If you sell CBD, you are likely used to dealing with challenges, excessive fees, and unpleasant shocks, even when just trying to accept payments. Therefore, it is essential to have a when selling CBD products. To avoid any issues during the payment process for cannabidiol products, find a suitable payment processor that can offer different payment options and is easily accessible to consumers in 2023.
Because the CBD industry is booming, many new sellers have entered the market. As a result, the competition in the CBD industry is high, and many businesses face the issue of payment. To be successful and stand out, you must crack this payment issue. Whether you are a new CBD vendor or have been a part of the CBD industry for a while, we have a few tactics for you. In this article, we mention seven tactics you can use as a vendor to simplify the payment process for the consumer in 2023 and beyond.
What Is High-Risk Payment?
High-risk payments are one form of payment. Like typical payment transactions, high-risk payments also include two parties, with these kinds of payments involving the risk of loss. The risk of loss can be due to several reasons, and the most common cause is a zero balance in the sender’s account, cancellation, or different banking laws. All these things increase the risk of money lost during the transaction.
If you are a registered vendor in any online store, you also fall under the people who deal with high-risk payments. Therefore, for individuals like yourself selling CBD oil products, it is necessary to have a high-risk merchant account. Cannabidiol, hemp, cannabis, kratom, nicotine, or vaping products are all considered high-risk merchant payments in 2023 due to various legal restrictions or higher liability.
Top 7 CBD Payment Processing Tactics
There are so many vendors in the market that the massive number of CBD websites can make you feel overwhelmed. So here are the 7 best CBD payment processing tactics you need to know about as a retailer or ecommerce store in 2023.
1. Offer A Variety Of Payment Options
It is essential and obvious to offer a variety of payment options when selling a CBD oil product. However, certain websites stick to only one payment option, which is an issue. And even if you want to consider using only one payment option, you should research what payment option your consumers are looking for or which payment method they use the most.
For instance, websites take payment through bank transfer, credit card, debit card, UPI, etc. But some CBD sellers can only use one payment option: bank transfer or any particular card. But offering a variety of payment options during checkout can benefit your brand.
2. Enable Payments Without Account Requirement
Signing up for another account can be too much for many people. Consumers don’t need more and more funds and passwords to make a payment. It can also make specific consumers lose interest in the checkout page itself. Most consumers don’t understand the need to create more accounts to make a payment for the purchase on the website. Another drawback is that it lengthens the payment process by adding more fields for users to fill out. Making potential clients’ lives simpler by providing accessible and direct payment options; otherwise, the number of consumers can jump from the checkout page without making a payment.
3. Avoid Redirecting People
Redirect can be a spoiler for consumers. When a buyer visits your website to purchase a particular product, you should keep them on the website instead of redirecting them to other websites to make a payment. Some payment apps will direct your customers to different landing pages to make a payment. Customers can feel that they are paying other brands or companies when you redirect them to other landing pages, and they might have to pay a little extra due to the payment charges of the app. Checking out for the payment is the last action a consumer takes on your website, so as a business, you should try to keep them on your website only.
4. Only Request Necessary Information
Consumers who purchase on your website want the process to be short and straightforward. If you keep asking your consumer for irrelevant information, or you might not even need it, the payment process will be lengthy. A consumer can also lose interest in making a purchase. If you require more information from the consumer, you should mention why you ask for that much information. But it is always best to only ask for limited data during CBD purchases.
5. Deliver An Integral Design
When choosing a design for the payment and checkout page, always ensure that it should match the website’s design. Creating the checkout page with the same theme is always a great idea. In this way, your consumers won’t face any confusion when they are making a payment. So many websites have a top-notch interface and use a theme for the whole website; they fail to do so with the landing pages. Some users might feel skeptical if they see a different checkout page from the website when buying CBD oil products.
6. Make Errors Simple To Fix
It is one of the crucial factors if the customer makes any error while providing the information or during the CBD checkout process. It is easier for them to rectify it. For example, tell them if they miscount any number and alphabet while filling in the information. Some websites don’t display the error, or they might show the notification at the top, which can confuse the customer to understand their mistake. Save the data that customers provide, as it will make it simpler for them to pay for cannabidiol products in the future.
7. Give Assurances Regarding Privacy And Security
When consumers come to your site to make a CBD oils purchase, they need to know that your website is secure and that the sensitive information they will share while making a purchase will be safe. Therefore, you have to gain the audience’s trust, and when you don’t redirect them to various other pages to make a payment and keep the interface of the checkout page similar to that of the website, you will build trust.
A secure Socket layer or SSL is crucial for every website, and when you are taking a payment from a consumer, you need to have an SSL certificate. SSL certificates are even more crucial for riskier product lines like CBD oils and cannabinoid extracts.
At present, the CBD industry is on the rise. It is because there are a lot of CBD products in the market, and many consumers like to get them online. But still, due to certain restrictions, many CBD vendors and businesses face payment issues online. When it comes to payment processing, the CBD business has fallen behind. Therefore, processors should adapt and advance their programs and technology as new legislation creates openings for companies offering CBD and related goods. These payment solutions may need to be adapted even further if there are any other legislative changes regarding cannabidiol sales.
Remember that enormous processing costs or expensive surprises are no longer necessary There are economical, compliant options for processing CBD credit cards. Do your research regarding the processors and look for a trustworthy partner. By selecting a futuristic partner who will provide you with additional opportunities to develop and compete, you can ensure that you are prepared for high risk payment success both now and in the future.
Follow the above tactics, from providing various high-risk payment options to offering them safe and secure payment methods for cannabinoid product purchases. You will be able to build the CBD oil consumers’ trust, and when you have a good consumer base, you look for new and better payment processors to handle cannabinoids purchased by customers.