Despite cannabis being legal for medical or recreational usage - or both - in 37 states, because it is still illegal on the federal level, banks, which are federally regulated, and the networks such as Visa and MasterCard do not allow dispensaries to accept credit or debit card transactions.
So, until cannabis is legalized on the federal level, dispensaries must rely on cash payments. And the safest and easiest way to provide customers with the cash they need is to have an ATM on-site.
That’s where PowerQwest Financial comes in. The company, which offers nationwide service, specializes in 100 percent compliant programs designed to meet the unique needs of cannabis customers. PowerQwest helps dispensaries provide convenient cash access for customers with hassle-free, turn-key ATMs, and secures cash and valuables with smart safes.
In this article we discuss this topic with PowerQwest Financial Director of Retail Sales Jim Krawczyk, and their unique referral program that allows anyone who works with dispensaries to earn extra money each month.
Why do Dispensaries Need ATMs?
Because cannabis is not legal on the federal level Visa and MasterCard do not allow retailers to accept credit or debit cards for cannabis purchases. That means they must rely on cash and the safest and easiest way to provide customers with the cash they need is to have one or more ATMs in the store.
Dispensaries using systems that either accept credit or debit card or give the illusion of card payments like “so called cashless ATM” systems are risking sever penalties from the networks [Visa/MasterCard].
Can you Explain the Drawbacks of Using a Cashless ATM System?
A “cashless ATM” system basically fools the payment processors [Visa/MasterCard] and the bank that issued the card into believing the customer is withdrawing money from an ATM. Not only does this put the retailer at risk of hefty fines and having their bank account closed, but it is not ideal for the customer either. Because it’s technically an ATM transaction, it costs the customer more money because the transaction must be rounded up to the nearest five dollars.
Why do Dispensaries Need Smart Safe Solutions?
Whenever a business takes in a great deal of cash, it’s going to attract bad actors. That puts the business and their employees at risk. Plus, handling cash can be tempting for employees, not to mention it takes a great deal of time to count and manage large quantities of cash and there is the issue of spotting and rejecting fraudulent bills.
Smart safes eliminate most of the headache of cash management while providing an extra layer of security. These “smart” machines accurately count cash, automatically detect counterfeit currency and provide the right amount of change – speeding up transaction times. They also report how much cash is taken, which can be seen in real-time through our secure cloud portal, balancing what is in the safe with sales, minimize employee cash handling, reduce shrinkage and secure the money in the safe – preventing temptation and the risk of theft. And depending on the bank the retailer uses they may receive provisional credit, which credits cash sales directly to their bank accounts while it’s safely locked in the safe, awaiting pick up by an armored company.
How Does PowerQwest’s Referral Program Work?
If you work in the cannabis industry and run across a dispensary that is in need of an ATM, you can refer them to us and you’ll earn a percentage of the monthly profit for every location that is installed – for the life of the contract.
How Much Time and Effort Does it Take to Refer a Dispensary?
A referral is as fast as a phone call or email. Simply reach out to your dispensary contacts, provide them with the marketing materials we supply, and introduce them to our team. We handle the rest.
How Do you Support your Referral Partners?
We provide marketing materials like brochures that discuss our ATM and smart safe programs and support to help improve and increase referrals.
Why Should Industry Representatives Work with PowerQwest?
With inflation at record levels, we understand everyone can use a little extra money every month. That’s why we created this unique program. But more importantly than that our partners can trust PowerQwest to provide nationwide service, customized programs that meet the unique needs of the dispensary and 24/7 support.
READY TO GET STARTED EARNING EXTRA MONEY?
Director of Retail Sales