Cashless or electronic dispensary transactions offer a significant advantage of business transparency over cash-based payment systems. With instant reporting capabilities, cannabis retail stores always have a better understanding of how their business is doing. Dispensary owners can process payments instantly while improving the cash flow and invest capital more intelligently while generating higher returns in the long run.
Also, providing customers with a modern and convenient shopping experience is a key competitive advantage in the cannabis industry. Leveraging dispensary payment solutions like Cova Pay that enable customers and cannabis retailers to escape the cash trap can increase sales while reducing the risks associated with running a solely cash-based dispensary business.
The following are five benefits of adopting a cashless payments solution at your dispensary:
Going cashless reduces customer waiting time and enhances the overall shopping experience. As per stats, the transition to cashless payments contributes to over a 20% increase in the number of transactions per hour in most retail sectors, which saves time for both retailers and customers. Also, most people don’t carry cash nowadays. When offered digital payment solutions, shoppers spend more money due to the added convenience of cashless payments.
Cashless payment solutions increase the average basket size per customer by up to 25%. When customers are not limited by the amount of cash they carry, they tend to buy more. Also, upselling techniques are easier to implement in a cashless dispensary environment. If cannabis consumers are offered the opportunity to use more convenient cashless payment options, you’ll open your dispensary to a larger customer base and increase the overall profitability of your business.
Cannabis dispensaries are an easy target for robberies, as thieves know that cannabis retail is primarily a cash-based business. With cashless payment solutions, you won’t have to worry about the abundance of cash at your dispensary, and your payments are directly transferred to your bank account. Employee time spent on counting cash manually can be invested elsewhere to streamline dispensary operations, and overhead costs of reconciling with counting errors and inefficiencies can be saved.
You don’t need to make those multiple trips to your bank to deposit cash and keep a low in-store cash balance. Also, keeping track of cash payments is complicated and challenging. Cashless cannabis payment processing allows cannabis retailers to automate transaction reporting and save the time devoted to cash handling and counting by employees.
Every digital payment transaction provides you with individualized data on your customers. Thus, dispensary cashless payments give you market research data points and allow you to know your customers better. Payment data analytics provide valuable insights into your dispensary operations, making it simple to evaluate the sales performance of your dispensary. Additionally, it enables you to assess the success of your distinctive offers, such as your loyalty rewards or gift card programs.