Securing a CBD merchant account is gradually becoming less challenging, yet finding a reliable CBD payment processor remains a critical task for businesses in this industry. With the CBD market evolving and becoming more accepted, now is an ideal time for CBD businesses to evaluate their payment processing solutions and streamline their expenses.
Understanding the dynamics of CBD payment processing
While the CBD sector is gaining mainstream acceptance, it’s still heavily regulated, necessitating meticulous attention to all business aspects. This includes website content, product descriptions, marketing strategies, and terms and conditions. Aligning with a Merchant Service Provider knowledgeable in CBD industry requirements can greatly simplify this process.
Five key aspects for CBD payment processing in 2021
- Emerging-risk Processing Requirements: CBD businesses typically need to partner with medium to emerging-risk payment processors. It’s crucial to avoid providers with dubious practices and focus on reputable companies experienced in emerging-risk solutions and the CBD industry.
- Comprehensive Fee Analysis: While CBD merchants are considered emerging-risk, leading to higher processing rates, it’s essential to understand the complete fee structure beyond just the “rate.” Transparency in all fees and assessments is vital to determine the true cost of credit card processing.
- Retail Sales Capability: Many processors may not support retail CBD sales due to challenges in monitoring physical product inventories. Retail merchants need transparent solutions that align with their specific business models, while eCommerce merchants should consider potential future expansions into retail.
- Marketing Compliance: Adhering to FTC and FDA guidelines is critical for maintaining your merchant account. Regular monitoring for compliance by acquiring banks means that any non-compliant marketing can risk account suspension or closure.
- Choosing the Right Processor: Selecting a processor with expertise in CBD payment processing is key. An experienced provider will consider various factors such as product types, site builders, and shopping carts to anticipate and address potential issues.
Partnering with a trusted merchant service provider
Bankcard International Group, a seasoned emerging-risk merchant service provider, has been offering banking and payment solutions to the Hemp and Cannabis industries since 2006. Our team of ETA Certified Payments Professionals is committed to providing stable, transparent, and compliant payment solutions for the CBD industry. We prioritize customer service and long-term relationships to support the success and growth of our clients.
For CBD businesses seeking effective payment processing solutions, we offer expertise and honesty in our services. Contact us to explore the best options for your CBD company.
