Finding the right credit card processor for your CBD or hemp business is no day at the beach. Many high-risk processing companies are touting different benefits to choose from, but which company is right for you? Before you decide, here are some important questions you should ask a CBD or hemp processor to avoid getting sand kicked in your face for some costly and frustrating mistakes.
- How many years has the company been in business? Because CBD and hemp are emerging industries, many high-risk processors are also relatively new. The amount of years a company has been in business is a good way to judge its record and reliability.
- Will you be locked into a contract? Most high-risk processors require that you sign a contract, leading to hefty termination fees if you decide to cancel. Not all merchant processors charge a cancellation fee. The payment processors that do not charge a cancellation fee rely on their exceptional customer service and helpful solutions to retain their clients.
- Are service fees subject to increase? If so, by how much? High-risk CBD and hemp businesses often face significantly more chargebacks than other industries, and processors usually tie fee increases to the number of chargebacks. One way to avoid high chargeback fees is to find companies that offer flat fees that will not increase if you have chargebacks.
- Are rates and fees transparent, or are there hidden fees? If you sign an agreement, be sure to read all the fine print or have an attorney review it for you to avoid fees that just “pop -up” or go into effect after a certain period of time.
- How many forms of payment can you accept? Ask if the company will allow you to process credit cards, debit cards, and checks. The more payment options you can process, the more transactions you can accept, and the more you can add to your bottom line.
- Can you process transactions online and offline? Adding online sales to your brick and motor location is a great way to increase repeat business. In addition to in-store processing, find out if the payment processing company offers online and mobile payments as well.
- Does the processor offer PCI compliance assistance? Merchants who accept debit or credit card payment should be PCI Compliant, just as the Merchant Processors must also be compliant and have proper security measures in place to ensure PCI compliance. While not required by law, ensuring you are PCI compliant helps avoid a costly data breach and the associated fines. Reliable processors offer both data protection and PCI compliance assistance for your peace of mind.
- Does the company offer fraud protection services? Like PCI, if your company doesn’t help with fraud protection, you could be exposed to extensive liability. A reliable company will offer fraud protection tools to help limit your liability.
- Does the company provide around-the-clock customer support? Sooner or later, you may need tech support, and it might not be between 9 and 5. Responsible companies will offer 24/7 support with live experts to help solve your problem.
Another question you may want to ask is if the high-risk payment processing company is part of a larger organization’s subsidiary. This can be helpful as you will benefit from 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.