Currently there is no solution for accepting credit cards for ANY business involved in the direct sale of marijuana. However, MMA has a comparable option which allows your customers to spend more money on your products.
A Cashless ATM or Point of Banking Terminals works similar to an ATMs except instead of withdrawing cash, a electronic transfer is initiated and funds are deposited directly into any bank account. As an additional plus transactions can be ran in $5.00 increments.
Most major bank/ATM cards and credit cards using pin numbers are accepted.
How do cashless ATMs work?
- First, the merchant slides the customer’s card through the terminal.
- Second select which account to withdraw funds (checking, savings or credit).
- The customer enters their PIN# on the pin pad.
- The merchant enters the amount of the transaction (in $5.00 increment) and asks the customer to agree to the $2.00 convenience fee.
- The terminal connects to the ACH network and validates the transaction in a matter of seconds just like a regular credit card transaction.
- Finally, our Cashless ATM Terminal will print out two receipts; one for the customer and a copy for the Merchant.
Cashless ATM program details:
- No start-up cost
- No cost to merchant
- Funds deposited in 24-48 hours
- Online reporting