See the video demonstration below to understand what an integrated PIN debit transaction looks like in SellTreez:ĪCH is an abbreviation for Automated Clearing House, a network used to move money electronically between bank accounts across the United States. What does a transaction using TreezPay PIN Debit look like?
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The PIN debit terminals connect to the internet cellularly, which means that your drivers won't have to make change or carry back cash to the dispensary for orders paid through this method. PIN debit is very convenient for your customers when it comes to paying for a delivery order. Your customers can use their debit cards to pay for their order with integrated PIN debit in-store, for a curbside pickup, or even delivery orders. Integrated PIN debit transactions are flexible in a variety of purchasing scenarios. NFC payments use RFID technology to read the debit card information directly from your customer's mobile phone. TreezPay integrated PIN debit allows for NFC (near-field communication) technology so that your customers can use Apple Pay or Google Pay with their connected debit card. Incentivize your budtenders by giving your customers the ability to add a tip with pre-calculated prompts based on a percentage of the total transaction. With TreezPay integrated PIN Debit, your transactions are charged at exactly the transaction amount, which means there is no need to return change to your customer or charge them a transaction fee. What features and benefits are included in TreezPay Integrated PIN Debit? Because the required PIN on the transaction greatly reduces the possibility of fraud, processing fees for PIN debit transactions are the lowest out of any other card transaction and are not subject to interchange fees. Your customer swipes, taps, or inserts their debit card and enters their PIN to pay for a transaction, just as they would do at any other retailer. How does TreezPay Integrated PIN Debit work?Įach terminal in your dispensary is equipped with hardware integrated into your POS (point-of-sale) solution. Integrated PIN (personal identification number) debit transactions allow your customer to pay for their cannabis products directly through their debit card. That means you can complete more transactions in less time and reduce costs while substantially increasing revenue. Payment solutions from TreezPay also decrease the average ticket transaction time by 15% and reduce cash on-site by up to 30%. TreezPay solutions increase the average order value for cannabis retailers by $35 or more.
We will dive into the details of each a bit later, but first, why implement SellTreez Pay for your dispensary in the first place? TreezPay has two payment solutions that give more transaction options to your customers and boost your revenue, including: What is TreezPay, and how does it help you? Offering cash-only transactions will bring down your average order value because it often limits what a customer can spend in-store. The most crucial drawback of having a cash-only dispensary is having a less than desirable customer buying experience. In addition, cash discrepancies end up affecting your books downstream and lead to more headaches for your accounting staff. This situation may not be a big deal if it happens once or twice however, if a mistake like this repeats hundreds of times, the lost revenue can be very detrimental to your bottom line. For example, an employee might forget to give the correct change for a curbside pickup or pocket the change. Having a lot of money on site not only makes a cannabis retailer vulnerable to theft but increases costs to your store for storing, transporting, and managing all of that pesky cash.Ĭash also invites internal fraud at a dispensary, whether intentional or not. This article will outline some of the downsides of limiting your dispensary only to cash, as well as some cashless payments options that you can offer to your customer base today.Ĭash only dispensaries - pitfalls and problemsĭispensaries that opt to be cash-only businesses increase their risk by keeping high amounts of cash on site. However, in the meantime, dispensaries must find creative solutions to overcome these hurdles. Undoubtedly the day will come when the cannabis industry becomes legitimized, and it will no longer be challenging to find reliable e-commerce and cashless payments options. However, many consumers don't understand that because cannabis is still a federally prohibited substance, businesses that sell it can't often use the same tools as other retailers, including traditional cashless payment methods. Modern-day consumers are demanding more convenience from their shopping experience, including from cannabis retailers.