Posted: by Allison
Acquiring a Merchant Account for Your CBD Business
Navigating a CBD merchant account for credit card processing can be needlessly difficult for most who seek out a method to process incoming payments. Beyond the initial confusion that accompanies setting up a normal merchant account, individuals who sell CBD products are running the risk of being shut down by major payment processing companies. Many who are very recognizable names in the payments industry.
How Square Revolutionized Payment Processing
When the topic of payments comes up regarding small businesses, more likely than not the company, Square will come up in suggestion. Square is undoubtedly a power player in the game of processing payments.
For many small businesses, Square offers a simplistic way to manage payment processing for their customers. If you shop around enough at local businesses you might notice the cashier using a white contraption resembling an iPad to process your purchase. Meet Square.
For many, Square popularized the idea of attainable payment processing that deviated from the generic, clunky piece of hardware in the back of a workshop. Their clean design revolutionized the way payment processing looks and feels to not only the customer but also the merchant on the receiving end. And they haven’t stopped there, Square has since expanded their versatile arsenal of terminals. This includes a plug-in for smartphones that allows customers to swipe their card and sign for their purchase directly through the merchant’s app. This is definitely a far cry from how payments used to look.
Of Square’s most recent ventures, the company has developed a Square debit card, granting merchants the ability to utilize their funds directly. An alternative to having to clear through an existing bank account.
The Advantages Of Stripe For CBD Merchant Accounts
Another big name in the payments space is Stripe. As a tech company, Stripe provides the software to merchants to begin accepting payments and launch their business. Stripe services organizations no matter the physical size or volume of business.
One of Stripe’s major benefits is that they have the ability to service a wide variety of merchants around the globe. Putting the power of payment processing in the hands of organizations far and wide is a significant accomplishment for any business associated with providing payments.
Beyond an impressive breadth of service, Stripe is known for their developer tools, allowing for seamless integration for merchants with an effortless design.
Getting Kicked Out For A CBD Merchant Account
Although it may feel a bit personal when you get kicked out of one of these services–don’t take it to heart. It’s not that these service providers don’t want to work with your business. Rather it ultimately falls on partner banks and their criteria for businesses to adhere to. Fortunately, this is when companies like PaymentCloud kick in. As a company, we are partnered with banks who take a larger pool of merchants and thus can process CBD and other high-risk accounts successfully.
Just because your account is deemed ‘high risk’ does not villainize the products or services you market. Simply put, big processing banks won’t take the risk on your account. Luckily, this is not the end-all for your credit card processing capabilities.
The Benefits Of Shopify For CBD Merchant Accounts
From online integration to website presence, Shopify is a platform that assists you in building the perfect user experience for your customers as they complete a purchase. Among the simplified features the platform offers, users can access all of their information, including orders, shipping, and payments directly from a single dashboard.
With an easy-to-use platform and a long-running history of reliability, Shopify has proven itself to be among the best online shopping carts in the game. This is precisely why so many merchants are referred to Shopify when creating their online shopping cart for their business’s website.
Another reason Shopify stands out from its competitors is that it also offers its payment processing platform, Shopify Payments. The company cuts out the middleman by giving merchants the option to use their own platform for processing as well as being the online shopping cart.
This platform is very similar to other payment processors because it’s partnered with one–Stripe. Through this gateway provider, Shopify Payments has expanded on Shopify’s outreach. They have since bypassed hundreds of other third-party payment processors that the platform will integrate with.
WooCommerce And CBD Merchant Accounts
Similar to Shopify, WooCommerce is a platform for which many merchants reach out when building an online presence for their organization regarding their online shopping cart. These websites are easy to build on Woo, and the company is known for its aesthetically-pleasing graphics and easy to navigate interface. Better yet, the platform is free to use and has a dedicated group of users.
Possibly the best case for platforms like WooCommerce and Shopify is that they’re easy to integrate with your payment processor. In the end, this means less of a hassle for you or the person hired to do your website’s integration.
How PaymentCloud Factors Into The Mix
Where each payment processor has their strengths, here at PaymentCloud we specialize in hard-to-place merchants. We then have the insight to connect these merchants with our partnering banks who don’t shy away from high-risk. With this capability, we are able to service merchants from a variety of industries and backgrounds. Unlike the selective banking partners at other service providers.
If you are a merchant looking to sell CBD products and are being turned away for being too high risk, please contact us today to find a solution that works for your business.