What You’ll Learn
- Salal’s cannabis payment processing referral partners help cannabis retailers offer instant cashless payments to purchase your products in-store.
- Learn how offering cashless payments can boost security and your bottom line.
As a cannabis business owner, you know that most of your customers would rather pay with their card instead of cash. As consumers, we just don’t carry around as much cash these days, and a trip to the ATM can involve fees. A study by Nerdwallet found that 80% of consumers prefer card payments over cash across all industries. Even more striking, their data also showed that the average cash transaction is $22. The average non-cash transaction was $112. This stark difference illustrates the potential profit a cashless payments system could bring to your cannabis business.
For cannabis retailers, the benefits of cash-free payments go way beyond happy customers and higher transaction totals. One of the most significant advantages is enhancing the security of your business operations. Given the nature of the industry and the historically large volumes of cash transactions, cannabis businesses can be targets for theft or robbery. By offering card payment options, you can decrease the volume of cash onsite, reducing the attractiveness for potential criminal activity and providing a safer environment for both your staff and customers.
Cashless payments can also yield unexpected benefits in terms of operational efficiency. Having less physical cash on hand translates to less time your staff has to spend on cash management tasks. Plus, reducing the amount of cash that needs to be counted and processed every day also reduces the possibility of simple human errors that may lead to accounting discrepancies. This time and effort saved can then be reallocated to other crucial aspects of your business, ultimately leading to an improved business workflow and increased productivity.
Ready to Explore Digital Payment Options for Your Business?
Salal Business Services refers our members to a select group of trusted and vetted cannabis payment platforms. If you’re interested in learning more about offering cashless payments to your customers, reach out to our Business Services team.