Choosing a Payment Processor for CBD Industries

The CBD industry is filled with surprises, make sure you choose a payment processor that’s up for the job. Avoid making the wrong choice by looking out for these characteristics.


Do they want to save you money or just sell?

With so many payment processors it can be hard to find that one that’s perfect for your business. Though, once you have found them the effects are gold. A payments partner should always have your back. If you are spending too much money on fees, chargebacks, and more, a good payment processor is not afraid to let you know. Most payment processors offer free consultations to see where they can help your business. Don’t be afraid to take advantage of this and really pay attention to how they conduct business. This will likely be the relationship pattern that will stick around even after you buy their services.


Can you depend on their Customer Service?

We know everyone harps about customer service being key but when it comes to payments, it truly can’t be ignored. Imagine your equipment shutting down in the middle of your busiest sales day of the week, the first person you call will likely be your payment processor. If you know it takes days for you to connect with your processor that won’t do much to obliterate your issue. Also, think about the CBD industry, rules, mandates, and business guidelines change within a blink of an eye. Exceptional customer service is required to put out daily, unexpected fires that CBD businesses deal with. Pay attention to every customer service reaction with your payment partner. Notice how long it takes to get a response, if your processor goes above and beyond to take care of a problem and if they truly listen to your concerns and respond accordingly. One last thing to note is the proactiveness of your processor, are you the one supplying new information about CBD updates, or are they already on top of it? Key observances like this can quickly filter out which payment processors will work wonders for your business. Remember your business deserves unparalleled customer service and the CBD industry requires it.


Do they understand the CBD Industry and your business needs?

Truly serving a business is initiated by really knowing what a business is about. Every payment processor has main industries they know like the back of their hand. A processor also might hire industry-specialized teams to fill in any gaps. Look for the processors who make a point to show they back CBD businesses. You can look on their websites, their social media posts, email newsletters, and more to see how much they post about CBD and hemp-related industries. These are likely the companies who have taken the time to be CBD experts. Make a point to test their knowledge of your industry. Share your business details and needs early on in the relationship so they can offer tailored services to meet the demands of your business. Every solution does not fit every business so make sure your payment specialist is in the habit of offering specialized CBD-based solutions.


Can they offer your business more than just payments?

What will happen after you get payments set up in your business? Will your payment partner still be around? Let’s just say new payment technology comes out, a month after you get set up with equipment but this equipment will accelerate your business even more. A processor looking out for your business is going to make that opportunity aware to you. If a solution is available to help a business be more successful or preserve its longevity you need to know about it. The bottom line is, look for a processor who is both a CBD expert and a business partner. 


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