Dispensing Success: Explore the leading payment providers for Cannabis point of sales Huong Vu September 29, 2023

Dispensing Success: Explore the leading payment providers for Cannabis point of sales

Dispensing Success: Explore the leading payment providers for Cannabis point of sales

Managing payment processing for cannabis point of sale (POS) systems requires specialized providers. In this article, we’ll explore the top four payment providers dedicated to the cannabis industry. These providers offer comprehensive solutions for smooth and secure transactions, catering specifically to the needs of dispensaries and CBD shops. Let’s dive into the features and advantages of these leading payment providers.

Top 4 payment providers for Cannabis point of sale

Instabill

Instabill is a reputable high-risk payment provider for cannabis point of sale with a proven track record, particularly in serving medical marijuana dispensaries. They offer payment processing services and are transparent about accepting cannabis merchants. Instabill provides Automated Clearing House (ACH) transfers, allowing customers to link their bank accounts for in-store or online payments. 

They also offer a cryptocurrency solution, enabling payments with digital currencies like Bitcoin. While offshore merchant accounts are not available for US-based businesses, Instabill provides alternative payment options that elevate businesses beyond operating on a cash-only basis. 

It’s important to note that getting approved for a cannabis merchant processing account with Instabill typically requires four to six months of previous processing history. However, Instabill shines in its transparency by clearly disclosing the accepted business types, available payment methods, and the need for a reserve account, which is not commonly revealed by other providers.

Flowhub

Flowhub is a leading provider of POS for licensed dispensaries, offering a comprehensive payment solution in partnership with Greenway Payments. Their secure point-of-banking solution ensures safe and efficient transactions for cannabis businesses. 

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Flowhub is compatible with various platforms, providing flexibility in hardware choices. While Automated Clearing House (ACH) transfers are currently not available, their point-of-banking solution serves as a reliable payment method. 

Pricing starts at $399 per month (billed annually) for a single location, with the option to customize plans by bundling add-ons like the Greet app, Stash app, mobile analytics, and API (Application Programming Interface) access. Despite the relatively higher costs, Flowhub’s custom pricing plans, extensive integrations with cannabis industry-specific services, and excellent customer support make it an appealing choice for dispensaries.

Flowhub excels in providing exceptional customer support, offering an extensive knowledge base on its website along with prompt email and telephone assistance. They prioritize assisting users in maximizing the benefits of their product and addressing any inquiries or concerns effectively. 

Flowhub also stands out for its integration capabilities with a wide variety of third-party services exclusively designed for the cannabis industry. This integration allows dispensaries to create an all-in-one solution by connecting specialized tools and services, streamlining operations, and enhancing the overall dispensary experience.

Paybotic

Their services cater to various business models, including retail, eCommerce, delivery, and curbside pickup. Paybotic offers a comprehensive suite of payment methods such as point of banking (PIN debit) payments, the Automated Clearing House (ACH) and eCheck payments, and terminals for debit card use. Additionally, they provide smart safe depository banking for cash handling, merchant cash advances, and loyalty/gift card programs.

While specific pricing information is not publicly disclosed, Paybotic operates on a single monthly fee structure. Transaction processing costs are passed on to customers through a convenience fee, ensuring cost predictability and control for merchants. This transparent pricing model allows dispensaries to manage their expenses effectively. Paybotic’s dedication to customer satisfaction is evident in the positive online feedback received from merchants, highlighting their expertise and reliable service.

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Paybotic’s emphasis on compliance ensures that dispensaries can operate within legal boundaries. Their extensive range of services, coupled with their experience in the industry, make them a trustworthy choice for dispensaries seeking a payment processing solution. By providing secure and reliable payment methods, Paybotic enables dispensaries to streamline their operations and serve their customers efficiently.

Bankcard International Group

Bankcard International Group (BIG) specializes in providing payment solutions for cannabis point of sale and other high-risk industries. BIG offers PIN debit payments, the Automated Clearing House (ACH), and eCheck payments, and supports Bitcoin payments. 

Their proprietary BIG Payment Gateway and virtual terminal enable secure transactions. With extensive third-party shopping cart integration and advanced security measures like tokenization and encryption, BIG ensures smooth and protected payment processing.

One of the standout features of Bankcard International Group is its commitment to providing extensive educational resources on the intricacies of legitimate cannabis payment processing. They offer valuable insights and guidance to help businesses navigate the complexities of the industry. 

While specific pricing details are not publicly disclosed, BIG’s fully transparent and legally-compliant PIN debit processing solution sets them apart. By avoiding the need to rent or lease an expensive point of banking terminal, businesses can potentially save significant costs. BIG also supports other payment methods, including Bitcoin.

Conclusion

Choosing the right payment provider is essential for efficient and secure transactions in the cannabis industry. The top four providers for cannabis point of sale discussed in this article offer specialized solutions that cater to the unique needs of dispensaries and CBD shops. By partnering with one of these top payment providers, businesses can confidently navigate the complexities of the cannabis market and optimize their operations. If you want to consult more about this information, feel free to contact us.

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