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CBD Credit Card Processing

Our Top Picks for the Best CBD Merchant Service Providers

  1. Easy Pay Direct
  2. PaymentCloud
  3. eMerchantBroker
  4. Mynt POS
  5. Helcim

1. Easy Pay Direct

Easy Pay Direct works well with e-commerce, high risk, and retail businesses of all types. EPD takes the time to get to know your business's specific needs and will cater directly to them. Easy Pay Direct has served 60,000 different merchant accounts. They believe a business shouldn't have to struggle with finding a merchant processor. EPD will take care of your business's unique needs.

2. PaymentCloud

PaymentCloud specializes in working with small businesses. They will customize their services to fit your specific business needs. At PaymentCloud they don't just work in the merchant processing business, they excel at it. Low risk, medium risk, and high risk businesses all have the chance to work with PaymentCloud. Get merchant services and start processing payments instantly with PaymentCloud.

3. eMerchantBroker

eMerchantBrokers are high risk merchant account experts. They will go out of their way to be sure you get the services you need. EMB goes out of its way to make sure they stay ahead of its competitor's prices to give you the best rates possible. They pride themselves on being a full service provider. If you have unique problems, EMB has unique solutions.

4. Mynt POS

Mynt POS will accept any form of modern payment. Their software provides easy, seamless transaction processing. Every Mynt account comes with a lifetime warranty and free service. They offer dedicated remote installation and live training with an expert. Mynt is optimized for your business.

5. Helcim

Helcim offers excellent customer service in order to make sure your needs are covered. Their pricing is 100% transparent with no hidden fees. With one Helcim account, you gain access to all the tools your business could possibly need in order for seamless transaction processing. You get the lowest interchange rate with every transaction you process. Helcim cares about making long term relationships with their clients.

Accepting credit cards in a CBD shop necessitates the use of a credit card processing service. Finding a firm that can help you, on the other hand, can be challenging. After all, you've arrived at the right location.

Find a company that will quickly get your store taking credit cards. We'll help you track them down. We may also assist you in learning more about the credit processing industry, determining what to expect, and determining what to avoid when starting your account when you open a merchant account.

If you'd like, we can talk about which CBD merchant account providers and payment processors we think are the best in the world right now.

What is CBD Payment Processing?

As a business owner (or "merchant"), you can accept credit cards and other forms of payment through CBD payment processing.

Without a service, you'd only be able to accept cash (or checks, if you choose). When you work with a company that works with high-risk businesses, like CBD businesses, you'll be able to reach more customers and make more money.

Why do CBD Merchants Need to Process Payments?

When running a business, accepting credit and debit cards from clients is crucial. Your company's employees must aid you in collecting these products.

Options for CBD Credit Card Processing

Whether your store is online or in person, you have many ways to accept credit cards, debit cards, and other types of payment. Note: You don't have to choose just one of these. You can mix and match them to meet your own needs. 

In-Store Through a POS System

If you run a storefront CBD business, you might need a point-of-sale system or credit card terminal to accept money. As long as you have this type of system, your customers can use magstripe cards, EMV chip cards, and more often, a mobile wallet like Apple Pay to pay for things.

POS systems have a lot of good things. They can be set up to help you keep track of your inventory, pay your employees, and even help you schedule your workers.

Online Through a Virtual Terminal

There are some people who don't like the idea of having a POS system. If that's you, then a virtual terminal might be right for you. When you use a virtual terminal, everything happens online. You go to your terminal's website to log in.

When you get to that point, you enter customers' payment information, and the system takes care of their payment.

If you make a lot of sales over the phone, a virtual terminal might be a good choice for you (these are called MOTO payments). They can also be used for in-store sales.

With a Payment Gateway

People who buy CBD online will need a way to pay for their products. You need to set up a payment gateway to do this. There are two ways you can do this: Your store's shopping cart is linked up with your merchant account provider's gateway.

Customers fill out a check-out form, and the gateway does the rest for you. Some stores have apps for their phones, and as a CBD business, this might be something you're thinking about. If you want, payment gateways can also be added to them as well.

Through a Mobile App or with a Mobile Card Reader

A few CBD retailers might need to be able to sell their products while they're on the go. With mobile payment processing services, you can do that as well. A mobile app that you can use to process transactions, or a mobile card reader that you can use to swipe cards.

If you sell your goods at trade shows, farmers markets, or other places like that, this might be something to think about.

What’s the Difference Between Working with a Merchant Account Provider and a Payment Aggregator?

You don't need to work with a merchant service provider if you use a service like Square or PayPal. Payment aggregators are those who do this, and they can do a lot of harm to your business, such as:

  • Freezing your funds - If you receive an excessive amount of chargebacks, your cash may be frozen, so be cautious with your money. Individuals who protest charges or return merchandise are examples of this. This could be harmful to your company.
  • High transaction fees - A lot of the payment aggregators charge a lot more for transactions than the merchant account providers do, even for businesses that are very risky to them.
  • Account closure - It can happen that the services you were using have closed your account and you can no longer get your money. These problems happen a lot when high-risk businesses work with payment aggregators. 

Another thing to keep in mind is that not all payment aggregators will work with CBD businesses: PayPal is a good example. To get around this, some merchants will say things about their products that aren't true. If you do this, your account will be closed and your funds will be forfeited.

Things to Consider Before You Choose a CBD Merchant Services Company

To make sure you choose the right CBD credit card processor, you should think about a few things first.

