Alternatives To Square For CBD Merchants
If you're a CBD merchant using Square and looking for other options, consider exploring specialized payment processors tailored for high-risk industries. Square, a popular payment processing solution, may only sometimes cater to the specific needs of CBD businesses due to the high-risk nature of the industry.
By opting for specialized payment processors, you can access services tailored to handle the unique challenges faced by CBD merchants, such as fluctuating regulations and higher chargeback rates. These alternative providers offer features like age verification, compliance support, and risk management tools essential for navigating the complexities of the CBD market.
Switching to a payment processor designed for high-risk industries can streamline your operations and ensure a smoother experience for you and your customers.
Why Doesn't Square Work With High-Risk Merchants?
Square doesn't work with high-risk merchants primarily due to the stringent regulations imposed on such industries. As a high-risk merchant, it's essential to understand why Square may not be the right fit for your business.
Here are some reasons why Square doesn't cater to high-risk merchants:
1. Regulatory Compliance: Square must adhere to strict regulations, making it challenging to support high-risk industries.
2. Risk Management: Square focuses on low-risk businesses to maintain financial stability.
3. Fraud Prevention: High-risk industries are more susceptible to fraudulent activities, posing a risk to Square's business model.
4. Reputation Management: Square aims to uphold a positive reputation by avoiding associations with high-risk merchants.
Is High-Risk Payment Processing Expensive?
High-risk merchants often face higher fees, stricter terms, and sometimes rolling reserves to mitigate the potential financial risks for payment processors.
The increased likelihood of chargebacks and fraudulent activities in high-risk industries necessitates payment processors to implement additional security measures, which can add to the overall cost of processing payments.
While these expenses may be higher compared to low-risk businesses, high-risk merchants need to prioritize finding a payment processor that specializes in handling their specific needs, even if it comes with a slightly higher price tag.
Alternatives To Square
While Square mightn't be the best fit for your business, several other options cater to high-risk merchants.
Here are some alternatives to Square that you should consider:
1. Corepay: Most experienced with CBD
2. PayPal Payments Pro: Provides flexibility in payment processing.
3. Verotel: Known for its easy integration and customizable options.
4. CCBill: Specializes in high-risk industries, offering tailored solutions.
Exploring these alternatives can help you find a payment processor that aligns with your high-risk merchant status and provides the necessary features for your business.
Corepay Is Our Top Choice
When evaluating payment processors suited for your high-risk merchant status, Corepay's specialized solutions offer tailored support and features. Corepay understands high-risk merchants' unique challenges and provides customizable payment processing solutions to meet your specific needs.
With Corepay, you can benefit from advanced fraud protection tools, chargeback management assistance, and industry-specific expertise.