No Cash, No Card: How Pay-by-Bank Saved My Dispensary Trip

As a busy mom, a wife, and a fractional marketing exec with a million thoughts running through my head at all times… I’m no stranger to forgetting my wallet in the car or at home.

Which usually isn’t a problem, because most of the time, I can just whip out my phone and use Apple Pay. No matter where I am: at the grocery store, a hotel, or a restaurant.

At the dispensary, this isn’t the case. It’s one of the things that frustrates me the most about going to dispensaries, and why I usually just send my husband to go for us.

Banking is the Biggest Challenge in Cannabis

The cannabis industry is growing fast (worth approximately $45 billion), and with growing technology like AI in cultivation, retail, and supply chain logistics, you’d think that banking wouldn’t be the biggest hurdle to jump in our industry.

But, despite state licensure, banking and payment processing are and will remain the biggest challenges for plant-touching cannabis businesses until something like rescheduling happens.

All of these things and more make running out for a quick dispensary trip a lot harder than going to the grocery store.

And sure, it’s not THAT much harder to remember to bring cash or sign up for a payment processor ahead of time, but in such a busy world, it’s one more holdup that can cost dispensaries millions of dollars in business.

So when I realized my wallet was nowhere to be found, I was annoyed. Because I knew what was coming.

An awkward, uncomfortable (and really annoying) slip out of line, apologizing to the budtender as you embark on a walk of internal shame over to the ATM (why does it feel like everyone is always looking at you?), ponying up an extra $3-$5 in transaction fees, and losing your spot in line that you’ve inevitably waited at least 15 minutes for.

I begrudgingly told the budtender I’d be right back because, of course, my wallet was sitting at home on my kitchen table.

He gave me a sympathetic look of understanding (like it had happened a few times that Friday alone), and I prepared to get the usual “sure” followed by a call of “next customer!” while I slowly walked towards the ATM.

But this time, after he’d finished exchanging the universal glance of understanding, he stopped me from leaving the long line of customers and asked me if I’d ever used the Paybotic Financial app and the pay-by-bank feature.

I’ve worked in cannabis marketing for 6 years, so I knew who Paybotic Financial was, but I’d never used the tech before.

I was not looking forward to another app, so I reluctantly said no. He (and probably every other customer in line) must’ve seen I was irritated about forgetting my wallet, because he told me it would only take a few minutes to set up, and I could pay right away.

I connected my bank and set it up in under 2 minutes, while he was able to help the other customers behind me and hold my place in line.

The experience was similar to Apple Pay, and all I could think in that moment was how glad I was that I didn’t have to step out of line and start the process over.

It made me realize that dispensaries that aren’t using pay-by-bank are behind the curve and need to be offering this option with each transaction, just like the budtender did for me.

What is pay-by-bank?

Pay-by-bank is exactly what it sounds like: consumers pay by bank account rather than a debit or credit card.

It’s a bank-to-bank payment where the customer authorizes the merchant to debit funds directly from their bank account, typically on the ACH network.

It’s like when you set up autopay to hit from your bank for recurring bills, except the bill is a fire eighth from your favorite dispensary.

Consumers who are used to carrying cards everywhere they go, and more recently, technology like Apple Pay has stormed the scene, making your wallet feel like dinosaur technology.

And pay-by-bank with Paybotic Financial feels like an Apple Pay solution.

You can pay directly from your bank with a simple QR code, which was exactly what I needed on that fateful Friday night.

Honestly, if that solution hadn’t been presented to me, I might’ve just called it a night and left the dispensary altogether.

Why should dispensaries use pay-by-bank?

For businesses, pay-by-bank means lower fees, faster settlement times, and a reduced risk of chargebacks.

And obviously, the peace of mind knowing you’re providing your customers with the best possible experience.

With clearer payment records, pay-by-bank is the optimal solution for dispensaries that want to provide a seamless customer experience and keep their financial records as organized as possible.

Dispensaries that carry all cash, and in my personal opinion, any cash at all, aren’t secure.

Hardly a day goes by that a dispensary in the United States isn’t broken into or targeted by a robbery, even though many dispensaries are now on some sort of digital payment processing platform.

How can dispensary customers use pay-by-bank?

Customers can get set up on the Paybotic Financial app in three simple steps.

First, they’ll create a profile and link their bank account. Next, they’ll tap a “Pay Now” button, and your staff can scan the QR code at checkout. Finally, customers will receive a notification saying their transaction was successful!

When they visit you next time, their bank account information will be securely stored, so they just have to tap and pay – just like Apple Wallet or other digital payment solutions.

Get your dispensary started with pay-by-bank

Had I not been introduced to Paybotic Financial’s solution when I forgot my wallet, I could’ve easily decided the hassle to get out of line and come back wasn’t worth it.

The dispensary would’ve lost my sale, and I’m not sure when I would’ve decided to venture out to the dispensary to get my favorite infused chocolate again.

The work to win and retain your customer doesn’t stop when they walk through the door. Through every step of the sale, and even after, dispensaries have to think about the customer journey and the tools and technology they can implement to strengthen it.

As the cannabis industry grows and matures, it’s our responsibility to provide the best customer experience available and match what consumers are seeing in traditional retail.

Get started with Paybotic Financial today and see what pay-by-bank can do for your cannabis dispensary!