Even with the greater acceptance of CBD products amongst consumers, many of the most popular payment processors still do not accept transactions for CBD products. Threats of action from banks and government agencies has led to big players like PayPal staying away from CBD - for now at least.
For your CBD brand, this adds an extra step to the process of getting your business up and running. Finding the right payment processor is necessary to start selling and the process can seem difficult to new entrepreneurs.
Fortunately, there are many merchant service providers willing to work with CBD brands. Here, we share three of the most popular credit card payment processors who support CBD brands.
What To Look For In A CBD Payment Processing Gateway?
Selling CBD online can be a lucrative business venture. However, it can also be a financial disaster if you are not working with a partner who understands all the regulatory issues facing the evolving industry.
The right payment processor for your business should ensure uniform compliance for all CBD and hemp-derived products you sell. This helps you avoid legal troubles with local or federal regulators who may issue fines or other penalties if you aren’t complying with their guidelines.
Knowledge of CBD and the industry is another important factor to consider when comparing payment processors. Many work with high-risk businesses of all kinds, while others focus specifically on CBD or the cannabis industry as a whole. Either way, make sure the payment processor you choose is familiar with CBD and the regulations surrounding it - including pending legislation that may impact the future of your business.
Lastly, your merchant account should help you minimize costs and maximize efficiency. Compatibility with major online shopping carts and the ability to accept payments in a secure manner are two features to take note of when researching payment processors. Remember that your payment processor should be a trustworthy partner you can rely on for support.
GreenBirdy brings over 25 combined years of experience in the smoke/vape industry to your business. This experience makes GreenBirdy one of the top payment processors for CBD merchants in the United States.
As mentioned previously, you’ll encounter a number of unique challenges as you traverse through the CBD industry. The GreenBirdy team is extremely familiar with these challenges and focuses their entire business on the particular needs of this industry.
Aside from industry knowledge, GreenBirdy offers fast depositing and fair rates to its customers. In some cases, “high-risk” merchants may experience delays receiving payouts from banks, but GreenBirdy claims to offer the fastest deposits the CBD industry allows.
Perhaps the most appealing aspect of GreenBirdy is their suite of tools for CBD merchants that include website design, social media management, and an online shopping cart.
DigiPay is fully integrated with Shopify to support payment processing for CBD and hemp-based products. From risk management and regulatory oversight, to rich customer analytics and chargeback prevention, DigiPay offers a variety of different benefits for your business.
No matter the size of your business, DigiPay is equipped with the experience and expertise needed to create a flexible payment solution that works for you. Beyond payment processing, DigiPay highlights their commitment to building trustworthy relationships while bringing new innovations to the industry.
Smoke Drop is proud to partner with DigiPay to offer merchants a streamlined process for applying to DigiPay and matching your business with the right bank. To start your pre-application, visit here.
eMerchant Broker specializes in high-risk merchant accounts including CBD businesses. They recognize that many banks don’t want to take the risk of supporting businesses in this industry, but they’re committed to providing a comprehensive, affordable solution for CBD merchants.
One aspect of EMB’s offering that’s appealing to CBD merchants is that they’re well-versed in working with all types of CBD businesses. This includes CBD vaping oil, CBD edibles, and CBD pet products. With a variety of CBD businesses to learn from, EMB is well-versed in laws and regulations surrounding CBD on the local and federal levels.
Many CBD merchants opt to partner with EMB for their chargeback protection services. Their chargeback alert and prevention system reportedly prevents one in every four chargebacks. This is accomplished by giving merchants a more hands-on role in resolving credit card disputes to allow for the greatest rate of chargeback resolutions.