Regarding CBD commerce, success relies on overcoming challenges while fostering growth and satisfying customers. The industry is growing at a rapid rate, in 2024, European CBD sales are on track to hit €3.47 billion, up by 13% from last year. With sales booming, many businesses could struggle if their payment provider isn’t optimum for their business.
Below, we explore how choosing a provider that effortlessly processes payments can significantly aid CBD sales and traction, and why your business needs a tailored solution to combat its challenges.
Why Your Choice of Payment Provider Matters
Payment processing is the heartbeat of online transactions, especially in industries like CBD, where regulatory complexities and banking obstacles abound, all while the industry is undergoing exponential growth. A reliable payment partner can help to streamline your operations, ensuring you have seamless transactions, and ultimately driving sales and customer loyalty.
What are the Common CBD Business Challenges?
Now, let’s take a closer look at how a reliable payment partner can address the specific hurdles faced by CBD businesses, paving the way for increased sales and broader customer reach:
Navigating Regulatory Complexities
The CBD industry operates within a framework of ever-evolving regulations and staying compliant is crucial. Laws vary from place to place, adding complexity for businesses. Having a payment partner that specialises in understanding and keeping up with these regulations is a huge advantage. You can ensure you’re compliant and protected from fines or disruptions, allowing you to focus on building your customer relationships and boosting sales.
Difficulty Finding Accommodating Banks and Payment Processors
Traditional banks may hesitate to work with CBD businesses due to perceived risks or regulatory concerns. Making it difficult for organisations to find a bank willing to process their payments for CBD products. However, a payment provider specialising in understanding industries like CBD, can help bridge this gap. You need comprehensive coverage and acceptance, ensuring that you have access to reliable banking partners and secure payment processing solutions so you can confidently reach customers wherever they are, maximising your sales opportunities.
Addressing Consumer Stigma
Despite the growing acceptance of CBD and 15% of consumers across Europe having tried CBD, there are still some lingering stigmas and misconceptions among consumers that can create barriers to sales and hinder market expansion. You need a payment provider that goes beyond transaction processing, offering exceptional service to build genuine connections with your customers.
Existence of Illegal and Low-Quality Products
There’s still confusion about CBD’s status, with 30% of people unsure if it’s legal in their country. This uncertainty leads to illegal and low-quality CBD products being purchased, harming the industry’s reputation, eroding consumer trust, and making it challenging for legitimate businesses to shine. You need a payment provider that tackles this problem head-on by offering a secure platform that emphasises quality and authenticity.
Selecting the right payment provider is essential for CBD businesses aiming for growth and success. With our broad coverage, compliance knowledge, simplified integrations, and personalised support, your CBD business can flourish in the competitive market. With Truevo, you can trust that every transaction reflects your dedication to excellence, building customer trust and loyalty. We’d love to become your trusted ally in CBD payments. Why not reach out to our team to discover how we can make your money flow and your business grow.
Disclaimer: This content has been written for informational purposes only. It should not be construed as legal or business advice.
