When you’re starting your CBD business, one of the critical steps you’ll need to take is finding the best CBD payment processor. CBD is an emerging market, so you’ll likely have a lot of first-time customers. Checkout and payment isn’t just the last chance a business has to make a great impression on customers, it’s also a great opportunity to offer the kind of service that turns first-time visitors into loyal, repeat customers. Here’s what you need to know about keeping payments safe and secure, and tips to help you choose a CBD payment processor that’s right for your business.
What is CBD?
CBD, or cannabidiol, is a substance most commonly found in hemp. Hemp is a close cousin of the marijuana plant. What makes CBD different from marijuana? On its own, CBD doesn’t have any psychoactive properties, and it doesn’t give users a high. Industrial hemp was legalized in the U.S. with the passage of the 2018 Farm Bill.
The importance of safe and secure payments processing
Many customers don’t routinely carry cash, and others are looking for safe, non-contact ways to pay for their purchases. Accepting card payments is essential to ensure that your business can grow. Card payments are the most trusted form of payment for ecommerce transactions and will let you reach new markets with an online storefront. Card payments are also favored by younger consumers, who are much more likely to use tap-to-pay and other contactless payment options.
Another important issue is security. No business wants to hit the news because they got hacked and let sensitive customer information get exposed! Finding the right payment processor for CBD will ensure that your business, as well as your customers, are protected. Secure payments processing means they’re using PCI DSS compliance, for example, so you’re not storing payment data. Your payment processor can also help protect your business against fraud by identifying and flagging suspicious transactions, and by running regular checks to make sure that customer data is accurate.
Three things you should look for in a payment processor
Ability to take on high-risk business. Because the laws for processing CBD payments are still being developed, CBD businesses are commonly seen as high risk, especially when they offer online sales. The best CBD payment processors will help keep your business compliant and ensure that your business follows all current rules and regulations.
POS partners and options. Choosing the right CBD payment processing services can connect your business to integrations and services such as point-of-sale terminals, options for managing curbside pickup, online shopping carts, even delivery services. Payment processing for CBD can also help integrate your business with popular digital payments technologies such as Apple Pay or Google Pay. Seamlessly integrating these services with your payments means you’ve got more time to build your business.
Customer support. One of the worst things a successful business can experience is having their payments go down: it doesn’t just result in lost sales, it can also mean lost customers. Whether it’s offering support when your business is just getting started or solving a problem on a busy shopping day, the right payments processor will have customer support that can help in real time, whenever you need help most.
When you’re building your CBD business, it’s important to use a reputable company that can meet your growing needs. Our payments experts have experience working with the leading CBD, hemp and cannabis technology providers in this space. Contact us today and we can help you find the right solutions for your business. Call us at 1-800-957-0534 or email us at marketing@merrco.com.