GRAND HAVEN – iHemp Michigan is now offering CBD stores and Cannabis dispensaries a way to increase business sales by offering their customers a pin-based debit card not affiliated with Visa and MasterCard.
iHemp Michigan has partnered with New Line Processing to make this incredible offer available.
The customer pays a $3.75 fee to process the debit card, and the cannabis and CBD dispensary rebates $.75 back to the merchant on every sale.
So, if 10,000 sales are made each month using the card, the company gets $7,500 back.
The nice feature of this program is that the $3.75 flat rate applies regardless of the transaction amount. The rate is the same whether the transaction is $10, $100, or $1000.
This allows the merchant to increase the sale amount, which is the retail lift factor. Cannabis businesses that have provided this payment option to their customers have experienced a 25 percent retail lift or more.
There is also no contract, so cannabis businesses can leave the program at any time and return the credit card processing equipment if they change their minds.
In addition, New Line Processing offers banking services for the Michigan hemp and cannabis markets at a low service fee of only $150. It should be noted other banks and credit unions that serve the cannabis market charge $1000 a month or more.
A checking account tied to the Native American Bank is in development.
For more information, contact Blain Becktold at 616.502.0881 or email [email protected].
