Ever heard the phrase, “The greater the risk, the greater the reward”? If you have negotiated with some merchant processing companies serving the CBD and Hemp industries, you know just how true that statement is. High-risk businesses like yours are likely to find high-risk payment processors charging higher rates and fees, offering stricter terms and conditions, and imposing more restrictions on the kinds of payment types accepted than non -high-risk processors. In other words, if they share in the risk, they want to reap the rewards. In some cases, the rewards are justified. In other cases, it’s because they think you have no choice.
If you are a relatively new business in a newly emerging industry, it may not be easy for you to pay these fees, especially when you’re hit with hidden increases. Even when you think you’ve found a better deal, you could be stuck with a hefty cancellation fee to get out of your contract.
Suppose you could find a high-risk processor that serves the CBD and Hemp industries and doesn’t require any contracts or cancellation fees? If you do your research, you’ll find some out there that recognize your situation and are helping by reducing and eliminating fees and red tape as much as possible.
Here are some of the advantages to look for when selecting a high-risk payment processor for your business.
- Does the processor operate without contracts so you can cancel at any time?
- Can you walk away without any termination fees?
- Are there flat fee rates for all card types, or do they vary?
- Are the processor rates locked in and guaranteed not to go up for the life of the account?
- Are the rates and fees 100% transparent with no hidden charges?
- Are there protective measures in place like Loss Prevention Specialists, data protection, and cybersecurity (PCI) for your peace of mind?
- Are there integration sources for CRMs, accounting software, and E-Commerce websites?
- Does the merchant services company offer the flexibility to process various payment solutions, including point of purchase, mobile payment processing, virtual terminal, and API/Integrations?
Another advantage to consider is that some high-risk payment processing solutions may be a larger organization’s subsidiary. This is a good thing. It means that you will enjoy an established company’s dependability and ability to absorb risk while having unique solutions designed to meet the CBD and Hemp Industries’ needs. One example of this would be Unity Payments, a subsidiary of Nuvo Company. With over 35 years of experience serving various businesses, Nuvo Company is an established leader in the merchant processing industry.
Unity Payments was explicitly founded to support high-risk industries such as the CBD and Hemp industries with a refreshingly different approach than you might find with a traditional payment processor. Their advantages include no contracts, no cancellation fees, locked-in service rates, 24/7 tech support, and loss prevention specialists. As a services provider to the CBD and Hemp industries, Unity Payments will approve vendors selling all types of CBD and hemp products, provided the THC levels are below 0.3%, for people or our furry friends. Solutions like Unity Payments offer the flexibility and dependability you need to keep your business running efficiently.