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662 points JacobHenner | 1 comments | | HN request time: 0.212s | source
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mannyv ◴[] No.40214223[source]
One major effect of this is that weed stores will be able to use banks and payment processors legally once the regulators catch up.
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andrewxdiamond ◴[] No.40214371[source]
A lot of them have wiggled around this problem by offering “atms” at the cash register. You pay with a debit card, but it’s not a normal transaction, it’s an ATM withdrawal! I don’t understand how the money is vended to the business, but it keeps it out of the store
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swalling ◴[] No.40214632[source]
Yes this seems to be increasingly common, at least on the west coast. The suboptimal part is that the buyer typically gets hit with an out-of-network ATM fee for doing this, so the consumer is paying $2-5 for processing per transaction.
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ghaff ◴[] No.40214813[source]
That’s pretty small potatoes though compared to going to a bank yourself and making a transaction for cash you don’t normally have around. Maybe there’s an ATM down the block but that’s not the case for many people.
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1. filoleg ◴[] No.40214948[source]
And those ATMs around the block from a dispensary (or even in the same buildimg) would still charge a fee for withdrawal anyway (as they are always a third-party ATM and not a bank one, so you get that big message on the screen about an extra fee for withdrawal).