A growing number of states is beginning to appreciate the vast medical benefits of marijuana. Numerous studies are increasingly revealing the major role that cannabis can play in the treatment and management of a variety of diseases, including multiple sclerosis, HIV/AIDS, Alzheimer’s disease and cancer among others.
With that in mind, many entrepreneurs have opened and run highly profitable medical marijuana dispensaries. These business are usually successful provided they are located in a central place that the majority of customers can easily find. However, there is one additional step you can take to differentiate your marijuana dispensary from many others, and that is setting up an ATM in your dispensary.
Operating an ATM in your marijuana dispensary
Having an ATM in your marijuana dispensary has a number of advantages. The most obvious one is that your customers can easily access their cash and purchase your products without having to leave the premises to make the withdrawal at a bank or ATM elsewhere. The other benefit of installing an ATM in your dispensary is that it supplements your income because you get a share of the profit from every transaction carried out on the machine.
However, beneficial as setting up an ATM at your dispensary may be, finding the right ATM machine for your dispensary can be a difficult task if you don’t know what to look for. The options in the ATM market are innumerable. Fortunately, by following these four basic tips below, you’re likely to make the right choice.
- Choose a strategic location
Just as the location of a business plays a role in its success, so does the placement of the ATM. You need to place the ATM strategically so that it’s not only easy for your customers to access but it’s also safe. Finding the right balance between these two often conflicting factors regarding location will allow you to capture many customers, making it a win for both you and them. You can effectively do this by setting up a cannabis dispensary ATM.
- Make sure you have the necessary permits
Even as an increasing number of states legalize the use of marijuana for both medical and recreational purposes, there are still many that haven’t. Therefore, it is imperative that you first visit your state health department and obtain a medical marijuana registry card that gives you permission to legally operate a marijuana dispensary. Thereafter, you can install an ATM in your dispensary.
- Research prospective ATM providers
The first stage of starting and running any successful business is carrying out research, and this is no different for the ATM business. Before you start, reach out to ATM machine providers, find out what their current and previous customers have to say about their equipment and services. Reading reviews and contacting a few current and previous customers are effective ways of doing this.
- Stay committed
The fact that you run a marijuana dispensary in Canada is a strong indication that you’re among those who are passionate about the herb and the benefits users stand to gain from it, be it for medical or recreational purposes. A huge part of that commitment to your marijuana business should map onto your ATM business in order for you to get the same impressive results.
- Connect to your merchant account
Not all banks will deal with MMJ businesses because of the legal difficulties and technicalities of the sector (even now). Dispensaries, therefore, should speak with their CBD merchant account provider first to discuss how ATMs fit into the current ecosystem. They will be able to provide helpful advice and direction for how to integrate your dispensary with financial services customers expect.