Believe it or not, the market for CBD hit approximately $5 billion in revenue last year alone. So, if you run a CBD business, talking to providers about merchant account fees is one of the wisest things you can do.
Do you have experience with CBD merchant account providers?
If you're shaking your head no, then this guide can help you out. Avoid these mistakes when choosing a merchant account provider.
1. Forgetting About Hidden Processing Fees
One of the biggest mistakes you can make when choosing a merchant account is forgetting about hidden processing fees. While these "too good to be true" rates may seem cheap at first, you'd be surprised by how much secret fees can jack up the final price.
In case you are wondering, these fees are determined by a few factors, which include:
- The type of credit card your customer uses
- How you process the transaction
Just make sure that you sign up for the lowest qualified rates possible.
2. Picking a Processor With Slow Access to Funds
When it comes to picking the right merchant account processor, don't choose one that offers slow access to your funds. This is particularly relevant in the event that you need to clear a sale with an important customer.
Sometimes, transactions can trigger an anti-fraud response from your merchant account provider. However, they should be able to clear up this issue without locking you out of your account.
3. Paying Extra for Data Security Hardware
News flash: stay clear of CBD merchant providers that make you pay extra for data security hardware. Although fraud is a threat to online retailers, installing your own data hardware is time-consuming and expensive.
Try to choose the most reliable and secure merchant processor on the market. Make sure that their fraud protection services are up to par as well.
4. Not Protecting Your Company From Fraud
Another mistake you can make is not protecting your company from fraud when you need to.
For instance, physical CBD retailers may have customers come in and try to rob them. Others may have merchandise paid for with stolen credit card accounts. Besides this, some customers may deceive you by claiming that they never received a CBD product when they actually did.
While this can be chalked up to a "general business expense," these can add up over time. That's why we highly recommend that you choose a merchant account processor that will help you deal with fraudulent activities like a pro.
5. Neglecting Your Need for Assistance and Support
Last but not least, the final mistake you can make is neglecting your need for assistance and support around-the-clock.
To avoid this, pick a processor that has a quick set up and a live chat support option.
Meet Your New CBD Merchant Account Provider
Are you ready to meet your new CBD merchant account provider? If so, we can provide multiple payment options for your CBD business.
Want to learn more about us? Ask us about our references and reviews!