Marijuana Retailers Face New Challenges: Mastercard Ban Means More Cash, More Headaches
Marijuana sellers all over the US are dealing with some changes. Mastercard suddenly stopped allowing debit card purchases for cannabis, leaving retailers to figure out how to handle and keep more cash in-store.
Operators are also getting ready for the chance that Visa, a big player in the financial world, might do the same. They’re worried because their cash-heavy operations are already catching the attention of criminals.
After Mastercard stopped supporting marijuana retailers, some of them are really stepping up their game to enhance in-store communication and make the shopping experience top-notch. It’s all about giving customers a great time and keeping them informed!
Other retailers are telling MJBizDaily reporter Chris Casacchia that they’re taking a closer look at their own processes. They’re researching payment-processing vendors and considering the possibility of expanding the options for card purchases.
Some sources say that the debit card ban might drive businesses toward the underground market. This could lead to more competition from illicit operators. Pretty wild, huh?
According to a source in the industry, Mastercard’s decision significantly impacted “hundreds” of legal marijuana businesses, especially retailers. One store owner even mentioned that nearly 20% of their in-store transactions were made with Mastercard.
According to Andrew DeAngelo, a marijuana consultant from Northern California, all of this just means more headaches and troubles for retailers and consumers alike.
“The end result of this obviously is a lot more ATM machines, a lot more people using cash and a lot more exposure to violent crime,” he said.
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