Can you believe that the worldwide eCommerce industry is expected to grow by over $8 billion within the next eight years?
If your CBD oil brand is limited to a brick-and-mortar store, you’re losing out on a regular and significant source of income. Selling your products online can be easy if you access the right payment processing software.
Are you wondering how much it’ll run you and if it’s even worth it? Then, keep reading to learn about CBD oil payment processing pricing.
What Does the Payment Process Involve?
A CBD oil payment process is similar to most other operations of this kind. First, the customer must choose a payment method, such as a credit card or a bank transfer. Afterward, they’ll have to complete the form with the proper credentials.
Since this data is sensitive, using a payment processor with strong security is essential. For example, the payment gateway should always be encrypted. This protects both you and your customers.
After the customer inputs the relevant data, the payment has to go through a confirmation process. Part of the approval also has to come from the customer’s bank or card issuer.
The last step involves sending the funds to your account. This will include the entirety of the transaction minus the fees associated with the payment processor.
What If I Don't Have a Website?
Some businesses don’t have a website . Instead of this being a barrier to payment processing, we’ve developed a seamless solution. Without a site, you can take advantage of a proprietary virtual terminal.
This virtual terminal gives you a wide range of tools and services, such as sending invoices, confirming AVS and CVV responses, and signing your customers up for recurring plans. The terminal can also create detailed financial reports so that you have reliable information you can use to double-check a specific transaction, make helpful projections, and much more.
If you choose a cutting-edge service provider , you can rest easy knowing that they’ll help you and your software adapt to various situations. This allows you to stay competitive and attract even more customers due to your ease of use.
How Much Will a Payment Processor Cost Me?
The cost of payment processing can fluctuate based on a wide range of factors, including the type of provider you choose, the type of products you’re selling, and much more. Since CBD oil is considered high-risk, the prices are a bit higher than a product that isn’t labeled as such.
When taking advantage of a payment processor, there tend to be two different sets of fees. The first type of fee is a subscription that gives you and your customers access to the software. The second type of fee is a percentage of each transaction.
The subscription cost could come with a month-to-month fee that’s as low as $10 or as much as $20, if not more. The percentage of each transaction can range from two to three percent, as well as a $0.10 to $0.30 add-on fee.
You should also remember the cost of setting up your payment portal account. This one-time fee can end up costing anywhere from $750 to $1,250.
To get the best deal possible, it’s worth researching and comparing quotes from different payment processing providers. The key is to weigh the cost of the service against its quality and reliability. The last thing you’d want to do is invest in something that will crash every time it’s trying to process a CBD oil payment, for instance.
Are Online Payments Providers Really Worth It?
Nowadays, there are many ways one can pay for an item online, including credit cards, bank transfers, and more. Most people buy things online using a credit card. H owever, every transaction is high-risk since the credit card is classified as not present (CNP).
This is especially true when considering how much online fraud has recently occurred. From chargebacks to fake credit card payments, it’s becoming easier and easier for cybercriminals to take advantage of honest businesses. The bigger your business grows, the higher the chance of frauds like this happening.
As if that wasn’t bad enough, a high number of chargebacks can result in your account becoming frozen. This would lock you out of all the funds on that specific account. The duration of the freeze depends on a variety of factors, but even a few days could cause all kinds of issues with the operation of your business.
A high-risk payment processor can ensure you’re protected during every step. This alone is worth the investment, but you can get plenty more when you opt for a reliable CBD oil payment processor.
There’s also the matter of security. If you use an unreliable payment processor, your customer’s data will be at risk, and they may not want to buy from you again.
Are You Ready to Invest in CBD Oil Payment Processing?
Now that you’ve learned about the price of CBD oil payment processing, you can ensure that your business operates more smoothly than ever before. That way, you’ll have more income at a faster rate. There’s no denying that waiting on payments can cause a chain reaction of multiple delays.
Zen Payments is proud to offer you and your customers a range of payment processing solutions, including retail, eCommerce, and high-risk. Our software suits various industries, from CBD and coaching to firearms and travel.
If you’re ready to start processing payments, contact one of our experts .
Table of Contents
- - What Does the Payment Process Involve?
- - What If I Don't Have a Website?
- - How Much Will a Payment Processor Cost Me?
- - Are Online Payments Providers Really Worth It?
- - Are You Ready to Invest in CBD Oil Payment Processing?