CBD Payment Processing in 2023
5 January 2021
If you are planning to build a website for your CBD brand and want to sell CBD products online, you’ll need to find a CBD payment processor that you’ll use for receiving payments from your customers.
CBD Requires one of the High-Risk Payment Processors
Not all processors at the moment are willing to work with CBD brands and sometimes it takes a lot of effort to find the ones that you’ll be able to work with and at the same time the ones that will fir your needs.
Though CBD is a rapidly growing industry, it’s considered high-risk and the FDA is still working on improving the regulatory framework for it. Not all the regulations are totally clear at the moment. So as a result, a lot of payment processors will be reluctant to work with CBD companies.
The only solution here is to go on with one of the high-risk processors who will provide you with a payment gateway.
How to Choose a CBD Payment Processor in 2023
It should be able to deal with High-Risk transactions
It’s a fairly new industry, so only a few of the payment processors are willing to work with it. Look for a company that have extensive experience working in the high-risk sector. Such payment processors usually also work with bitcoin trading services, vaporizers, pharmaceuticals etc.
Easy to integrate and connect to your E-Commerce website
It’s crucial that the CBD payment processor to be easily connected to your website not depending on the CMS the website is using or anything else. So we recommend choosing a processor that works with any platform and has API documentation for it to connect it to the cbd dropshipping website.
API integration the the most common one, it can be monitored by you and provide a lot of useful information.
Many of the processors provide their services for an affordable rate which is a percentage from your transactions. The best way is to count your margins from the transactions you receive and see how much is the processor’s fee comparing to it and if it’s reasonable for you to work with them keeping that information in mind.
Sometimes chargebacks also include additional fees, so before registering a payment processor, chat with their support a bit more and do some research to make sure it’ll fir all your requirements.
You must be prepared for all kinds of scenarios dealing with CBD payment processing and that’s why you need good support that will ask your questions fast and correctly. If they have personalized customer service, we would recommend using it.
Some of the best CBD Payment Processors in 2023
Our clients use these payment processors, please keep in mind that they all have their pros and cons and the best processor for you depends on your specific requirements.
- Over 2 million businesses use Square to get paid
- API Connection
- Low, predictable fixed-rate
- No monthly or annual fee
- Can accept offline payments
- Weak Customer Support
- Costly add-on services
- Sometimes high-risk CBD businesses might not be accepted
- Supports ACH, credit cards and debit card
- API Connection
- Offers Global Payment Options
- Recurring billing feature
- Report generation
- Monthly fee of $10 required
- $0.05 fee per transaction
- Good customer support
- Optimized user experience
- Integratable with different platforms and CMS
- Optimized user experience
- Hardware slightly outdated
- Must be using Paysafe as your merchant services provider in order to use this CBD payment processor
Easy Pay Direct
- High-quality proprietary payment gateway
- Zero complaints on their website
- Setup fee of $99 is required to create an account
- $29.99 monthly account fee required
- Interface is outdated and not very convenient to use
In addition to these four, there’s a ton of other payment processors you can try to use, feel free to let us know if you want us to send you the full list of processors our clients are currently using.
If you have an existing E-Commerce website you want to connect a payment processor to or want to build a brand new website for your CBD Dropshipping company, feel free to let us know anytime at email@example.com
We have different affordable and high-quality website solutions for CBD brands and a vast amount of experience designing and developing websites for CBD brands.
You can check our packages and request a free consultation if you need the best CBD website design and development.