Cannabis Dispensary Bank Account — How To Open One Up Today
If you plan to open up a cannabis dispensary, you'll probably need a bank account. It will then be much easier to process transactions with customers in a convenient, legal fashion. Opening up one of these accounts won't be a hassle if you do a couple of things as the business owner.
Be Ready For Total Transparency
The cannabis industry is heavily regulated and that means the financial side will be too. As such, make sure you're ready to be totally transparent about your cannabis business when you go to open up a bank account. Your decision to do so can help you avoid delays and inconveniences.
You can expect the bank provider you partner with to ask a lot of questions about your cannabis business, such as the products you sell and sales figures each month. Be thorough and accurate so that you can get approved for a bank account as quickly as possible.
Make Sure Debit Processing is Included
You have quite a few solutions to consider when seeking out a bank account for a cannabis business. Since debit is one of the most popular forms of payment today, make sure your bank account includes debit processing.
You need the ability to accept debit payments from customers and carry out said transactions quickly. You may still accept other forms of payment – including cash and checks – but debit processing is a must-have feature to look for in a business bank account tailored to the cannabis industry.
Find a Bank That's Accustomed to High-Risk Merchants
A cannabis business is considered high-risk to banks because of the many regulations that are in place for cannabis. The added risk won't create inconveniences when seeking out a bank account if you just try to find a bank that's accustomed to working with high-risk merchants already.
They should have a high approval rating for high-risk merchants and remain easy to work with throughout your entire application with them. They should also make you feel like you're supported because if your cannabis business is legitimate, you deserve to be treated like a respectable business professional.
There are a couple of obstacles to opening up and running a successful cannabis business. If you make smart decisions, opening up a bank account won't be one of them. Instead, you'll enjoy a relatively stress-free process after you find the right bank to work with and bank solutions to utilize going forward.
Contact a company like Paybotic to learn more.