The cannabis industry is rapidly evolving, and with it, the need for specialized merchant payment processing solutions. Minor cannabinoids, such as cannabidiol (CBD), are becoming increasingly popular, and businesses that sell these products need to find payment processors that can accommodate their unique needs.
Understanding the Challenges of Merchant Payment Processing for Cannabinoid Businesses
Merchant payment processing can be challenging for cannabinoid businesses for several reasons. First, the industry is still relatively new, and many payment processors are not yet familiar with the unique risks associated with selling these products. Second, cannabinoids are often classified as high-risk products, which can make it difficult to find payment processors that are willing to work with businesses that sell them.
The Role of ISOs in Facilitating Payment Processing for Cannabinoid Businesses
ISOs (Independent Sales Organizations) play an important role in facilitating payment processing for cannabinoid businesses. ISOs are companies that partner with payment processors to provide merchant services to businesses. They can help cannabinoid businesses find payment processors that are willing to work with them and can negotiate favorable rates and terms.
Tips for Choosing a Merchant Payment Processor for Your Cannabinoid Business
When choosing a merchant payment processor for your cannabinoid business, it is important to consider the following factors:
- Experience with the cannabis industry: Choose a payment processor that has experience working with cannabinoid businesses. This will ensure that they are familiar with the unique risks and challenges associated with selling these products.
- Willingness to work with high-risk businesses: Not all payment processors are willing to work with high-risk businesses. Make sure to choose a payment processor that is willing to work with cannabinoid businesses, even if they are considered high-risk.
- Rates and fees: Compare the rates and fees of different payment processors before making a decision. Make sure to choose a payment processor that offers competitive rates and fees.
Customer service: Choose a payment processor that offers excellent customer service. This will ensure that you can get the help you need when you need it.
The Future of Merchant Payment Processing for Cannabinoid Businesses
The future of merchant payment processing for cannabinoid businesses is bright. As the industry continues to grow, more payment processors will become familiar with the unique risks and challenges associated with selling these products. This will make it easier for cannabinoid businesses to find payment processors that can meet their needs.
Author
Writing for Touchsuite, Jonathan Bomser, is a technology and marketing expert with over 30 years of industry experience. He is a businessman, writer, artist and musician. He has vast knowledge of finance, business and technology. Jonathan is currently founding, investing and board advising in several early stage and start up companies. Jonathan has been involved in Technology, Media, Marketing and Advertising for a multitude of Fortune 500 companies for over 30 years.He has served as a strategic, creative and marketing executive and consultant for both parent companies and subsidiaries at AOL, The National Football League, The Walt Disney Company, NBC, MTV, Viacom, Time Warner, USA Today, Alliance Entertainment, WPP, Penguin USA, along with numerous other established companies, start-up ventures and reorganizations.Jonathan was the CEO and Founder of BigLinker.com, which was acquired by Ziff Davis (Nasdaq: ZD) in 2021, CEO and Founder of TownTarget.com from 2013-2015 which was acquired by Touchsuite/American Bancard in 2015 and previously Bomser Payan Interactive Agency from 2008-2012 which was acquired by Big Step Interactive/Digital Marketing Associates. Jonathan was the key developer for the technology used to power many of their successful digital campaigns. Clients included national brands such as Adidas, PNC Bank, Massage Envy, European Wax Center and others.Jonathan has also helped manage the technology initiatives, creative strategies and business development for AIM Pages.com, AOL’s Social Network. Since May 2006, Jonathan has also been consulting for technology, marketing, sales and creative strategies for Veoh.com, BigString.com, Vuguru.com and others. Before consulting for these major companies, Jonathan was a principal in En Pea Productions,Inc. which was a television production company focused on reality television, commercials and music videos. Jonathan is also the former Board Member, CEO and President of WoozyFly.Inc. Trading on under the symbol WZFY.Jonathan's current projects at AccountSend.com, VocalChimp.com and CoolValidator.com
Touchsuite is located in Boca Raton, FL and is a payment processing and point of sale company that specializes in merchant accounts, point of sale systems, Grubbrr self-ordering kiosks.
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