Payment Processing for the CBD Industry

CBD has been growing in popularity in recent years thanks primarily to increased consumer awareness and a proliferation of scientific studies proving its effectiveness at combating a wide variety of serious health issues. Unfortunately, it can be hard for sellers of CBD and CBD products to find ways of accepting payment due to the fact that this industry is still considered high-risk. Readers who are looking for a CBD merchant account often wind up just going with the first provider that will agree to work with them, but this is a mistake.

Common Issues

Just choosing any company for CBD credit card processing can wind up leading to all kinds of issues further down the road. These include excessively high rates, chargebacks, and unnecessary holds. Avoiding these problems is a simple matter of doing a little bit of research before signing a contract, though, so read on to find out what to look for in a CBD merchant account provider.

Payment Approvals

Companies like PaymentCloud offer fast approvals for high-risk business tyles, including CBD product sales. Fast approval times alone isn’t enough to set a financial provider apart, though. Readers should also look into reviews from other customers and what services a company provides in addition to credit card processing.

Products and Services

Look for a company that offers online payment solutions and virtual terminals, point-of-sale solutions, and merchant cash advances. Some companies, such as Host Merchant Services, also provide industry-specific packages, online marketing tools, and loyalty programs. Others, like Durango Merchant Services, offer QuickBooks integration, electronic check processing, and partnerships with offshore banks that can make financial management much easier for high-risk companies.

Customer Reviews

While many of the financial service providers do not have Better Business Bureau ratings and reviews, it’s often possible to find records of customer complaints and comments on other websites. Look for reviews on what kind of customer service these providers offer in addition to the common issues described at the beginning of this article. There are plenty of financial service providers that offer CBD merchant account for Shopify and other eCommerce sites, so there’s no reason to settle for one that won’t meet its customers’ expectations.

Contracts and Pricing

It’s usually best to find a payment processor that will provide services without the need for a long-term contract. Companies like Payline Data offer month-to-month contracts and interchange-plus pricing, so customers won’t have to worry about early termination fees. This can be particularly advantageous for those who have only recently started CBD businesses and aren’t sure yet how their products will be received.