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The 8 Best Payment Processors You Can Prefer For Your CBD Business.

The rising research studies and emerging requirements surrounding CBD-based cannabis products have highlighted the potential for the Cannabis industry to continue to gloom shortly. With this diversification comes a variety of CBD and hemp-based products that have changed the industry. Of the various polyforms of hemp products that can be processed, CBD products are the most outstretched. It allows a seamless and smooth connection between rising new payment processing support and the current website. It helps us be the leader in serving CBD merchant processing for their happy customers.

What are Payment Processors?

A payment processor is a company that handles the credit card transaction process so that your clients can purchase cbd products. It manages payments by acting as the mediator or intermediate between the selling merchant and the financial institutions involved by enabling financial transactions. A payment processor works as a vendor used by industrial merchants and businesses to handle the backend logistics of approving online card payments. Payment processors transmit and allow the payment data among the four parties listed (i.e., you/yourself, the customer/c; isn’t, the customer’s bank, and your bank). It is beneficial because it provides utility features that allow online merchants to receive payments, store funds, disburse transactions, meet compliance needs, and more.

Best Payment Processors For Your CBD Business

In 2018, an investment firm claimed that retail vending of Cannabis customer products in the U.S. ranged from $600 million and went up to $2 billion. Brightfield Group anticipates worldwide Cannabis sales will boom to approximately $22 billion by 2022. Such extortionate predictions and data analyses mean that many eCommerce business services are looking for a CBD online payment processor and are willing to adopt them.

The 8 Best Payment Processors You Can Prefer For Your CBD Business.
Source-https://pixabay.com/photos/handshake-shaking-hands-europe-flag-4698429/

The eight top-rated payment processor companies in the CBD industry are:

1. USAePay

It is a Merchant Knowledge Base complete source for everything related to the gateway. The gateway service provider of USAePay is PCI-certified. Since the company’s establishment in 1998, USAePay has been serving and promoting businesses in every niche associated with eCommerce, retail services, and telephone/mail order solutions.

Pros

  • Joint with the BigCommerce platform
  • Customization and tailor-made solutions
  • Satisfied user experience
  • Good customer feedback

Features

  • Vertical market service
  • Importers console
  • Convey customization
  • Fraud and biassed module setup

2. NMI

Bestowing customers with a unified eCommerce strategy, this Cannabis online payment professor supports various methods and payment modes, including ACH, online credit cards, and debit cards. NMI offers a detailed study into transactions that are in association with BigCommerce.

Pros

  • Joint with the BigCommerce platform
  • Serves worldwide payment options
  • Enables ACH, online credit cards, and debit card
  • Quick payment turnaround
  • Multiple MID abilities

Features

  • Virtual e-terminal
  • Free of the cost shopping cart
  • Recurring billing service
  • Report generations
  • Merchant/sellers control panel
  • QuickClick shopping access
  1. PayKings

Next comes this heavy-risk payment processor, acknowledged as the best-known, well-respected cbd service provider specializing in the Cannabis industry.

Pros

  • Seamless association with most platforms
  • Reasonable rates as low as 2.49%
  • Quicker approval and pre-approval in less than six hours
  • Direct network connection of over 20 banks

4. SMB Global

While this Cannabis Online payment processor might only give a minimum value of $50,000 of monthly processing for offshore merchant accounts, the payment gateway service is ideal for all types of startup sales and businesses looking to get their feet off the ground.

Pros

  • Capable of payment processing high ticket volumes
  • Offshore import merchant accounts
  • Affordable pricing
  • Fair contract conditions and terms
  • Top-notch high-quality customer service

Features

  • International and offshore banking services
  • Chargeback prevention mechanism software
  • virtual checking services
  • Fraud monitoring mechanism software

5. Easy Pay Direct

Perhaps the most well-established and widely popular Cannabis online payment processor on the list is this one, which landed on the market in 2000. Easy Pay Direct links various account holders with online credit card processors or domestic bank accounts, depending on their requirements and needs.

Pros

  • No early and pre-termination fee
  • The load-balancing feature allows bank account holders to enable higher monthly transactions
  • Top-quality proprietary payment gateway service
  • Zero complaints from users on their website

Features

  • Retailed swipe software
  • PCI compliant handled
  • Online shopping carts available for simple transactions
  • Direct UPI online mobile payments
  • No early termination amount
  • The 24-hour customer service facility

6. PayWize

Although a small provider, PayWize knows what is up in the arena of the financial predicaments faced by cooperates and businesses operating in the Cannabis industry.

Pros

  • Guarantees flat-rate amounts for Cannabis payment processing
  • Month-to-month service of billing available

7. iPayTotal

iPayTotal provides its services and facilities to high-risk businesses around the world. The award-winning and widely popular online payment gateway service was designed only for PSP/ISO and merchants, and the payment platform utilizes PCI DSS Level 1 Certified validated cloud software.

Pros

  • Premium heavy-risk merchant services
  • Long-term solution with a wide acceptance rate; 99% of merchant accounts are approved
  • Minimal risk of bank overexposure

Cons

  • Minimum weekly sales for merchants of $1,500
  • Must prove 4-6 months of Cannabis payment processing history with valid banking statement detailing sales ratio, company name, refunds, and chargebacks
  • Mandatory 10% rolling reserve
  1. PaymentCloud.

Last but not least is this online payment processor, which has one of the highest approval rates of all Cannabis merchant processing solutions.

PaymentCloud’s non-costly virtual gateway enables business owners to track the CBD sales easily. Boosting competitive dip, chip, and swipe rates, PaymentCloud uses third-party payment processors and collaborates with other banking institutions throughout the U.S. to ensure quicker, seamless, hassle-free transactions.

Conclusion

Once merchants have organized the business, they need to begin the steps of setting up an online account becomes a necessity. It enables quick transactions from the customers to the seller at ease. The list of payment processors is not comprehensive, and many more online payment processors can work with the CBD industry. Adding to the Cannabis industry is not risky compared to other online gaming websites, etc. Therefore, processors can manage financial transactions with security. One should select any payment processor after due diligence with patience.

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