Are you in the cannabis industry? We at Empirical have been helping folks like you with taking payments for years. When it comes to taking payments for your cannabis products, there are some common mistakes you should know about. Here's the easy-to-understand rundown:
Tip #1 Say No to Regular Credit Cards Big credit card companies don't like cannabis sales. So, steer clear, or you could end up in hot water. If someone tells you credit cards are legal, that's wishful thinking, but until the foreseeable future, debit is the only legal way to go.
Tip #2 Don't Just Pick the Fastest Option It might be tempting to choose the payment service that gets you started the quickest. But it's better to pick one that's reliable and follows all the rules.
Tip #3 Do Your Homework
Before choosing how you'll take payments, look up what other people say about the service. A bit of reading now can save you headaches later. Make sure everything is coded properly and that the service is authorized by a bank.
Tip #4 Pick Someone Who Knows Cannabis Every business has its quirks, and cannabis is no different. Make sure you choose someone familiar with the cannabis world. The cannabis industry is undoubtedly one of the most complex and intricate sectors in today's world, navigating a labyrinth of legal, social, and financial challenges. Given its intricate landscape, it's important to partner with or seek advice from someone well-versed in its nuances. Venturing into cannabis finance without knowledgeable guidance can lead to significant pitfalls and missed opportunities.
Tip #5 Watch Out for Hidden Costs Different services might have different costs. Make sure you know what they are, so there are no nasty surprises. Pick a service that gives you all the information upfront with no hidden fees!
Tip #6 Understand What You're Signing Up For The cannabis business is tricky. Many people jump in and then get stuck in bad deals or face big fees if they want out. Always read any contract carefully, and if something doesn't make sense, ask someone. It's better to be safe now than sorry later.
Tip #7 Have a Backup Tech can sometimes let us down. While technology offers immense benefits and conveniences, it can occasionally falter. It's crucial to always have an alternative method for accepting payments to ensure that business operations run smoothly, even in unforeseen circumstances. Furthermore, having a dedicated tech team to support you becomes invaluable when facing challenges. They can quickly address issues and provide solutions, ensuring that you're never left in a bind. Always be prepared and have experts on your side to navigate the unpredictable terrain of cannabis payment processing.
Tip #8 Teach Your Team Ensuring that every member of your team is familiar with the payment system is of paramount importance. Taking the time to provide a bit of training can significantly improve efficiency and reduce potential hiccups. When choosing a payment system, it's essential to select one that integrates seamlessly with your Point of Sale (POS) system. Equally crucial is picking a system that's user-friendly and easy for your team to grasp. Remember, a system that's simple and intuitive can save a lot of time and stress in the long run. Think of it as an investment: the easier it is for your team to understand, the smoother your operations will be.
Tip #9 Keep an Eye on Things Always keep an eye on your sales and money coming in. This way, you can catch anything that looks off or strange. It's also good to watch out for chargebacks, which is when customers ask their bank to give their money back. You want to catch these early so they don't cause bigger problems. Think of it as keeping a close watch on your cash register – it's just good business sense.
Tip #10 Ask When In Doubt If you're ever unsure about something, don't be shy. Ask someone who knows, like us!
To Wrap Up Choosing how you'll take payments is important. By keeping these tips in mind, you can make things smoother for you and your customers.
Got more questions? Give Empirical a shout. We’re here to help, whether you’re just starting out or you’ve been around the block.