If you’re a CBD owner, you know that making sales and collecting payments aren’t as simple as they seem. It’s not just about stashing money from customers—it’s about safeguarding your business while staying on the right side of the law.
That’s why you need a cannabis payment solution. A secure, reliable payment system tailored to cannabis dispensaries can help keep your customers safe and ensure that you do everything right. But how do you know what features to look for in a cannabis payments solution?
In this article, we’ll dive into the various features and benefits of cannabis payment solutions and what to look for when selecting one for your business. We’ll also discuss how these solutions can help keep your CBD store compliant and make managing your finances more straightforward than ever. Let’s dive in!
What to Consider Before Investing in a Cannabis Payments Solution
At first, glance, investing in a cannabis payments solution can seem like a daunting task. After all, there are dozens of options out there! To ensure you’re getting the best for your business, it’s essential to consider the most important features for your CBD. Here are a few key features to look for:
Security and Compliance Requirements for Cannabis Payment Solutions
When it comes to security and compliance requirements for cannabis payment solutions, you’ll want to ensure that your payments meet all legal and safety standards. With ever-changing security protocols and regulations, it’s crucial to find a cannabis payment solution provider that can keep up with those changes.
Read also: How To Keep Your Dispensary Compliant
The most reliable providers should have a track record of meeting the latest federal, state, and local regulations, as well as provide additional measures:
- Encryption security – all your payments should be encrypted and sent over a secure connection to ensure they don’t get intercepted.
- Comprehensive compliance – your payment processor and POS provider should protect all sensitive data according to the highest compliance standards.
- Fraud prevention – the right point of sale should also offer fraud detection services that can help you detect and prevent fraudulent transactions.
See also: Dispensary Fraud: How to Protect Your Cannabis Business
Not only will these measures help you meet compliance requirements, but they will also give you peace of mind of knowing that all your transactions are safe and secure.
Inventory Management and Tracking With a Cannabis Payments Solution
If you’re shopping for a cannabis payment solution, one of the key features you should be looking for is inventory management and tracking. This is vital to optimizing the efficiency of your business and managing back-end operations.
It’s essential for dispensaries to have inventory management software because it helps manage orders, track sales and update product information. Plus, it increases accuracy and visibility of your operations.
Here are some of the features to look for in cannabis payments solutions when it comes to inventory management:
- Automated inventory syncing – ensures that your CBD always has an up-to-date view of the products available
- Organization tools – make it easier to identify products quickly, even in large inventories
- Real-time reporting – get accurate and detailed reporting about changes in product levels
- Tracking shipments & returns – track shipments and incoming returns, so nothing is unaccounted for
- Reducing cash handling risk – reduce cash errors by giving staff an easier way to process payments
- Security & compliance management – ensure that your business meets state laws about taxes and accounting practices for cannabis goods
Must-read: Dispensary Cash Flow: A Guide For Cannabis Retailers
These features will make managing inventory easier, boost efficiency, reduce risks associated with handling cash, and help you comply with the law. An outstanding cannabis payments solution will have this suite of features—take time to pick one out to get one that meets all your needs!
Automated Reporting for Cannabis Payment Solutions
When looking for the right cannabis payment solution, you should focus on finding one with automated reporting features. This will make it much easier for you to keep track of your CBD’s financial performance, no matter how large or small.
You can track sales totals and other key metrics in real-time with an automated solution. Plus, all the data can be integrated with your sales ledger and other management tools so that you have a comprehensive view of everything in one place.
Here’s what to look for in automated reporting features:
- Data visualization tools – these will help make sense of the data by offering graphical representations of the data.
- Real-time analytics – this makes it possible to track customers’ behaviors and trends over time.
- Customizable dashboards – having customizable dashboards allows you to quickly view key metrics and insights without having to search through countless reports.
- Integration with existing systems – automated reports should integrate seamlessly into existing systems, such as accounting software. This means that valuable data is only a few clicks away at any time, no matter which system or report you view.
