When it comes to processing payments for CBD businesses, there is no better payment gateway than CBD Payment Gateway UK. We are the leading payment processing company in the CBD industry, and we have years of experience helping businesses like yours process payments quickly and easily. In this blog post, we will discuss the benefits of using a payment gateway for your CBD business, and we will also provide a few tips on how to get started.
Why do businesses need a CBD payment gateway?
Though CBD is legal in the UK, banks and other financial institutions are still wary of processing payments for the industry. This is because CBD is derived from cannabis, which is classified as a Schedule I drug by the U.S. Drug Enforcement Administration (DEA). Because of this, most banks will not process payments for CBD businesses. This leaves CBD businesses with two options:
- – Use a high-risk merchant account -High-risk merchant accounts come with a number of drawbacks, including higher fees, longer processing times, and a greater risk of chargebacks.
- – Use a CBD payment gateway- CBD payment gateways are the better option for businesses because they offer lower fees, quicker processing times, and less risk of chargebacks.
Benefits of using a payment gateway for your CBD business
There are a number of benefits that come with using a payment gateway for your CBD business. Some of these benefits include:
- Lower fees: Payment gateways typically charge lower fees than merchant accounts. This is because they are classified as low-risk businesses.
- Quicker processing times: Payment gateways can process payments in as little as 24 hours. This is much faster than most merchant accounts, which can take up to 72 hours to process payments.
- Less risk of chargebacks: Payment gateways have a lower risk of chargebacks because they are not subject to the same regulations as merchant accounts. This means that your customers are less likely to file a chargeback against you.
Tips to get started
- Research different payment gateways: Not all payment gateways are created equal. You will want to do your research to find a gateway that fits your needs.
- Compare fees: When you are comparing different payment gateways, be sure to compare the fees charged by each one. You will want to find a gateway that charges reasonable fees.
- Compare features – Each payment gateway offers different features. You will want to find a gateway that offers the features that you need.
- Read the terms and conditions: Before you sign up for a payment gateway, be sure to read the terms and conditions. This will help you avoid any surprises down the road.
- Get started – Once you have found a payment gateway that you are happy with, it’s time to get started. Setting up your account is typically quick and easy.
If you are looking for the best way to process payments for your CBD business remember to shop around. Do not forget to compare fees, features, terms, and conditions. And finally when you have found the right payment gateway for your business get started!