Legalizing cannabis has opened up several doors for businesses that may not otherwise be able to stay in business. This type of business took a long time getting to where it is today and when it became legal, the anticipation from producers began to increase, if for no other reason than curiosity. Then with all the money being made, it soon made it easy to purchase CBD by taking contactless payments online and shipping the product out. The CBD payment processor options are available for everyone who wants to sell cannabis and wants to do it completely online. At first, there were many holes in how selling cannabis would work. The product was there but there was no way to accept the money and ship it out. Banks and credit unions began to see the potential if they could help in accepting payments online and help the consumers reach a new product that would not only benefit them but would assist small businesses who needed to boost their sales in order to make their business work.
Companies who offer sells online don’t always have the option to take payments accept through third party systems, such as PayPal. This limits their ability to just accept any type of credit or debit card the consumer may want to use. This also restricts their business because the consumer has no reason to shop at that business if they can’t buy anything that they want due to payment restrictions. Companies who offer cannabis must come up with a way to accept payments that will give them the choice to sell cannabis and make the money that they would normally make if they were selling it direct. The internet selling method opens up many doors that would not otherwise be available. Being able to accept payments online has been a beneficial B2B payment tool
Online Option and how they work
Because banking services have been accepting of the fact that you can now buy cannabis and products made with cannabis online, the payment structure that allows money to go in and come out of accounts electronically has been a great way to make even more money using small businesses as an outlet. The financial institutions have lowered the bar to give consumers the ability to bank online and transfer funds without ever stepping foot inside a bank. This is not only encouraging to every business owner who offers the cannabis products, but it makes it easier for them to promote their business because of the discretion of buying online. Before electronic funding was accepted, small businesses who offered the cannabis products would have no other choice but to only accept ACH, paper checks, eChecks, money orders, and transfers, as well as credit cards if the consumer could not walk in and pay cash for their product. This would not only hinder sales, but it would ultimately make it more difficult for a small business to survive. Some consumers did not want the opportunity to walk into the store and make their purchase in fear of someone seeing them or not wanting to be associated with the cannabis products but still wanted to enjoy the product.
After data was collected, the possibilities were there for the cannabis business to take off in its own pace and help small businesses out as well as help startup businesses who didn’t have a niche or didn’t have an idea of what product to offer.
The Launching of Online Payment Solutions
The payment solutions available now didn’t always exist. AeroPay was one that was launched to target cannabis sales and to provide a solution that would enable businesses to explore B2B payments as well as B2C payments. echecks and ACH transactions were taking too long to get the product out to the consumers and the cash in the accounts of the seller. With every opportunity to buy online, comes the ability for small businesses to make the money they need to make in order to keep their doors open and their shelves stocked.
Online Payment Tool Advantages
When it comes to making money, every dime counts when you are in business for yourself. Many business owners were learning that in order to offer credit card payment options, they would have to give up anywhere from 2% to 4% in charges from the credit card company. This was a problem for smaller businesses who just wanted to sell their product and make some money. With the increase in demand for the cannabis product, the potential was there to make the money if business owners could keep their expenses down to a minimum. Having the option to accept payments online can not only allow business owners to purchase the products from a dealer, but it allowed them the opportunity to shop around and get the best prices in order to turn around and offer to consumers for a reasonable price. If a store owner shops around long enough online, they can find card and electronic payment options available to them for a minimal amount. With every swipe of the card, instead of it costing the business owner a one-time percentage fee, they can enjoy a small minimal fee instead. This puts more cash back into their business, ultimately passing on the savings to the consumers who will in turn buy more product with the money they saved.
Consumers and Business Owners
Consumers want an opportunity to purchase a product for the lowest price possible while maintaining the quality of the product. They want to be able to use a product or purchase a product that will be of good quality for the rate they must pay. Cannabis products are not that cheap and it’s important to not only get a good deal, but to get a good product in return for the money.
Business owners want to be able to buy a product and sell the product and make a little money off of each product. A business doesn’t normally count on one product to make them money; they use several products to bring up their sells throughout the month. The solution is learning to balance it all and be able to purchase a cannabis product from one business to stock the shelf of another business for a low price so they consumer can purchase the product, use it, and have minimal expense to it. The result would be a consumer who is happy with their product and will return again to purchase the product again if given the opportunity.
How to Market the Cannabis Products
Once the store owner shops for the product at an affordable rate, then passes the savings onto the consumer, the final product is a happy customer who is also going to be a repeat customer that will give the small business a reason to keep their doors open. The entire process will not do any good unless the store owner can market the cannabis product so it sells. The key to marketing the cannabis product can be found within the words of the advertisement.
Tips for Marketing the Cannabis Product
Tip #1: Don’t sound over-bearing with the word cannabis. Some consumers cringe when they hear this word because they picture sitting around and smoking marijuana and getting high. This is not how the cannabis product should be marketed or associated. The majority of the cannabis products are not laced with the ingredient that causes the altered mental status.
Tip #2: Describe the product using the simple terms that would help the consumer understand exactly what they are purchasing. They need to know that they can read and understand all the ingredients within the product itself.
Tip #3: Don’t over sell. You don’t want to cause the consumer to spend a lot of time thinking about what Is in the product ingredients or what was in the description that they may not understand. You want all your ads to be direct and to the point so that you are not going to come off to the consumer as being far-fetched or out of the normal.
The ultimate way of handling a sell is to offer a product that consumers can purchase from their phone with simple descriptions and easy to understand check out process and contactless payment options. The result is a satisfied customer who will purchase from you over and over again.