Marijuana remains a cash business. Despite the guidance offered in the Cole Memo issued by the Fed’s, banks are not commonly determining that the risks outweigh the rewards. The amount of resources needed to verify cash deposits and submit required banking documents for federal insurance requires significant efforts of both the dispensaries and the banks.
Merchant servers, like Visa, MasterCard, PayPal and the likes need to be willing to find a way to serve the currently $7 billion – legal industry. The legalized industry is projected to grow to nearly 22billion by 2020 according to Forbes Magazine. That is a lot of cash to count and organize and maintain with limited oversight or protection.
But the Cannabis industry is full of problem solvers. Until the banks come around, this is how we can handle it… it being, our money:
ATM’s
You may need an ATM, considering Marijuana is a cash only business until merchant processors can legally serve the industry.
There are some companies that sell and market ATM’s specifically to marijuana companies such as : Greenstar ATM .
There are also solutions providing cashless atm terminals for Point of Sale Swiping of ATM Cards. There is risk involved in this type of transacting, including the obvious – where does the money go? Have you found a bank for your marijuana business yet?
Cash Counting Machines
Even if you are lucky to land a bank, you will be handling a lot of cash. Either a basic cash counter like this one, here, or a more advanced model, like this one, will save a lot of money in labor time spent on counting and organizing cash.
Either one will do, but you get what you pay for. The advanced model will save time in dealing with jams, sorting bills and totaling up counts.
Quality Staffing
Find brave staff that you trust. There are Marijuana staffing companies that can help you. Adilas420 also offers staffing assistance.
Limit the amount of cash handling. Assign a limited number of managers access to large amounts of cash. Managers should be confident in cash counting and organized with their money. Bundle money regularly in same bill denominations like a bank would. Use tamper evident tape.
Use verification and cash reconciliation documents and tools for regular oversight and auditing of cash on hand. Adilas420 offers a number of templates for worksheets and business documents.
Consider contracting the transporting of your cash.
POS Stations
Give careful consideration to your POS Sations. Browse Hardware suggestions here, and purchase traditional register drawers, like this one here:
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Dispensary Managers or Security Staff will complete secure cash drops regularly to limit the amount of cash on accessible in retail environments. No need to purchase square or any POS software as Adilas has your entire POINT OF SALE and CASH LEDGER / REGISTER covered! For additional support in cash management, we integrate with kiosks, e-commerce and other merchant processing interfaces.
Kiosks
Kiosks and cash machines such as Trust Jane, C4ever and ICS integrate easily to Adilas. These machines allow cannabis business managers to:
PROTECT AND ACCOUNT FOR 100% OF YOUR CASH AND INVENTORY
Kiosks drastically reduce the potential for internal theft, human error and robbery. Other Benefits include faster sales time and automated direct marketing.
Plus, they all easily integrates with Adilas allowing for more reporting functionalities.
Depositing & Merchant Services
Once your cash is counted you will want to deposit it to the bank. While Adilas420 can’t recommend any specific bank here, we can present some information about Hypur.
Hypur partners with financial institutions to help them meet the regulatory requirements of cash intensive businesses with a state-of the-art compliance engine and works side-by-side with core systems.
Hypur enables banking and powers growth for cash intensive businesses while bringing their customers the ease of mobile payments. No start-up costs for hardware or software, because Hypur integrates seamlessly with POS systems.
Consumers pay easy, pay safe and pay mobile with Hypur – none of the hassles of cash or ATM inconvenience. Just sign up to get Hypur and pay conveniently with your mobile device at your favorite stores that Get Hypur.
Cash Consult Comply implements Financial Solutions For Alternative Business Models
Cash Consult Comply implements Financial Solutions For Alternative Business Models
Website: www.cccomply.com
Email: service@cccomply.com
Phone: 720.445.6577
We enable alternative business models to accept branded MasterCard and Visa debit cards only.
Customers will spend more with a card than with cash. The Adilas POS custom integration. The benefits below are simple….
Mitigate risk of internal & external cash theft & harm
Increase of average purchase amount
Heightened gross revenue over 12% with 2 or more locations
Strengthens the ability to exit and sell your company
