Finding CBD-friendly payment processors can be tough, and if you are starting a CBD oil business, it may be the single most important step you take on your path to success. The only problem is, many payment processors label CBD businesses as ‘high-risk’, and subsequently won’t want to deal with you, or will charge you over-inflated processing fees.
Here are 5 vital pieces of advice that all CBD businesses should bear in mind when looking for a payments provider:
Payment methods
When a customer gets to the checkout, whether online or in-store, they want to know that they can choose how they pay. CBD businesses should accept all major credit and debit cards, as well as mobile wallets such as Apple Pay and Android Pay, which are becoming increasingly important. For online merchants looking to expand internationally, they should look at offering local payment methods from their target markets. For example, the bank transfer method Przelewy 24 is hugely popular in Poland, so if CBD businesses offer this as a payment option, they will appeal much more to the Polish market.
Omnichannel payments
CBD merchants need the flexibility to accept payments at any time and from anywhere. This means that if a customer wants to pay over the phone, via email link, with a face-to-face card transaction, or online using a digital wallet, your business needs the functionality to make this easy. Omnichannel payment providers help merchants to unify their payments strategy by bringing all payment options under one roof with a single point of contact and just one transaction tracking system.
Account management
Setting up a robust and efficient payment system that maximises sales can be tricky for new businesses who are just starting out. You need to find a payments provider that will assign a friendly account manager with comprehensive payments expertise to your account. With this support, you will be able to build the perfect customer journey that will optimise the appeal of your CBD products.
Processing fees
Emerging markets such as CBD are very often labelled ‘high-risk’ by payment companies, and if they do take them on and process CBD payments, their fees are often amplified. There are, however, payment providers who specialise in businesses in emerging markets, who take the time to understand merchants’ business plan and have flexible pricing models. Seeking out these payment companies will keep operational costs to a minimum, which is essential for start-ups.
Open-mindedness
The most important thing for CBD merchants to look for in a payments provider is belief in your product and a full understanding of your business plan. Too often, new CBD businesses are turned away simply because of the ‘high-risk’ label that payment providers unfairly give them. Forward-thinking and empathetic payment solution providers will recognise the potential of your business and should be fighting to add you to their merchant base.
TRU//ST Payments offer end-to-end, omnichannel payment solutions for ambitious business in emerging marketing that are looking to offer simplicity and convenience at the checkout. We have a blossoming CBD vertical and a dedicated CBD team who will guide merchants through the essentials they need to create a seamless payments strategy.
Get in touch with us today to find out how our payment solutions will boost sales for your CBD business.
