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Understanding The Options In Credit Card Processing For CBD Businesses
Maybe you wanted to become a CBD distributor in order to help more people find natural ways to alleviate their pain, improve their health and boost their overall life qualities. It could be simply that you use the products yourself and wholly support the right of the individual to do so and started your business not knowing about some of the limitations when it comes to banking. No matter what your motivations may be, you are guaranteed to run into some trouble when searching for credit card processing for CBD businesses. It is not surprising then that many distribution sites are considered cash-only or offer alternative payment solutions. In fact, there are a number of companies within the CBD industry that are still struggling to find a way to allow their customers to complete ordering CBD products online. Following is some helpful information for navigating the world of payment options within this high-risk and surprisingly profitable niche.
Companies like Lucid Leverage Financial do, however, offer a wide range of credit card processing solutions for the CBD industry that is completely based here in the U.S.A. Finding a credit card processor for CBD products is not easy. The first and most important thing to note about this industry is that although CBD products have been legalized at the state level, they are still considered to be illegal at the federal level. As such, there is still the threat of legal penalties at the federal level for operating these businesses and supporting them. Although this is something that many suppliers are certainly aware of, they have to be cognizant about how this will affect the manner in which they are able to structure their financial endeavors.
We do not use offshore accounts for credit card processing. All of our merchant services and financial support is based in the United States of America. Lucid Leverage Financial is unique because all of our banking relationships are in the USA.
Most other credit card processors circumnavigate the stringent laws that affect this industry and any business services that seek to support them by using offshore accounts. As such, many entities are structuring offshore merchant accounts that can then be used for the funneling and processing of proceeds. Offshore banking is a manner of structuring these services that is intended to help all parties involved but has many downsides. Given that no monetary transactions will be conducted within the United States, chargebacks and fraud can be common. In fact, this is the biggest drawback of offshore accounts, which is why so many companies and consumers don’t want to use them. Offshore banking is used by people who want total autonomy and for CBD suppliers, this is exactly what they’ll get. The primary drawback is that there are both direct and third-party fees associated with these solutions. This is because although offshore banks can be used to hold the funds that are collected, they cannot actually provide the in-store, mobile or online credit processing solution.
Despite how complex and convoluted things might seem behind the scenes, given the concerted effort to legally protect all parties involved, customers are given a wholly seamless experience. Much like all of their other transactions, they can simply swipe their cards and be charged for the amount of their actual goods plus any relevant taxes. It is generally the case that high credit card processing fees are simply absorbed by the supplier. Lucid Leverage Financial does not need to use offshore banking to secure merchant services in the CBD industry any more. Everything we do is American based to ensure security and the best merchant service prices in the CBD industry.
This is definitely something to think about as you structure this important aspect of your financial endeavors. You want to account for the additional convenience and accessibility that you will be offering your customers by opening up another important payment gateway. You also, however, have to account for the manner in which the costs of this gateway will affect your product prices. At the end of the day, you want to keep your overall fees competitive so that both cash-only and credit card customers can see you as offering the best overall value.
Lucid Leverage Financial offers a range of affordable solutions. With competitive rates and a flexible service structure, this firm is giving CBD sellers the chance to expand upon their accepted payment methods without harming their bottom lines. Best of all, as the legalization of marijuana and derivatives like CBD continues to expand, merchants can look forward to having more, cost-effective solutions for supporting this area of their businesses.
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