News

Cashless Kiosk launches for medical marijuana dispensaries

April 25, 2013

Marijuana Merchant Service released a product that could help medical marijuana dispensaries grappling with secure payment processing.

The company offers merchant services at competitive rates for businesses operating legally under state law, providing financial services not typically available from conventional banks, according to a news release.

Staying in line with federal regulations, which stipulate that there cannot be a direct transfer of "money for medicine" from patients to dispensary employees, the company developed the Cashless Kiosk, a built-in cash loading machine and interactive patient touchscreen designed to increase safety and security within the dispensary.

Patients can add any value to their SmartCards with cash or any major credit card directly at the Cashless Kiosk wall. Once the card is loaded with value, patients can make their purchases through a system that integrates with leading POS systems. Credit card processing can be handled by Marijuana Merchant Service or by the dispensary's processor of choice, according to the release.

James Eddy Stamey, co-founder of MarijuanaMerchantService.com, said that credit card processing services have been a nightmare for the marijuana industry, with businesses being terminated from processors without notice.

"Banks and online processors have refused to service legitimate businesses, causing a huge influx of cash, with all of its inherent problems," he said in the release. "Dispensaries will now have full control over their cash management through the Cashless Kiosk, substantially reducing the risk of employee theft, robbery or loss, this is an important advancement to this industry."

Check out a video of the product here.

Read more about financial service deployments.