While there is growing acceptance among all states regarding cannabis, the federal government has yet to catch up. This undeniably creates a lot of nuances to navigate if you’re in the cannabis business. One of the biggest is handling payments. Federally-backed banks are still mostly a no-go when it comes to paying for state-legal cannabis. Therefore, customers can’t always pay with a debit or credit card, and dispensaries can take in a substantial amount of cash.
As we recently covered in Cash Management Best Practices on the PAG blog, a single dispensary can need cash pick-ups anywhere from two to five times a week. Keeping a stack of cash on site puts the retail location in a high-risk situation. With that in mind, Massachusetts cash transport companies become exceptionally important.
The Importance of Secure Cash Transport in Massachusetts
Transporting cash on your own may not sound like a big ordeal. Many retail locations outside of cannabis make periodic cash deposits on their own. However, in the world of cannabis where cash reigns king, one establishment could be taking in several hundred thousand dollars per week. Traveling without a secure plan in an unsecured vehicle generates unnecessary risk. Onlookers could easily discern when cash is being moved from the business with unauthorized surveillance, which creates an unfortunate opportunity for robbery to occur.
Businesses that hold a Massachusetts cash transport license like PAG offer an invaluable service. Cash is picked up by armed professionals, loaded into a secure vehicle, and then transported to the bank on a dispensary’s behalf. The cash is monitored from the time it leaves your establishment until it is safely deposited into your accounts. Therefore, the risks associated with traveling with large sums of money are eliminated for the business owner.
PAG Has Partnered with Several Area Banks
Finding a cash transporter in MA that is already partnered with area banks can further simplify transporting funds between the dispensary and the bank. A partnership signifies that a transporter is a trusted ally of a financial establishment of sorts. In short, the partnership ensures the bank has a seamless relationship with the cash transporter and transactions can be carried out quickly and securely.
As the largest cannabis and cash transport company in MA, PAG has a standing, reliable partnership with a number of area banks, such as:
- Needham Bank
- Bay Coast Bank
- Avidia Bank
- GFA Federal Credit Union
Trust Massachusetts Cash Transport to Our Expertise
Whether you are transporting cannabis or transporting cash that results from your cannabis operation, PAG is here to make your life easier. If you would like to learn more about cash transport in MA, reach out to discuss how we can help.