Selling CBD products online can be quite an adventure, but there’s one challenge that many CBD merchants face: finding a reliable and compliant CBD payment processor. CBD, short for cannabidiol, is a natural compound derived from hemp plants that offer numerous health benefits.
However, due to its association with cannabis, CBD is considered a high-risk product in the UK. Consequently, traditional payment processors like PayPal, Stripe, and Worldpay often shy away from supporting CBD merchants, leaving them in a financial haze.
But not a reason to fidget! There are payment processors out there that specialize in CBD and other high-risk industries. And guess what? They even integrate seamlessly with WooCommerce, the beloved e-commerce platform powering over 30% of all online stores.
WooCommerce is like the best friend of WordPress, the world’s most widely used content management system. In fact, 93.7% of all WordPress e-commerce websites embrace the power of the WooCommerce plugin.
In this article, we will dive into the benefits of using WooCommerce for CBD e-commerce, discuss the essential features to look for in a CBD payment processor, and provide guidance on comparing and selecting the perfect CBD payment processor for your WooCommerce store.
WooCommerce is like the superstar of e-commerce platforms when selling CBD products online. Here’s why:
WooCommerce is the “yes, you can” platform. Whether you’re selling physical or digital products, simple or variable ones, or even offering subscriptions, WooCommerce can handle it all.
Create unlimited product categories, attributes, variations, and tags to organize and display your products. Remember shipping methods, tax rates, coupons, discounts, and other customizable options for your business.
WooCommerce gives you the freedom to express your brand’s personality. With thousands of free and premium themes compatible with WooCommerce, you can choose the one that tickles your fancy and customize it with your logo, colours, fonts, images, and layout.
And if that’s not enough, plugins and extensions are here to save the day! Add extra features and integrations like SEO tools, analytics tools, social media buttons, and email marketing tools to take your store to the next level.
WooCommerce has your back when it comes to protecting your precious store. Built on the secure and trusted WordPress platform, which powers over 40% of all websites on the internet, WooCommerce follows top-notch security practices and regularly updates its software to fix bugs or vulnerabilities.
You can also enhance your store’s security with SSL certificates, two-factor authentication, backups, firewalls, and other measures. Safety first!
WooCommerce loves to play well with others. It seamlessly integrates with various plugins and tools to supercharge your CBD business online.
Want to offer recurring payments for your CBD products? Check out WooCommerce Subscriptions. Need to build a loyal community around your brand? Say hello to WooCommerce Memberships. Want to allow customers to book appointments or add extra options to their orders?
Look into WooCommerce bookings and WooCommerce Product Add-Ons, respectively. The possibilities are endless!
Now, let’s talk about the must-have features when searching for a CBD payment processor for your WooCommerce store:
We all like to keep our expenses in check. You might face higher processing fees as a high-risk merchant, but that doesn’t mean you should settle for sky-high rates. Compare different payment processors, look for competitive rates, and ensure transparent pricing. Keep an eye out for any hidden fees that might sneakily inflate your costs.
Time is money, right? Some payment processors take ages to approve your application and set up your account, causing delays and potentially impacting your cash flow.
Seek out a payment processor that offers quick and easy approval and provides all the necessary documentation and support to get you up and running swiftly.
When it comes to online transactions, fraud can be a pesky intruder, especially in high-risk industries like CBD. You want a payment processor equipped with advanced fraud prevention tools and techniques to protect your business and customers.
Look for features like address verification service (AVS), card verification value (CVV), 3D secure authentication (3DS), and other robust measures to keep the fraudsters at bay.
Chargebacks can feel like a never-ending rollercoaster ride. They occur when customers dispute a transaction, claiming they didn’t receive the product or service they paid for or that they didn’t authorize the payment.
Chargebacks can result in financial losses, fees, penalties, and damage to your reputation. Seek a payment processor with a low chargeback ratio and reliable chargeback protection services to help you prevent, manage, and resolve these bumpy situations.
If you dream of selling your CBD products far and wide, catering to customers from different countries and regions, multi-currency support is a game-changer. Look for a payment processor that enables you to accept payments in your customers’ local currency.
This boosts conversions, reduces currency conversion fees, and shields you from pesky currency fluctuations.
We all appreciate good customer service, especially regarding our businesses. Look for a payment processor with a dedicated and responsive customer service team. You’ll want them to assist you with any account, transaction, or integration issues that may arise.
Availability is critical, so check if they offer 24/7 support through phone, email, chat, or other channels. It’s like having a trustworthy ally by your side.
Now that you’re armed with the knowledge, here’s a step-by-step guide on how to compare and choose the best CBD payment processor for your WooCommerce store:
Dive into the vast sea of online research. Read reviews, testimonials, and ratings from fellow CBD merchants who have used different payment processors.
Don’t hesitate to ask for recommendations from peers, industry associations, or experts. Visit the websites of payment processors and delve into their terms and conditions, policies, and FAQs.
Reach out to the payment processors that catch your eye. Inquire about their features, fees, approval, integration, and customer support. See if they have experience in the CBD industry and can provide references or case studies to showcase their expertise.
Armed with all the information, compare the different payment processors. Weigh their pros and cons and scrutinize their features, fees, approval and integration times, compatibility, compliance, and customer support. Consider your unique business goals and needs as you evaluate each option.
The moment of truth! Select the payment processor that aligns perfectly with your CBD business. Trust your instincts and opt for the one you feel most comfortable and confident working with.
Getting the best CBD payment processor for your WooCommerce store is no longer uncharted territory. Armed with the essential features to look for in a payment processor and the knowledge of how to compare and choose the perfect fit, you’re ready to conquer the world of CBD sales.
Here at Merchant Advice we’ve partnered with leading UK and European payment processors that support CBD merchants and seamlessly integrate with WooCommerce. What’s more? We offer a free consultation to guide you through the application and integration process. Have our team compare merchant quotes for your CBD business today!
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