The CBD and Hemp spaces are almost universally considered to be a high-risk industry. When determining whether or not a business is classified as high-risk, financial institutions examine a variety of factors.
Even though most states allow for the sale of THC-free CBD products, the legal guidelines vary greatly. On its own, this inconsistency is enough for many banks to deem CBD and Hemp businesses as high-risk. Considering that the product category is relatively new and extremely crowded, financial institutions are even more discouraged from backing businesses in the CBD space.
If you find a traditional financial institution that is willing to accept the risk, they will likely charge ridiculous fees. Worse yet, these institutions often place restrictions on the high-risk accounts they house that will hinder your ability to effectively do business.
Teaming with our experts is the more practical solution. Paybotic provides payment processing services without crippling costs and restrictive merchant agreements.
Every day, more businesses transition away from traditional brick and mortar stores and focus their attention on the digital marketplace. This distinct shift has made a cash-only business model impractical, especially if you do not want to maintain a physical store.
Keeping up with these changes requires electronic payment processing capabilities. Being able to accept card, ACH, and eCheck payments will make your products more accessible to customers, boosting overall sales. Optimizing the experience of your clients will set you up for sustained success in the ultra-competitive CBD and Hemp industries.
Paybotic is not your average payment processes service. We set ourselves apart from the competition by providing a range of unique offerings and quality support. The benefits of working with Paybotic include:
We do much more than simply process payments. Our experts provide comprehensive financial management services for your CBD or hemp-based business model. We offer bookkeeping, payroll management, and HR services for our clients.
As a high-risk industry, CBD and hemp merchants are subject to stringent compliance and tracking requirements. Adhering to these standards is challenging with a cash-only or self-managed payment processing strategy. At Paybotic, we keep detailed sales records and will help you remain compliant by completing audits and submitting required documents.
Running a cash-only business is extremely risky. Having a large supply of cash on-site will make your business vulnerable to criminal acts such as theft. Attempting to reduce this risk through security systems and other measures is extremely costly.
The more practical approach is to partner with Paybotic. Our secure POS and virtual terminal processing systems are closely monitored and easy to use. This reduces your operating costs and protects you from unnecessary profit losses associated with cash-only business models.
Unlike traditional financial institutions, Paybotic charges affordable per-transaction fees. This allows you to implement our proven payment solutions with minimal upfront investment. Many of our clients are eligible for a no-cost setup and do not pay us anything until they begin making transactions.
Paybotic offers instant-approval loans to our high-risk clients. Based on business size, you may be eligible to receive a loan ranging from $50,000 to $1 million. You can use these funds to expand, buy inventory, or hire new staff.
One of the best parts about partnering with Paybotic is that we work fast. We approve most applications within 48 hours and will begin processing payments for your business as soon as the infrastructure is in place. Optimize your chance of success and contact Paybotic today!