In order for your business to grow, it’s critical to have a payment processing solution whether you are considering selling CBD products or already in the business.
Despite the demands of CBD, most payment processing providers are still apprehensive about approving a CBD merchant account.
CBD businesses are considered high risk. Merchant account providers have been very slow to catch up making CBD businesses struggle in their payment processing.
Luckily, even with the ever-changing legal restrictions on CBD businesses and products, there are still few account providers to fulfill your business needs.
Best Payment Processing Solutions
Here is the list of the top processing solution providers that can help you set up a merchant account for your CBD business.
First Card Payments
Miami, FL-based First Card Payments has been providing high-risk merchant accounts for 20 years, developing relationships with 30+ banks and ISOs, making them work on favorable results and desirable terms for their clients.
From excellent customer service to the lowest possible fees and terms, First Card Payments is one of the best providers to work with.
PayKings provides a broad range of services and products while taking care of the application and underwriting process without the need for setup or application fee. Take advantage of their multicurrency options, eCheck processing, and 3rd party integrations.
PaymentCloud specifically caters to CBD businesses that sell CBD products for external use like oils and lotions. The company takes pride in high success rates for merchant account approvals, no application or setup fee, and a dedicated account manager for customer support.
Worst Payment Processing Solutions
High-risk merchant account providers understand the needs of these CBD merchants, hence, the willingness to support and provide a payment gateway and the best POS systems for CBD stores.
But payment processing providers have different methods and policies. That said, it is always best to choose an account provider that fits your high-risk business needs.
Having an extensive background, tight business relationship with banks and ISOs, broad services, and dedicated customer service will yield beneficial results to merchants.
However, there are also payment processing providers CBD merchants have to avoid. These would be merchant account providers who lack transparency in their payments and fees. Neglecting to publish their fees are common in the payment processing industry, but can also be avoided.
Astronomical fees are also contributing factors to avoid when dealing with payment processing providers. Mostly, processing payments and fees extend far beyond the quoted rates because of sales persons’ commissions, added fees for features that do not cost these companies a penny.
Avoid working with payment solutions providers that give little attention and care to their customers. Commonly, the worst payment processing companies are only good during the pre-sales and contract signing.
Most likely, you will rarely or never speak with the salesperson post-contract. Because of their massive customer base, these providers will never care to answer your queries because losing one customer will not hurt their business.