Because CBD stores are automatically classified in the high-risk category, finding payment processing for your CBD business can appear quite challenging. The good news is that there are numerous companies vying for your attention as you prepare to launch your operations. Your job is to carefully select the merchant account provider that best meets your unique needs in this industry. For maximum success, take the following factors into consideration.

1. Costs.

Because your business is high-risk, your processor will definitely require you to pay higher per-transaction fees. Additionally, you can expect more stringent costs for the funds reversals known as chargebacks as well as early termination of your account. Although some of these charges are non-negotiable, not all of them are. Therefore, take time to look at several options to learn average costs for CBD merchants. This will help to ensure that you are not hit with unnecessarily high bills just for the privilege of having a merchant account provider.

2. Reliable, responsive customer service.

If something goes wrong with your payment gateway or point of sale system, you need to be able to get help right away. Especially for online sellers, downtime directly translates into lost profits. Look for a company whose customer service follows these concepts.

• Is available in multiple channels (via live chat, email, online knowledge base, user forums, and human-run help desk).
• Responds quickly and effectively.
• Is available 24/7 or at least for the majority of the day.

If a company provides consistent and reliable support, you can focus on furnishing maximum attention to your valued customers.

3. Offers numerous payment options.

Today’s customers want convenience and choice in every aspect of their purchase, including how they pay for their CBD items. Look for a payment processing company that offers flexibility and versatility when it comes to the forms of payment you can accept. In addition to credit and debit cards, also consider offering consumers the option to pay via ACH, recurring billing, and digital wallet (PayPal, Apple Pay, and Google Pay). Then be sure that the shopping cart or payment gateway they provide is secure and easy to use.

4. Data security.

In this high-risk industry, chargebacks and fraud are unfortunate facts of life. Enhanced data security and anti-fraud protocols go a long way toward keeping both to a manageable level. To that end, require that your provider is adhering to all industry compliance requirements as well as the Payment Card Industry Data Security Standard (PCI DSS) that protects cardholder information from breach.

5. Transparency.

While you will pay higher fees and may even be required to open a rolling reserve account to mitigate the risk to your payment processor, you should not be burdened with unnecessary costs or nasty surprises when your first bill comes. Transparency is a vital attribute for the lender with whom you choose to partner. If you suspect that you are not being told the whole truth about what is being expected of you as a client, move on to the next vendor.

Selling CBD items has the potential to be exciting and highly lucrative. With a carefully chosen high-risk payment processing company by your side, you can streamline your operations and serve your customers with efficiency and reliability. Devote time to thorough research today, and you could reap significant profits in the near future.