As Europe opens to the CBD industry (Cannabidiol), various challenges emerge. They include legal requirements in different EU countries, marketing requirements on platforms like Meta, compliance, and finding an appropriate payment gateway that is secure, fast and efficient. This blog will focus on choosing the right payment gateway for your CBD online shop.
Before we mention anything else, first and foremost, you must find a payment partner that can handle high-risk merchant transactions securely. Without complete peace of mind regarding security, the rest is mute. Let’s get into it.
Costs matter. Introducing tiered payment structures
If you are considered a high-risk merchant, which CBD businesses tend to be, you will pay more for processing payments. Prepare for tiered payment structures where you might have to pay more for statements, compliance, and monthly and annual fees. You might also often have to deal with rolling reserve restrictions and other expenses. These all add up, as we know, and you should look at these costs when choosing a payment partner.
Contractual challenges
The reality is that CBD merchants usually have to sign up for longer-term contracts and early termination fees. There might be automatic renewal clauses and other challenging terms. Investigate the contract carefully, and ask a lawyer to help you. They’re good at this sort of thing. Seriously, think about all the implications of every clause in your contract. Read the fine print! You don’t want to kick yourself years down the line because your business exploded, and you did not consider the legal ramifications when you started.
Customer support
What separates the good, the bad, and the ugly in payments land is – customer care and support! You don’t want to lose an important sale because your payment provider is offline. Test all the customer support channels the payments partner promises before you sign up. See if you can contact them after hours or on weekends via email, phone, live chat, Messenger or social media. Selling online across the EU means you will have to work across time zones. If you can not deliver the customer support a client needs because your payment partner is offline, you might as well not start. It’s a good idea to ensure your ecommerce site’s customer support is equally on its toes.
Secure and compliant
Any European ecommerce store has to ensure it complies with GDPR regulations. CBD businesses have even more loops to jump through as far as compliance is concerned. The CBD environment in Europe is complex and a relatively grey area. Due to a lack of harmonised regulation, countries can determine their own rules on CBD, from total prohibition to an open approach. Ensure that you know which regulations you operate under.
Ensure your payments provider offers the latest security, like PCI DSS (Payment Card Industry Data Security Standard, SCA compliance and fraud monitoring.
Integration options
Consider how easy it will be to integrate the payment gateway into your ecommerce platform or website. Check the range of compatible plugins and APIs that can integrate seamlessly with your online shop.
All things considered, Truevo offers CBD merchants a host of benefits. We’re a modern, transparent company. What you see on the tin is what you get. We tailor transaction fees specifically for your business. Simple as that. To us, you’re not just another number on a spreadsheet. We make money flow so your business can grow. That’s why we’ll look after you in every way humanly possible. Take our customer support, for instance. We provide it via phone, email or live chat on the Truevo Portal 365 days a year. Ever heard of revenue optimisation? Truevo customers have because we actively optimise acceptance rates and processing to ensure we maximise successful transactions. Why? You might ask. To improve your experience and income.
Truevo accepts payments from anywhere globally and settles in EUR, GBP or USD to clinch the deal. Lastly, if you become part of the Truevo merchant family, you’ll get chargeback notifications in near-real-time. Our system and teams are the fastest at resolving chargebacks in the industry.
Ready to switch or apply? Check out our CBD payments page, and let’s get you growing.
Disclaimer: This content has been written for informational purposes only. It should not be construed as legal or business advice. Do not make and refrain from making any serious or legal decisions based on the content of this post without seeking professional advice.
