Canada’s government is ahead of all other countries in the world when it comes to recognizing the health benefits of medical marijuana for its citizens and legalizing its use. According to sources, the Canadian government may soon legalize the use of recreation marijuana, making the country a hub for weed lovers around the world. One of the biggest changes that the government wishes to implement in this sector is the cannabis payment solution.
In the past, payment for marijuana was mostly done in cash but today you can find a plethora of weed sellers that offer credit and debit payment solutions for their customers. This was the main challenge with online dispensaries as people did not have a reliable gateway to make payment. However the scene has considerably changed with the recent development in the cannabis industry.
While the financial institutions in the US still refuse to accept payment for cannabis related business (even for the states where medical marijuana legalized) as they don’t approve of it, smaller banks in Canada now accept payment for cannabis dispensaries. We are hopeful that the larger and more renowned banks will also come around and agree to do business with the industry.
Acceptance of Credit and Debit Payments
If you own an online dispensary you will know that accepting payments through credit and debit cards are no more a far-fetched dream in Canada. Times are changing for good and long-term solutions are now available that accept online sale of marijuana. The benefits of accepting credit and debit cards for making online payments is embraced by large numbers of people, especially those who are unable come to a traditional store.
The advanced web platforms not only promote the legalization and acceptance of the industry, it also prevents minors from purchasing medical cannabis through a sophisticated age verification technology. As the industry goes cashless and relies more on credit card and debit card transactions, it also helps in reducing the shady transactions, keeps track of the purchase/ sale, and guarantees better quality control.
How to Set Up a Payment Gateway
Now that you know the legalized methods of cannabis payment solutions in Canada, let’s take a look at how to set up a payment gateway. This information will come handy if you are planning to set up an online dispensary.
To get started, make sure you offer every available payment option to your customers. You will first need to send an application to get approval from the major credit card merchant services. It will only take a few minutes to put an application and talk to a dedicated representative to furnish all details about your business.
It usually takes a few days for the verification procedure and once verified, you will be allowed to start accepting credit card and debit cards for your business. The payment gateway feature can be seamlessly integrated into the software just like other businesses to start accepting online payment. As a business owner, you also get the benefit of reducing the risk associated with cash payments. So, your business becomes more transparent and stays safe in the eyes of law.
The ability to accept payment through a credit card or debit card through the online dispensary or traditional store allows you to focus on your business. You will no longer need to worry about a bag of cash at the end of a business day. It reduces your stress level and simplifies the business so you can take care of other important things such as setting up another branch, increasing your stock, or upgrading your existing system and making it more user-friendly.