CBD has become a household name in North America, mainly because of the product’s health benefits. This demand will push more sales, and robust CBD business payment processing and cannabis payment solutions will be essential when generating new revenue streams. Finding seasoned CBD credit card payment processing companies that understand this business model is a must and SecureGlobalPay can help.
The CBD industry is projected to hit $20 billion in sales by 2024, and only business owners who have efficient payment processing solutions will enjoy the full benefits of the rising demand.
Despite the promising potential, it is difficult for owners to find reliable providers for CBD merchant processing services. This is because CBD sales are treated as high-risk merchants by many financial institutions. However, SecureGlobalPay payment processing solutions for high-risk industries provide efficient and reliable CBD business payment processing services for both start-ups and seasoned business owners alike.
What is CBD?
Cannabidiol – CBD – is among the more than 100 compounds found in hemp and cannabis plants. The most popular cannabidiol is tetrahydrocannabinol – THC.
THC is responsible for the intoxication effect derived from smoking or consuming cannabis. CBD, however, does not intoxicate. On the contrary, CBD provides therapeutic and health benefits to consumers.
Why would a medicinal product need a high-risk merchant account and high-risk credit card processing? The lack of knowledge between CBD and marijuana has led to criticisms of the CBD industry. Consequently, most payment processors treat CBD as a high-risk industry.
Legal CBD is derived from hemp plants. CBD derived from marijuana is illegal. However, the two varieties can smell, look, and feel the same, making it challenging to regulate.
Laws and regulations on CBD differ depending on the country or state, adding to the complexities surrounding the legalities of CBD products. Such confusion explains why many payment processors consider the CBD industry among high-risk businesses to be avoided because of the product’s legal status.
Payment service providers like Mastercard, PayPal, Visa, American Express, and Stripe do not normally provide merchant services for CBD businesses. CBD credit card payment processing companies like SecureGlobalPay have filled this gap, providing CBD business payment processing solutions to help facilitate CBD sales in general.
Why You Should Use CBD Busines Payment Processing Services for your CBD Related Business
State-of-the-art CBD business payment processing increases the efficiency of running any CBD-related business. Whether you run an eCommerce store for CBD products or sell the products in a retail store, having a legitimate payment processor who understands the business brings numerous benefits.
Accept Debit Cards and Credit Cards
Many online transactions are conducted using credit cards and debit cards as the preferred payment methods. Your business should be able to accept payments via these cards in addition to the various alternate payment solutions like high-risk eCheck and Crypto payments. SecureGlobalPay can help you accept credit cards, debit cards, eChecks, and Crypto payments via their high-risk payment gateway.
Alternative Payment Options
You don’t just get credit card and debit card payment solutions. A good processor will give your customers access to additional payment options like bank transfers, prepaid cards, etc.
CBD Business Payment Services & Integrations
SecureGlobalPay’s CBD business payment processing payment gateway can be integrated with your existing front-end software systems. This integration allows for a seamless flow of data for increased efficiencies in the transactions.
Improved Customer Service
At SecureGlobalPay, you’ll enjoy 24/7 customer service. You also get fraud protection and data protection, ensuring your clients are safe throughout the transaction process.
A reliable payment processor will give your business the flexibility it needs to scale by running efficiently, without interruptions. By offering cutting-edge payment solutions to your customers, you’re making it easy for customers to do business with you.
What to Look for in CBD Business Payment Processing
Not all processors are well-equipped to handle high-risk businesses. Although CBD is legal in Canada and many states in the United States, you’ll still need a high-risk processor like SecureGlobalPay. In your quest for a reliable service, you should check out the following:
Look for service providers that are versatile enough to accommodate your current payment systems. You don’t have to change anything to suit their systems. In addition, consider using CBD business payment processing providers with point-of-sale availability for your retail operation. POS integrations will make it easy to manage both in-person and online transactions.
High-Risk CBD Payment Processing Familiarity
The payment processor should be able to deal with high-risk transactions. This means that you should only consider processors with experience and a track record in high-risk industries, like SecureGlobalPay. A sure way to confirm if they’ll handle your CBD oil merchant processing is to check if they also offer payment gateways to the following industries:
- Online gaming
- Travel services
- Adult services and products
- Online dating
- POS Availability
You can get efficient payment processing services at reasonable rates. In addition to payment-related fees, some additional fees and charges you should be aware of include:
- Compliance fees
- Monthly or annual fees
- Statement fees
- Non-compliance fees
- Terminal fees
Reliable Customer Service
Issues are bound to arise when dealing with CBD products. You should therefore ask prospects how they handle specific client issues and disputes, such as chargebacks. More importantly, find out if they have fraud protection measures to minimize disputes.
Compare contract terms from different credit card processors and payment solutions providers, and settle with the company that best suits the needs of your business.
CBD Business Payment Processing and Merchant Accounts
Get your CBD merchant account today and make it easy for your customers to buy products from your store. As one of the leading CBD business payment processors in the high-risk industry, SecureGlobalPay qualifies as your reliable partner to take your CBD business to the next level.
Whether you’re only interested in standard low-risk retail payment processing or interested in a wide range of high-risk payment solutions for a CBD business, SecureGlobalPay is the right provider. Reasons, why one should consider SecureGlobalPay as your CBD credit card payment processing company, include:
- Easy setup
- Fast processing speeds
- Personalized services
- High approval rates
- Customizable solutions
- Strong security protocols
Getting CBD eCommerce integrations among other payment solutions when applying for a merchant account can be a simple process.
The 2018 farm bill was critical in ascertaining the legality of CBD derived from hemp. However, its association with CBD derived from marijuana makes CBD generally considered controversial and high-risk. If you sell CBD and are looking for a CBD merchant account, SecureGlobalPay will be a good fit. The company has experience with high-risk businesses, including the CBD industry.