Having access to these powerful reporting features can help make managing a cannabis CBD much easier, allowing you to focus more on the actual customer experience instead of having to sift through countless reports and paperwork every day manually.
Integration Options for Your CBD Point of Sale System
When it comes to cannabis payment solutions, you don’t want to waste time manually transferring information from one place to another. That’s why looking for a solution with integration options for your point of sale system is important. Integrations make everything easier and can help you speed up sales and reduce the risk of errors.
Here are some features that an ideal cannabis payments solution should have in terms of integration options:
- Integrate with your point of sale software, so transactions can flow smoothly between systems without manual intervention.
- Support automated updates that don’t require manual effort on your part; this way, any changes or updates in the system are updated automatically, so you don’t have to do them yourself.
- Provide a simple way to sync customer information between systems so customers have a consistent experience regardless of which system they interact with.
- Allow data from external sources—like customer profiles from other businesses—to be imported into the system so you can leverage existing data for better customer engagement and convenience.
Integration options make it easier for dispensaries to manage their operations more efficiently and increase their bottom line by streamlining processes and reducing manual steps. With the right cannabis payment solution, your business can take advantage of these features to keep things running smoothly and maximize efficiency in your cannabis store operations.
Multichannel And Mobile CBD Payments
To make checkout easier and more efficient for your CBD store, you need to offer multiple payment options to your customers using a multi-channel payment solution. If customers have more options to buy and pay, sales will increase. Having the same payment solution across all of your sales channels will streamline the cash flow into your bank account.
Also, make sure your payment provider offers the flexibility to process transactions and collect payments everywhere, from deliveries to curbside pickup, just like KORONA POS’s mobile point of sale does.
A CBD POS system should be flexible enough to incorporate other cannabis payment methods, even if they’re not currently accepted at many CBD stores. These include gift cards, cash or PIN debit, and contactless debit and credit.
Best Practices for Setting Up Your Cannabis Payments Solution
When selecting a cannabis payments solution, you should make sure it offers certain features that enable you to quickly and easily set up your system. The best practices for setting up your cannabis payments solution include the following:
Cloud-based CBD POS system
A cloud-based platform lets you access your cannabis payment solution anytime, anywhere, so you can manage your CBD store from any device with an internet connection. This type of platform also enables real-time reporting of payment and inventory information, eliminating the need for manual data entry and backups.
Cannabis express checkout
You should look for a cannabis payment solution that allows you to automate the reconciliation of payments so that when customers pay with cash or cryptocurrency, the funds are deposited directly into your account. This reduces errors and simplifies the process of tracking payments.
Cannabis CBD security plan
With federal regulations still in place on legal cannabis businesses, it’s crucial to ensure that your cannabis payment solution has robust security protocols to protect customer information. Look for features such as encryption technology, two-factor authentication, and fraud prevention tools. By following these best practices for setting up your cannabis payment solution, you’ll know that transactions will be secure and efficient—ultimately enabling a better customer experience for those visiting your cannabis store.
If you’re running a cannabis store and looking for a payment solution, it’s worth researching to find the solution that best suits your needs. With so many payment solutions on the market, it’s important to take the time to consider the features each one has to offer and make sure it meets the needs of your business. Don’t get tired of demo calls. It’s the best way to ensure your next POS provider answers your questions.
You Might Also Want To Read: Switching POS Systems – Signs It’s Time for A New POS and How to Find the Right Solution
When it comes to cannabis payments solutions, prioritize features like secure payments, real-time reporting, account management, customer experience, and regulatory compliance. All of these features will help make your CBD more efficient and secure and ensure that you can offer the best possible service to your customers. With the right payment solution, you can create a safe and secure experience for your customers that will keep them returning. Wondering if KORONA POS is the right POS system for your CBD? Talk to one of our product specialists by clicking the button below.