One of the most consistent roadblocks dispensary customers face is the inefficient banking model dispensaries must deal with. Currently, cannabis is not federally legal and most banks shy away from business with cannabis retailers to avoid lapses in compliance. Dispensaries that do use banks often have to pay higher holding costs and fees with local credit unions willing to help.
This directly affects the customer, as they must visit ATMs beforehand, withdraw cash, or use a debit card with a higher transaction fee. This headache has long loomed over the legal cannabis industry, with many leaders calling for change. While we still don’t know how far away we are from federally legal cannabis banking, two companies are leading the charge for change.
BLAZE is integrating with Spence Labs to get cannabis banking up to speed with every other industry. We are taking cannabis banking and dispensary transactions to new heights for a better, more efficient industry.
Spence Labs – The Easiest Way to Buy Cannabis
Spence’s online payment solution is designed to make buying cannabis more simple. This comprehensive software platform is built with dispensary customers in mind to ensure cashless transactions, mobile payments, and pay-ahead business models. Going cashless in advance not only decreases foot traffic and dispensary clutter, but it gets the customer in and out, creating more time for sales.
It takes just minutes to sign up, enter your payment information, and then pay ahead online. No need for cash; no need for ATMs. What’s even more impressive is their Enjoy Now, Pay Later model which creates installment plans for large purchases, so customers can enjoy interest-free payments at their convenience. This is a huge step for cannabis transactions.
Delivery integrations that enable your dispensary to partner with cannabis delivery services and pay ahead online; Key data insights, such as detailed transaction reporting, purchase history, returns, promotions, and more; And road-mapped compliance integrations, so you can optimize your dispensary for secure sales and reporting.
How it Works
Customer Places Order
First, sign up on GoSpence.com by entering your personal and payment information. You’ll receive a verification code shortly after. Then, select your bank and place your order ahead of time online or on your mobile device.
Order is Accepted in BLAZE POS
Easy API integration and a POS system built for cannabis allows BLAZE to accept orders with ease. With BLAZE, you can order ahead, order for pickup and delivery, or make in-store purchases.
Customer is Sent SMS with Payment Link
After customers place an order, their mobile phone will receive a notification with a payment link. The customer authorizes the payment through their mobile phone! Funds will be withdrawn automatically from the customer’s bank account. This allows them to buy cannabis with their phones or online ahead of time.
Customer Does Express Pickup or Delivery
That’s it! Simply leave with your cannabis products, pickup in-store, or have them delivered! BLAZE partners with cannabis delivery brands such as Tookan and Onfleet to give customers more options to purchase cannabis!
Why it Works
If you’ve ever been to a dispensary, you’ve probably had to pull out cash at an ATM. The amount you withdraw is your limit, so if the desired cannabis product you want is $45 and you pulled out $40, you’ll need to pull out more money. This is just one common hassle that has now been eliminated by BLAZE and Spence.
Customers can save money and be more flexible to add items to their carts. This directly puts more money into your dispensary, reduces operational costs, and expedites transactions. This innovative payment method works for online orders, delivery, pickup, and in-store purchases. It’s the easiest and fastest way to buy and sell cannabis.
Is it Safe?
Spence is backed by an FDIC-insured banking partner that supports payments with thousands of banks. With an added focus on bank-level SSL encryption, customers can enjoy safe and secure transactions from their bank account. Spence and BLAZE are also fully compliant in the cannabis banking sector.
Increase Your Customer Base and Drive Sales with BLAZE and Spence Labs
As the majority of the United States hopes to catch up to federal legalization, Spence and BLAZE are proud to have built software with dispensary customers in mind. This isn’t an alternative to cannabis banking, it’s a solution. To book a demo and learn more about BLAZE’s partnership with Spence Labs, click here.