With the legalization of recreational cannabis in Canada last October, there are a lot of reasons to observe this year’s 420, April 20th, a day that has become synonymous with the celebration of all things cannabis.
While many medical and recreational users will mark the occasion, it’s also an important event for the country’s cannabis merchants. It represents a chance to pay tribute to an important shift in our country’s business climate, allowing us to cater a huge and growing legal market.
Whether you are selling online or have a brick-and-mortar store, or both, a key to your success is to have a robust, scalable payment solution that is secure and keeps up to pace with Canada’s fast-changing compliance regulations. Here are 10 tips on how to mark 420, meeting the increased demand for your cannabis products with smart payment solutions.
10 Ways to Meet the 420 Product Demand
1. Make sure you have enough point-of-sale terminals to support the crowds
Whether you sell online or through a retail location, you would be wise to expect a spike in sales leading up to 420. Do you have enough point-of-sale terminals in place to accommodate customers, taking the forms of payment they are used to making, including major credit cards, debit cards, Apple Pay and others?
2. Meet the growing demand for gift cards
Gift cards continue to grow in popularity, only trailing behind clothing as a present during the holiday season. For 420, are you ready to take advantage of this booming opportunity with your own gift cards? (Check with your province’s regulations to see what exactly you’re able to offer.)
3. Keep things moving. Offer an express checkout experience.
Even in brick-and-mortar stores, customers are looking for the same kind of quick checkout experiences they can have online, simply clicking a single pay button. They are already using mobile payments systems to get their morning coffee, so will gravitate to cannabis retailers who offer the same quick convenience.
4. Your tap and pay should lead the way.
Whether using NFC (near field communication) cards or smartphone apps, more and more consumers are relying to tap-and-pay methods to quickly and conveniently make payments of $100 or less. Is your cannabis business set up to take contactless payments? If not, give us a call.
5. Celebrate with a special promotion or event
420 is a special event, so it makes sense for you to launch a promotion or event and share the celebration with your customers. Perhaps you can sponsor a local 420 event. Or have a poster or video in your store promoting a certain brand of cannabis for 420. But keep in mind that the cannabis industry is heavily regulated in Canada as to what is and isn’t allowed for marketing.
6. When processing a refund, always use the same credit card as the original sale
Issuing refunds on the same card that the customer originally used for the purchase, makes reconciliation easier and prevents any confusion for the customer.
7. Request a new form of payment after a declined card
Customer credit and debit cards can be declined for a variety of reasons. Simply ask the customer for another form of payment.
8. Send digital receipts via email
In an era of increased environmental consciousness, where wise use of resources is appreciated in businesses, an option for receiving a digital receipt via email for a cannabis purchase will be appreciated by many customers.
9. Accept alternative payment methods
Customers are looking for a seamless experience whether paying for goods online or in a retail environment. Beyond the usual cash, credit card and debit card choices, cannabis merchants would be wise to offer a range of popular digital wallet payment types.
10. Try “line busting” in retail stores
Any kind of holiday or special celebration is a busy time for merchant retailers. To stay competitive, consider using a “line-busting” strategy that works well for your business.
However you decide to mark the occasion with your customers, keep security, efficiency and great customer service in mind. Merrco provides secure payment solutions, taking you through 420 celebrations and beyond.