Transaction Fees and Other Costs

There are many fees involved with opening a merchant account. Some of them include:

  • Application and/or approval fees
  • Monthly statement fees
  • Monthly and/or annual fees
  • PCI compliance fees
  • Payment gateway fees
  • Virtual terminal fees

You will also have to pay a certain amount of money for each deal. Often, this is because of how the deal was done. The customer could have used a regular credit card with an EMV chip to make a payment. Transaction fees might cost 3. 99 percent + $0. 50. This is how much they might cost.

Rolling Reserve Requirements

A considerable number of high-risk merchant accounts will need to keep rolling their reserves. For the next six months, a portion of your sales will be retained in a separate account.

To keep track of how much money it has, the payment processing business keeps "rolling reserves." If you have a lot of chargebacks, this money will make sure you have enough money to deal with them.

You'll have to wait another six months to get a chunk of your money. If a company has a long history of good payment processing, such as a substantial quantity of money in the bank, certain merchant account providers may remove the rolling reserve requirement.

When the contract is signed, certain people will still need them for the life of the deal. However, this is not the case for all of them.

Contract Length and Terms

Most merchant account providers will want you to sign a contract before they start working with you, but this isn't always the case. Here we go again. You should, however, pay attention to the terms before you sign a contract.

They come in all shapes and sizes. Understand any fees that will be charged and ask as many questions as you need before you go. A long-term contract may not be the best idea for you. Five-year contracts can be hard to get out of if you're not happy with the service.

Because of this, it might be hard to cancel before the term is over and pay for it. If you work for a company, these fees can be more than $1,000. Check the small print. Don't sign anything until you're sure that everything is right with you.

Questions to Ask Before Choosing a Payment Processor for Your CBD Store

The next time you meet with merchant service providers, you'll want to know what kinds of questions to ask them. Helpful list: We've made one together.

What Pricing Model do You Use?

People who work for payment processors use a lot of different ways to charge, and some of them are better than others. They are:

  • Flat-rate pricing - It is called flat-rate pricing, and it applies a flat rate to all transactions, no matter what they are. There may be more transaction fees in the long run because this makes it easier to keep track of your money. 
  • Tiered pricing - Tiered pricing is a way for you to group your customers' purchases into different groups (qualified, mid-qualified, or non-qualified). It costs a lot more to buy things that you don't qualify for at a CBD store.
  • Interchange-Plus pricing - Interchange-Plus is the most transparent because credit card companies set the interchange twice a year, which makes it easy for people to see. The "plus" comes from any extra money that the processor adds on to pay for their work.

How Long Will Setup Take?

There are various high-risk merchant account providers who can set up CBD stores in a matter of days, according to their business strategy. It is possible that you will have to wait up to 14 days for your POS system to arrive.

There is a requirement before you can get your account. This task can be completed in as little as 24 hours by certain suppliers. Those interested in establishing an online virtual terminal or payment gateway can do it in a matter of days.

What Type of Hardware/Software is Available?

Often, merchant account providers work with other businesses to help their customers learn how to accept payments, so they can make more money. You should find out about these partnerships before you sign any agreements with them.

There are different types of hardware and software that you can use to work with the processor. You should find out what these things are before you start.

It's also a good idea to avoid renting equipment. Retailers are frequently pushed into expensive equipment leases when they could have acquired their point-of-sale systems and credit card terminals outright and saved substantially more money.

How to Select CBD Merchant Account Provider for Your Requirements

There are various high-risk payment processors that, at first look, appear to be identical, but are not.

That is not correct. You should look for the following items:

  • Excellent customer service and technical support are essential. Things will deteriorate at some point. When they do, they should be repairable.
  • There should be as many payment alternatives as feasible. The world we live in is changing. People nowadays want to be able to pay in a variety of ways. Mobile wallets such as Apple Pay and Google Pay make payments easier. As a result, an increasing number of customers want to utilize them to make transactions. To reduce transaction fees, you may choose to accept electronic checks, checks, and ACH payments as a business. This is due to the fact that they are often less expensive.
  • To prevent being fooled, we must exercise tremendous caution. If you are unfamiliar with this phrase, you should learn about it. Customers must have confidence in your company's capacity to protect their credit card information. You must show them your abilities. Individuals who work for a credit card processing company should make it easy for them to help you achieve and retain legal status.

A Few More Thoughts Before We Go... 

Know that CBD is a High-Risk Business

Some payment processors don't work with CBD businesses. This is because there are only a few. This is because many states still have a lot of questions about whether or not it's legal to do so. Because CBD is made from hemp (or marijuana, for some products), these businesses are thought to be high-risk because they make it.

Then, it will cost you more to process payments, which means it will cost more for you But that doesn't mean that you should just give your money to your merchant account provider. You should keep some of it for yourself.

People who will make the most money for you should be looked into. They should also be able to provide the service you need.

Make a Plan for Your Expansion in the Future

Maybe right now, you only sell CBD in person. But that could change very quickly in the future. Online sales may also be a good idea for you in a year, so think about it now.

Many stores do. There are things you want to know about your payment processor. They should be able to keep up with your business and offer you more services as you grow.

The Best CBD Payment Processing Companies

  1. Easy Pay Direct
  2. PaymentCloud
  3. eMerchantBroker
  4. Mynt POS
  5. Helcim

Merchant Accounts

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