Smoke Shops, CBD & Hemp

CBD & Hemp retail requires specific payment processing elements due to the ever changing legality of the products. 247 Payments has taken the leap to further the success of these industries in the payment processing space. Many credit card processors don’t know how to or simply won’t work with this high risk industry. Processors fear unexpected holds on funds, rolling reserves and higher than average transaction costs. The issue isn’t the high risk business itself but the lack of knowledge and support from their processor. 

I wanted to get a proper juxtaposition between smoke shops, CBD & Hemp retailers using 247 Payments and the experience of those using another processor. Overall, the shops using mainstream processors said their most pressing issues were being initially accepted by their processors and not having the proper technology to complete transactions. 

I spoke with a local Hemp dispensary that provides wholesale products to several local and national smoke shops. They have issues with their technology. They currently use a major brand of POS systems and have trouble tracking transactions, with equipment shutting down and taking cash. According to the store representative, the interface in the Square system has flaws, constantly giving them trouble with tap to pay and card options. 

247 Payments POS equipment is always up to date. With up to date equipment, there is no room for error or the inability to take a certain type of payment. We also offer Elevate portal, and several chargeback mitigation networks that not only allow you to track transactions but to stay ahead of chargebacks.

I met with a smoke shop owner, selling CBD & Hemp products, who is currently using another leading competitor’s POS system. They told me that more than half of their daily transactions were done through a virtual wallet or tap to pay options. Their issue was with customer satisfaction, regarding fees per transaction. Per Forbes, with Clover, you pay 2.7% + $0.10 per transaction for in-person purchases and 3.5% + $0.10 for payments taken virtually or entered by hand. Along with a monthly subscription fee of $4.95 to $94.95 per month. 

247 Payments helps alleviate several transaction costs with our Omni Channel Solutions and only charges you a flat, low fee. We offer consistency with our fees, so you never have to worry about inconsistency due to your activity. This allows you to grow your business with a strategic plan and take the confusion out of payment processing. 

Lastly I met with a local smoke shop that uses 247 Payments. I focused on asking them about the switch from their old payment processor to 247 Payments. They insisted that the transition experience was easy and how thankful they were that our white glove service provided all of the support they needed during the process. They, much like the other local smoke shop said, most of their transactions used tap to pay or visual wallet options-which “was no trouble for our hardware.” Our POS systems also recognize QR codes. This is an element they utilize often through email and mobile marketing for specials or coupons, giving them the opportunity to draw in more business during their campaigns. 

Hemp & CBD retail is still a newer industry that many processors don’t know how to deal with. At 247 Payments, not only do we specialize in high risk processing but we can ensure you will have all the proper technology for daily transactions. You’ll always know your standing with the banks and transaction progression.


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