clients to make transactions at marijuana stores.
This has been a problem from the start, but you can now have an automated teller machine that benefits you and the customer. Of course, there is much more to it than just buying one. You will have a few buying options and, according to your business, you will choose which one works the best. Cash is still the best way to purchase in this industry but sometimes clients don’t have enough at the moment and need some kind of alternative.
What’s Its Difference from Regular ATMs?
This type of machine isn’t very different from a regular one and it’s not only used for legal cannabis purchases but also for other risky businesses like strip clubs and adult products. One of the key differences is that the cashless type processes only debit card transactions and credit isn’t supported. A good thing is that the user interface is familiar to clients where they will just swipe it and enter the PIN.
The next step is also different, instead of providing cash the machine will provide a voucher that is approved in the amount of $10 or $10 with a certain fee. This piece of paper proves that the amount was debited from the customer and reserved for the seller. They will use it to make a purchase and the money will be transferred to a dealer’s bank account.
You should remember that the voucher is only valid at the store where the cashless ATM is displayed. The change will be returned in cash and how big the voucher can be will depend on the store. They are a very important part of the businesses but there might be changes in the future when it comes to payment options. Read more on this page.
Buying the Machine
The first option you will have is to buy the whole machine for your dispensary and take ownership but there are some things you need to look after. It is great that you won’t need to pay for transaction fees like when you are leasing it and you have a higher earning but sometimes that isn’t the best choice. Before even making a purchase, you would want to look for the latest technology so it can run smoothly for as long as possible.
A type of model that will work great for you will depend on the space where you would like to place it. Only the appearance is different, most software works similarly. You can use some of them wherever you like in the store but there are also options to place them inside the wall so you can have more space.
Placement and Leasing
Some business owners don’t even want to be the owner or even to lease it so they just call the company that sells ATMs and tells them to bring one. The way they earn is through a monthly payment depending on the location. This is also a great option because the dispensary gets free installation and delivery, also repairs and maintenance while getting a monthly payment.
If the company is growing and it is too expensive to purchase the machine, leasing can be a smart option until you increase the budget. This way, companies that provide the machine will earn through payments on it while dispensaries earn through transaction fees. The payment options will depend on the provider so do your research before making moves. This works for dispensaries because the lease is always the same and expenses are cash deductible.
If you own a large business, there might be other options that these companies are willing to provide in order to get a great partner. You would want to have someone install it and take care of it so you can split the responsibility 50/50. You can fill it with cash when needed and split the revenue earned.