In the cannabis industry you are not permitted to process payments via credit cards. Fortunately, there is a way you can process transactions using debit cards. By using a unique fee structured method, you will not miss that important sale.
Debit Processing Explained:
Due to potential legal and regulatory risks, banks have deemed the cannabis industry a high risk. In doing so, this has made using credit cards a no go. The good news is that even though credit cards cannot be used, debit cards can, making it a safe compromise for both merchants and customers.
One of the largest risks to the industry is chargebacks. But when a debit card is used those funds are ready available, therefore making the debit transaction less likely for chargebacks.
How a Debit Transaction Works:
When a customer pays, there is a one-time fee of $3.50 per transaction. The merchant simply adds up in intervals of $5 and pays the customer the difference.
Example on $100 Transaction: $100(Sale) + $3.50(Fee) = $103.50 Total. The merchant rounds up the $100(Sale) to $5 which is $105. Then the merchant gives the customer back $1.50.