SuperNet now offers cannabis credit cards
The cannabis industry is flourishing with what seems like a handful of dispensaries on nearly every street corner. Demand is high which means that a lot of cash is working its way through the doors of retail stores, but it’s not in the way that some might think. Due to restrictions and federal law in the United States, most of these places are forced to take cash as their only method of payment, with the occasional exception for debit.
A lack of banking options
Big banks hold most of the world's money, with operations all over the place, which means that those in legal countries also conduct business in places like the United States, where cannabis is still illegal according to federal law. This puts them in an awkward situation, especially with a lingering taboo surrounding the industry and so much money coming from other countries. All revenue sources could be at risk if banks fully accepted what is still very much an illegal drug in most places.
Out of fear, most simply refuse to work with dispensaries, including credit cards which millions of people rely on to get from one week to the next, and that’s incredibly problematic for several reasons.
The importance of cash-free transactions
Cash-free transactions are the majority in retail, especially now that COVID-19 has made so many people more aware of the potential risks that go along with germs. Plastic is life, so much so that most people refuse to carry cash anymore, and that’s a huge burden on dispensaries that need to safely store it all away. It’s much harder to keep track of purchases, easier for nefarious individuals to abuse by money laundering, and it puts a target on the backs of dispensaries that are now well-known lucrative scores for thieves.
There are so many reasons we should make it easier for dispensaries to go digital, and some companies like SuperNet are working hard to make that happen.
SuperNet credit cards
Co-founder and president of SuperNet along with Steve Angelo founded the first cannabis dispensary in the United States called Harborside Health Center. It was there he learned all that needs to be known about the inner workings of retail locations, including the common problem of issues with payments for cannabis products or services. Shortly thereafter, the president met Michael Tsang who created Super Processor, SuperNet’s parent company.
These innovative veterans in the cannabis space set to work to design a whole new platform from front to back that could work for dispensaries, to allow them to take instant payment in a matter of mere seconds with a single swipe of the card. A cannabis credit card! However, consumers may also use them at any business that accepts typical credit cards, so it’s a multipurpose account that is bound to provide a safer less hectic space for dispensary owners and employees to work within.
There’s still so much more to do
SuperNet credit cards are currently most efficient for holders in California, where the system has already been widely accepted as an industry standard, but the company is still seeking new outlets to expand, so it’s only a matter of time before we see these brand new cards all across the United States and beyond.
