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Credit Card Processing For Medical Marijuana Dispensaries In Memphis, Tennessee
Medical Marijuana dispensaries have become a major industry in those states which permit the sale of the substance. One of the things that you need to consider before establishing an MMJ dispensary is how to take care of credit card processing for medical marijuana dispensaries in Memphis, TN.
Because there are variances between federal and state laws related to marijuana, it is especially important to conduct all MMJ business transactions with financial transparency. Operating above board, as well as strict compliance with procedures such as paying taxes and monitoring inventory within the secure dispensary facility as well as the grow center is paramount. It is important for the business to be certain of the experts and professional practitioners to be the best in the business. Lawyers, business planners, consultants and credit card processing operations must be above reproach.
Lucid Leverage Financial LLC is a credit card processing agency based in the United States. We are an integral part of your MMJ dispensary team. Some of the reasons for choosing us as your merchant processor include the fact that we handle all credit card processing in the United States. Our firm doesn’t use overseas accounts, which improves the level of security and peace-of-mind for customers, as well as for the processor. Because of our American location, Lucid Leverage Financial complies with all federal regulations which are imposed upon MMJ facilities. Because MMJ is still considered a Schedule 1 drug under federal law, A legal professional with advanced knowledge of the industry should be consulted.
The gray area between federal and state statutes leaves an opportunity for entrepreneurs but these business owners must understand and accept the high risk of operating in the industry. The credit card processing firm in Memphis, Tennessee also recognizes the additional risk which is linked to marijuana operations. As with any industry where there is increased risk, the costs of doing business tends to be higher than everyday retail operations. This elevated risk also applies to the cost of merchant accounts. Marijuana dispensary owners should not fall into the trap of accepting a lesser quality service in order to keep the costs down.
Another factor which may affect the perceived risk level for an MMJ business is that federal policy for states with medical marijuana laws have been released under one administration and might be subject to change under another administration. Policy guidelines are not law.
An application for approval to open a dispensary for MMJ is expensive and usually requires at least a quarter million dollars in proven liquid assets. With this type of funding, you certainly want to be sure of your financial accuracy of transactions from each credit card accepted online or by walk-in customers. Higher prices for processing of MMJ-related card transactions are due to special arrangements which must be made with banks. Not all banks want the additional risk associated with the transactions.
As a premier credit card processing firm in the medical marijuana dispensary industry, we are able to offer additional services which help our clients grow their customer base. For example, the Lucid team offers educational documents and training on its website and in its training modules. When a business client selects Lucid Leverage Financial as the processor of choice, the client can be assured that he or she will be fully trained on using the equipment, regardless of the location of sale. The business and its employees must be able to feel comfortable in using the credit card processing equipment from day one of its implementation.
Credit card processing for MMJ in Memphis, TN applies not only to transactions between customers and the dispensary, but also between the dispensary or grow operation and suppliers of goods, equipment and services. All businesses want to protect their cash flow as well as their reputation. In each of these instances, a spotless reputation is required to stay in business.
Because regulations for the marijuana industry in Memphis, Tennessee may change over time, or the laws at the federal or state level can be enacted, the credit card processors for MMJ must be positioned to move rapidly and accurately in response to changes in the law. The dispensary business owners or managers must be aware of such changes but may not always know how their business could be affected. The educational components by the processing firm can help to ensure a seamless transition, regardless of the specific regulations.
As with any business transactions, customers expect a professional and courteous experience. This is true between the dispensary and the card processor, as well as between the dispensary and its customers, whether cash or card-carrying individuals. Customers want efficiency and do not want lengthy transaction time in the transaction or unwanted steps in the process of completing the transaction.
A benefit which occurs with a US-based credit card processor is that the money from business transactions stays in-country. The laws and regulations are those enacted by the State and Federal congressional bodies. The customer service at Lucid Leverage Financial can be reached by phone, text message or emails quickly.
Because a dispensary can involve some transactions which are not at a central location, the processing firm must have equipment and software available which will allow for mobile transactions. Furthermore, the learning cycle for using the mobile devices must also be easy and short, so that employees are able to make effective use of the payment readers and other devices. Lucid Leverage Financial is well-recognized by its competitors and peers for its ability to meet or exceed all of the expected service levels, as well as for its affordable prices.