WordPress Hosti
HomeeCommerceHow To Choose A CBD Payment Processor

How To Choose A CBD Payment Processor

Best Jumia Tech Week Deals

Engaging in the CBD business can be a lucrative venture. In 2017 the legal sales of CBD products and medical Marijuana hit the $10 billion mark. However, most of the banks still treat the CBD businesses as high-risk businesses and therefore do not offer payment processing solutions for them.

The few banks that offer the services do so with a lot of restrictions and exorbitant charges to the businesses. Without a merchant account, the business would not be able to receive online payments through cards making it difficult to run the business.

Many third-party payment processors that deal with high-risk businesses help get past the hurdle of banks not offering the payment processing solutions.

However, choosing a reliable one can be a daunting task for many as there are some that just want to take advantage of high-risk businesses. Here are some tips to help you when choosing a CBD payment processor.

Key Considerations when Choosing a CBD Payment Processor

Experience – A new CBD payment processor in the market might not be able to provide the required services with competence. They might not meet the regulatory demands required of their business, and they might not even be able to deal with e-commerce platforms effectively.

It is also imperative that the business can handle payment gateways with ease and deal with all the evolving challenges in the market effectively. All these demands might not be met by a company without enough experience in offering services to high-risk businesses.

High Stake In The Business – Reliable CBD payment gateway providers should have a huge stake in the industry meaning that they already work with many high-risk businesses and more so CBD businesses.

- Advertisement -Fiverr Business

A payment processor that works with many CBD business will ensure that they provide the best services to grow both their business and your business too.

Fair Charges– The payment processors for CBD products usually charge fees higher than what is charged in other industries due to the high-risk factor. However, you should look for a payment processor that charges fair fees.

Most of the processors charge a flat rate plus a commission on every transaction. Ensure there are no hidden charges to your account or even set-up fees for the account.

Network Of Financial Partners– To be able to provide great services the payment processor should have an established network of financial partners to work with so that they have other partners to work with whenever there is a challenging one.

- Advertisement -AliExpress Anniversary Sales


This reduces the chances of having your account closed or your business being offline and unable to accept payments whenever there is a problem.

Merchant ID – The payment processor, should provide you with a merchant ID with your details so that the charges on a customer’s card appear to have come from your business and not a third party business. This will build trust with your customers and give them peace of mind.

Variety of Services– A good payment processor is one that offers a variety of services for the high-risk businesses. They should offer other essential services such as; fraud protection, token systems, data management and others that will help your business to grow.

A reliable payment processor should also be able to work with your business and provide customized services as your business grows.

Related Topics

AliExpress 11 11 Sales
NaijaTechGuide may receive financial compensation for products/services purchased through affiliate links on this site. See full Affiliate Disclosure Here
Paschal Okafor
Paschal Okafor
Paschal Okafor is the founder of NaijaTechGuide. A Graduate of Electrical and Electronics Engineering, Paschal is passionate about Technology and since 2006 has written over 4000 articles covering Mobile Devices, Consumer Electronics, Digital Marketing, Mobile Apps, and Online Services. Over the past 16 years, he has managed to turn a blog that started life on a Google Blogger subdomain into the Largest Technology Blog in Nigeria and quite possibly the largest in Africa. Paschal has been Building, Analyzing, and Maintaining Websites for over 17 years and also shares his wealth of knowledge and experience about building and managing websites on NaijaTechGuide.

Recommended Read on NaijaTechGuide

Best Marketing Automation Software 2024

You need the best marketing automation software to scale your business fast and convert...

Best Content Marketing Tools for 2024

As a content marketer, you have a lot of tasks to accomplish. You need...

Best VPN Services Providers for 2024

The internet is one of the greatest achievements of humanity, but it is also...

Best Laptops for Students 2024: 11 Top Picks to Choose From

So, you are a student who is looking to get the best laptop they...

Samsung Phones and Prices in Nigeria 2024

Samsung Galaxy Phones are the secret of Samsung's dominance in the smartphone market. Samsung...

Cheap Android Phones 2024 – Price, Specs, and Best Deals

Android phones are the most popular smartphone category. The popularity of Android phones are...

Best Android Phones 2024 – Price, Specs, and Best Deals

New Android Phones are launched into the market every week. This means that if...

Best Web Hosting Services for Building Websites in 2024

A good and reliable web hosting service will make a big difference for your...
Fiverr Business

More like this

How to Use Email Automation Tools to Build a Winning Email Strategy

Managing your emails manually might make sense if you have a small number of...

Jumia Nigeria launches Buy Now Pay Later option to its Consumers by Partnering with Easybuy

Jumia, the leading e-commerce platform in Africa, today announced a strategic partnership with Newedge...

SEO Strategies for Agribusiness: Increasing Organic Reach for Fruit Sellers

Are you a fruit seller looking to expand your market reach and increase sales? In...