Cannabis legalization has seen a lot of progress over the last 10 or so. Still, there are more steps to be taken towards it being fully integrated into the financial system as many national banks still refuse to store money earned through the growing or selling of cannabis-made products. This is why people in the industry need to find alternative ways to manage the money, but also keep it safely stored, accessible, and more convenient for transactions. I wanted to learn more about how to keep the business floating and play it safe in regards to the financial side of things so I talked to Confia to get useful information on their day-to-day operations.
Cash on Site Security
When you open a dispensary it is normal and expected to have cash from daily earnings. Keeping that cash safe before you decide to create a more permanent solution for the business can be tricky. Robberies can happen, and it’s better to be safe than sorry. Until you create a long-term plan for the cash flow you should consider a few things.
A time-triggered safe is good for storing your daily earnings. Since it can take up to 30 minutes for it to open, it can dissuade many unwanted fingers from stealing some of the hard-earned cash. Also, employees will have second thoughts about theft.
Put a sign that you don’t keep cash in the store in the hope to discourage any potential robbers.
Find Alternative Financial Options
The industry is still in its inception and many national banks are reluctant to doing business with a cannabis-oriented company. Luckily, there are alternative routes that can skip national banks and help you manage your finances independently. A registered MRB (Money Services Business) firm can help you deposit your cash and perform unlimited B2B transactions. You can talk to other business owners and ask for their experience with different companies so that you can pick the one that works for you.
Options For Customers
You can expand your business by offering your customer more convenient payment options that skip dealing with cash entirely. Offer an account with a digital wallet where customers can store money and use it to purchase goods. The new, trendy, touchless payment options will surely attract millennial customers to your fold. These contemporary financial routes not only make your life easier but send a clear message that you are able to quickly adapt to the market’s requirements and follow trends.
You will bring new customers to your store with flexible payment options. You can then focus entirely on promoting your product without having to worry much about adoption friction and revenue. Let professionals take care of the money side of your business and expand your offer by adding more accessible transactions between you and your customers.
Seamless Integration
What you need is a confident partner that’s going to help your business thrive by taking care of the finances for you. Cannabis is still semi-legal and not properly introduced as a valid business. This is why you people seek alternative financial assistance through companies that eliminate hurdles and integrate your brand into the cannabis network that not only helps you as a business owner but also helps other stores and customers to seamlessly purchase their favorite product without having to worry about the law.
Another thing that makes your life easier is real-time reporting where you can quickly access all data and make decisions based on accurate information.
Don’t worry about handling the taxes either. Financial platforms take care of all your tax obligations for you, again, relieving you of this boring, but necessary regulation.
