Cannabis stores are increasingly accepting debit cards as a payment option. All Artist Tree dispensaries accept debit card and cash payments for in-store orders and home delivery, and some locations also accept credit card payments. However, traditional debit card processing only works for cannabis card transactions (in-store and at home). The reason why credit cards aren't available to cannabis companies is the same reason why well-known payment apps can't be used to buy cannabis.
Banks are also hesitant to provide services to cannabis companies due to the large amount of money that needs to be deposited. The availability of cannabis banking has improved the availability of non-cash payment options for cannabis companies. Major credit card brands (Visa, MasterCard, American Express, Discover) are not expected to allow cannabis credit card transactions until the sale of cannabis is federally legal. Congressional laws, such as the Safe Banking Act, are designed to increase the availability of banking services for cannabis companies, but they won't affect the availability of credit card processing for cannabis companies.
In the early days of legal sale of cannabis by the state, many banks avoided providing services to cannabis companies because of the challenges of cash. As a result, most banks choose not to work with cannabis companies, and most cannabis companies are forced to accept only cash. Because cannabis is still illegal at the federal level, most banks are wary of processing cannabis transactions, as they could be accused of money laundering. Despite this, a steady stream of cannabis technology providers are getting into the ACH payments game with their own “______” payment solutions. This means that more and more consumers are able to pay for their purchases with debit cards.
