The cannabis industry is flourishing. With recent legalizations, including New York, it is without a doubt that the market will see countless new dispensaries opening their doors in the near future. Whether you already operate a dispensary or are looking to open one, read on to learn what to look for a in a dispensary point of sale (POS) system and why they’re so important.
What to Look for in a Dispensary POS System
First, let’s dive into a quick list of must-have dispensary POS system technologies. POS systems have several components, but they don’t need to be complicated. One way to make it easy? Choose a POS supplier (like Star Micronics) that can provide all necessary hardware and has integrations with industry-leading dispensary POS software companies. Essential dispensary POS system components include:
- Receipt printer: Receipt printers are of utmost importance to dispensaries. Proof of legal purchase is essential – and there’s no better way to provide it than with a receipt. Additionally, it’s important to note that depending on your region, receipts must also contain other information, like store name and address, product category/name, and appropriate tax codes/identifiers.
- Label printer: Another printer that’s important to have on hand is a label printer. Labels are integral for seed-to-sale tracking, a key requirement in cannabis regulatory models. This process tracks plants and their byproducts from planting all the way through to the plant’s sale.
- Cash drawer: Currently, the majority of dispensary transactions are cash. Why? According to FindLaw.com, “Even though dispensaries supplying recreational or medical marijuana may be perfectly licensed and legal under state law, federal law still classifies marijuana as a Schedule 1 drug and considers marijuana businesses illegal. The banking system is regulated by federal law, so banks risk charges of aiding and abetting a federal crime or money laundering if they choose to do business with marijuana-related ventures.” That being said, a durable and high-volume cash drawer is key.
- Scale: One of the most critical elements of a dispensary POS system is the scale. When it comes to scales, there are a few things to keep in mind. First, the scale must be legal to use in your state and NTEP-certified. This certification ensures that the scales are charging the correct amount for the product being weighed. Another great feature to look for is a scale that is integrated directly into the POS as direct integration can reduce the risk of human error in data entry.
- Accessories: There is a plethora of dispensary POS system accessories that can take your business to the next level, including: scanners to increase the speed of transactions and convenience of scanning, an LED customer display so shoppers can easily see item prices and the transaction total, and a tablet stand and enclosure that features hidden cable management and matches the rest of the dispensary POS system aesthetic.
- Software: At the heart of a successful dispensary POS system is the right software. Like we discussed earlier, it’s key to make sure that your software is integrated with all of your POS hardware. Additionally, some software features to look for are built-in ID scanning and age verification, loyalty programs, on-demand product information, alternative payment acceptance, offline mode, inventory management, analytics and reporting, and more.
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5 Benefits of a Dispensary POS System
So now that you know what needs to be included in your dispensary POS setup, why exactly is all of this important? Here are 5 major benefits of a dispensary POS system:
- Compliance: Compliance is, of course, absolutely critical for dispensaries. POS systems can help not only provide necessary proof of purchase, but can manage inventory and age and ID verification as well. Common compliance violations include failing to report inventory, patient purchase limits, sales to minors, and inadequate delivery documentation. These violations are severe and can result in notice to comply, citation for violation, interim suspension, or revocation of license.
- Accuracy: Keeping product secure from seed to sale, and ensuring you’re selling the exact amount you think you are, is important. POS label printing solutions can aid in accurate seed-to-sale tracking, and an NTEP-certified scale complete with a windshield means you’re charging exactly the right amount for the product you’re selling.
- Online Ordering: Did you know that cannabis delivery soared during the pandemic, and that change is likely here to stay? The right POS software will be capable of ecommerce and delivery, and will be integrated with a complete line of POS hardware. With the right POS system, staying up-to-date on digital trends is a piece of cake.
- Future-Proof Integration: Speaking of being future-proof, choosing the right dispensary POS software and hardware means no matter where the market goes in terms of ecommerce or payments – as national banking eventually opens its doors to the industry – your POS system will already be prepared to handle it all.
- Marketing: As the market explodes and competition becomes fiercer, marketing is key – and your dispensary POS system can help. Opt for a POS software that includes loyalty programs, gift cards, and marketing tools like email campaigns and social media integration. Your POS hardware can help too – with PromoPRNT, you can print custom promotions on the bottom of your Star Micronics receipts and labels for free.
The Proper Dispensary POS System is Important – Now and in the Future
In summary, while an ideal dispensary POS system has many parts, including software and hardware like receipt and label printers, cash drawers, scales, and more, deploying the best solution doesn’t need to be complicated. By choosing the right POS dispensary system suppliers you can start taking advantage of the many benefits a proper system offers, like compliance, accuracy, future-proofed technology and integrations, and built-in marketing benefits.
