Why Do Cannabis Dispensaries Require ATMs?

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Today, we live in a world where the stigmatization of cannabis decreased due to numerous studies that confirmed its health benefits. That is the main reason why numerous states across the US decided to legalize both medicinal and recreational use of weed.

Even though the US Government still considers it as an illegal drug based on the Federal jurisdiction, states have implemented ways for weed dispensaries to operate on their grounds without prosecution as back in the day.

By clicking here, you will learn everything about current marijuana regulations.

However, the main problem lies in the Federal ban onmarijuana, which created the inability for dispensaries to access mainstream banks.

Generally, if banks agree to work with dispensaries, they would commit a federal crime, including aiding and abetting money laundering and crime.

Another important consideration is that the weed industry is currently worth approximately nine billion dollars and will increase significantly in the future.

Since most dispensaries cannot work with banks, most of their transactions are in cash.

Why Are ATMs Important to Weed Dispensaries?

The US Government has to legalize weed completely on Federal levels so that banks can enter the game. Therefore, as a result, consumers must purchase weed by using cash only option.

Instead of relying on the idea that customers have cash, you can implement an automated teller machine within your business premises, which will help you deal with cash-only issues.

Therefore, consumers will decide what they wish to purchase and access the cash they need to pay for it by using an ATM. Simultaneously, when people have many cash in their hands, you will provide them theability to access cash with ease.

Apart from the idea that you will get more customers than before, you will also increase the overall revenue by getting the fees from transactions.

Remember that you will be able to make more than ten thousand dollars annually, which means you will increase your available profits.

Should You Lease or Buy an ATM?

The choice depends on numerous factors, especially since buying comes with significant upfront expenses, which can be problematic for dispensaries. Since the quality increased due to technological advancements, you will find numerous options available on the market.

Generally, buying requires plenty of upfront cash, but you will be the one responsible for the costs and fees that will come from it. Even though the initial investment is more significant while buying, you will get an excellent ROI (return on investment).

Therefore, you can pay off the machine in one year long, and even before, depending on the number of customers and foot traffic in your area.

You can also choose options that will allow you to rent a particular model to test the market before making up your mind. Besides, the best thing about leasing is that you will earn income from the fees while making monthly payments, depending on the provider.

Lease rates depend on numerous factors, including the length of the agreement and your credit history, among other things. Finally, leasing will allow you to have the latest model all the time because when your agreement ends, you can return the one you had and use another one instead.

You should visit this link: https://www.healthline.com/health/addiction/marijuana/effects-on-body to learn more about weed health benefits and effects.

ATM Placements

Finally, live in an area with large foot traffic. You may become eligible for ATM placements, which feature benefits of all options we have mentioned above but without significant upfront or monthly costs.

The main idea is to create a partnership with IAD (Independent ATM Distributor), allowing you to reach more customers, increase their satisfaction, and boost your revenue without making severe expenses and investments.

Even though the placement is a good option, you should know that it depends on numerous factors. First, you need to know that vaulting, maintenance, and installation is something that IAD will cover, and you will receive a monthly percentage of gross earnings.

Final Word

It does not matter if you decide to place, lease, or purchase an automated teller machine for your weed dispensary business because it is the best way to gain more customers and retain the old ones.

You should know that a pot store ATM machine is something that will provide you a peace of mind.

It will make the financial transactions more convenient and safer, which will ensure that you receive greater profits than before.

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