|September 9th, 2019|
Business owners dealing in CBD products can best run their business online. It is so because there, their business and products know no bound.
There is no denying that CBD products are establishing themselves strong in the healthcare industry. In the landscape of health and wellness, hemp-derived products are gaining enormous popularity with each passing day. While others are making it work for them, what is your plan to make it big for you?
With the recent state move in favor of hemp and products derived from, it new door to endless opportunities has been opened for the businessmen. After passing of the 2018 Farm Bill, hemp is no longer associated with the notorious marijuana and its ill psychoactive effects.
The CBD industry is expected to hit a glorious benchmark of $16 billion revenue by 2025. The underlying reason for this is unsurprisingly the result of President Donald Trump’s step to remove hemp from the definition of marijuana under the controlled substances act (CSA). Also, it put an end to the whole controversy prevailing in the industry.
After this, a large number of brick-and-mortar and online stores have started stocking CBD products. They are getting prepared to meet consumer demand for CBD products in various forms including oils, capsules, candies and topical solutions. Clearly there is a lot of money to churn out by the industry players. That said, one cannot undermine the great significance of mitigating risk and operating business in a legit manner only. For catering to the needs of users merchants are supposed to provide them fast and secure payment processing solutions. This also means the need to spot the best payment processing gateway is highly important.
On Turning Back The Pages Of CBD Industry
It was 80 years back when CBD was discovered for the first time. It took another 23 years and strenuous efforts of a team of scientists to present an unambiguous picture for this unique chemical compound’s molecular structure. But this was the turning point in history of CBD, as it was then realized that this compound is a marvelous healing ingredient for multiple conditions.
But it was quite a recent development where technological innovations took the charge of digging deep to realize the great potential of the hemp-derived products. Therapeutic effects of this useful compound are yet to be completely explored by diligent researchers. Needless to say, THC, the chemical found in marijuana has nothing to do with CBD products. This gives much-needed assurance to the patrons that the products they are consuming are free of any mind-altering effects. And they can certainly harvest the sweet rewards from wide array of hemp-derived products.
Are You Not Running A Legal Business?
Even after the removal of previously imposed restrictions on the selling and purchase of hemp-derived commodities, CBD merchants are still not completely exempted from the challenges of being a seller of conspicuous products. Besides this, being a high-risk industry, the fact that marijuana is still considered to be an illegal item at the federal level, creates hurdles in the path of sellers while accepting online payments.
Before taking up the drill of locating ideal payment processor for your business it is important to have confidence and complete faith in your business. There should be no doubt as you carry the identity of being a hemp-derived products seller. It is possible to get the best processing services only when you understand the difference between the two plants and hence, products derived from them.
No matter you are a newbie in the industry or a well-established CBD merchant, you always need the expertise and skills of a highly reputed CBD payment processor. Having worked with other CBD players, the service provider company is expected to serve you in the best possible manner.
Why It Needs Only High-Risk Merchant Services?
Despite the fact that selling and consuming products containing CBD is now legal in most of the US states, the industry still carries the tag of high-risk. It is probably due to a strong apprehensive image it has been carrying for many years together. Continuous transfiguration in the industry at state and federal level further adds to the complexity and confusions amongst merchants and patrons.
But there is nothing to worry about, your association with CBD merchant service provider can minimize these challenges. It is however critical that a merchant shares the nature of his business with the service provider or else s/he can waste time in making unsuccessful attempts of hiding it from the merchant service provider.
Spearhead The Search For Top Most CBD Payment Processing Partner
Finding a reputed and experienced CBD payment processor certainly does not match the difficulty level of searching a merchant account provider for a low-risk business. But your lookout should be to find a service provider who will ensure that you can run your business without dodging the legal requisites. At the same time, they should be keen to equip your online/offline store with the latest payment solutions.
Below given are the steps involved in finding a CBD merchant account:
1. Relevant high-risk services exposure
How things work with low risk businesses is entirely different from the working of high-risk merchant service arena. Finding a proficient CBD payment processor is the prerequisite of accepting online payments.
There are many reasons to support this point. Foremost importance is hold by the fact that industry is relatively new and there are many shady players in existence. No card processing services will ever want to incur losses while associating with any of the players that run their business in legal grey area.
2. Smooth transitions
There can be nothing more frustrating and time-consuming than being compelled to switch your e-commerce site to a new platform in order to integrate a CBD processor.
It is actually depreciating to lose all trust you have gained after investing in finalizing the look and feel of your website. It is not recommended that you associate with a processor that requires shift of platform for integrating their payment modules into your site. Your lookout should be a processor who can smoothly incorporate CBD credit card processing system into your online store.
Also, you should keep your future requirements in mind while deciding on the partner to do business with. As your business progresses you may need to add or change the processing solutions. Working with a broadened e-commerce software proves to be highly beneficial in such scenarios.
3. POS availability
Availing POS system integration proves instrumental in saving time, efforts and cost for your business. A CBD payment processor with point-of-sale availability will be a boon for flourishing your trade in both online and offline facets.
Perks of POS availability extend up to having business intelligence, customer loyalty along with sales portal easy accessibility. Furthermore, it ensures store profitability on a whole. It also earns some brownie points as it proffers lucrative business choices to the merchants. It can be counted on for controlling stock input and output from one location.
4. Reasonable price
It is true that you have to spend money to make more money. But getting value of your money is also important. There is probably no harm in making judicious use of your money, it is a kind of investment actually.
As you run a hunt for spotting the ideal payment processor, you will come across a variety of companies with respect to their fee structure. It is a no brainer that you need to do some math to understand that if paying a specific percentage can work well with your profit margins or not.
You should also take the other fees into account like statement fees, compliance fees, non-compliance fees, terminal fees, monthly/annual fees.
Owing to chargebacks you may have to bear additional cost, it is therefore, in your best interest to confirm for the same from the prospective processor.
5. Healthy agreements
If you think that all the payment processing services come with some kind of time binding then you are not right. Terms and conditions of contracts vary from one to one. It is your job to find out the processor with the most congenial conditions.
It is highly recommended that you stay away from the processors that are desperate to bind you for a stipulated time period. These restrictions can be highly demanding and keeping a safe distance from these helps your CBD store flourish.
You can exceptionally choose to go ahead with a bonded contract if the other conditions are not so harsh and they have accredited customer testimonials speaking high of the company.
6. Customer services
Without this entry the list could not have been complete. There is no scope of overlooking the importance of availing anything less than excellence in name of customer support services.
There are plethora of cases where only trained customer service executives can handle the customer. The kind of services your agitated and confused customers should not be conflicting with your business image.
Around the clock support for your customers help you deal with problems like fraud protection and chargebacks to a great extent. If you can find your business a personalized customer support service you cannot ask for more.
To Sum Up
Selling CBD online appears to be an intimidating task but you can see the profit margins scoring high as you learn to find a qualified credit card processor. After going through the aforementioned tips to decide which processor can do the best job for you, you are ready to take an informed decision.