How I Helped Save a CBD eCommerce Business from Payment Processor Shut Down

by Joe Battaglia, Director of Sales

I was recently contacted by the owner of a CBD eCommerce business. He had been using Square for payment processing since he opened his business and suddenly was told his account was going to be shut down.  He needed a new payment processor ASAP to keep his business up and running!

When this owner originally applied for a merchant account for processing with Square, he was immediately approved.  For over 4 years, his CBD eCommerce payment processing went smoothly.  There was no problem with the payment platform.  Then out of the blue he was contacted by Square and notified that he was being randomly audited.

After the audit was complete, he was told he had 2 weeks before Square shut down his account.  They did not provide specific reasons why the account was being closed.  Nor did they provide any potential remedies.  So, this owner was in a serious bind.

He had 2 weeks to find a new payment processor, apply for a merchant account, get approved and start processing – Fast!

This situation is somewhat abnormal from what I hear from many CBD clients in that typically, CBD related businesses will have their accounts suspended / shut down without any warning at all.  The owners are stuck without the ability to accept and process payments, seriously impacting their business. (Particularly devastating during the busiest shopping season of the year!)

Unfortunately, I hear about situations like this on a regular basis.  Some of the big companies in this space make it so easy for absolutely anyone to start accepting payments immediately.  The quick timeframe is often appealing, especially to business owners anxious to get going on sales.  However, there can be a big drawback in that these big companies don’t do their due diligence upfront.  They approve merchants quickly, then when they later decide to perform due diligence, that’s when they decide a merchant isn’t compliant and suspend or shut down their account.  Or worse yet, withhold funds in addition to suspension! 

Avoid payment processor shut down

Here at VMS, we do our due diligence upfront.  We have an in-house Certified Commercial Cannabis Expert.  As part of the underwriting phase, our expert will go through your website and recommend any necessary changes to ensure you are in full compliance.  Most often what he finds are easy changes to websites.  Changing a word here and there, adding or removing verbiage, adding your return policy, etc.  The key point here is that this expert will let the owners know what changes they need to make to ensure compliance.  Once any questionable items are corrected, they move through the underwriting process for approval.

For this particular client, the VMS team worked quickly to help him complete the application and underwriting process.  Our CCCE expert helped ensure his website was compliant.  And we got him processing payments by the time his Square account was closed, so he missed no opportunities for making sales!

Maybe the application process with some of the big payment processors is quick and easy, but is that worth the risk of suddenly being shut down a year or more later?

If you don’t want to worry about this risk, contact me today.  We’ll help keep your business up and processing.  And we’ll likely save you a good amount of money, too! 

 

Call, text or email me. 

Joe Battaglia, Director of Sales –  [email protected]  (716) 313-2088

 

 

 

Our dedicated team cares about you and your business!  In the ever-changing landscape of online business, compliance is non-negotiable. Ensuring your website aligns with industry regulations isn’t just about meeting requirements; it’s about securing your business’s future.
That’s why we’re offering a no-obligation Free Website Compliance Review, your key to a compliant online presence. Our expert team, led by certified professionals, will assess your website, highlighting potential compliance issues and offering actionable strategies to resolve them. Take the proactive step toward compliance today, and let your business thrive with confidence.

 If you have more questions, contact us—we’re here to help!

 

 

Exhibiting at Cannabis Conference this August? Here’s how to make the most out of it.

Our Sales Team will be attending Cannabis Conference in Las Vegas, August 15 – 17th.  Will you be there? If you’re investing the time, energy, and resources required to attend as an exhibitor, you want to make the most of it.  Here are some best practices to help you get a great return on your investment.

Booth Design

There will be over 100 booths at Cannabis Conference. How can you stand out from the crowd?  Investing in a unified, cohesive display helps create distinction between your business and others attending the event and makes it easier for potential customers to identify and remember your brand.  If you’re not sure how to get started, look at images of booths from prior years.  It may help give you an idea of what you can do to stand out.

Know Your Audience

Before you get to the tradeshow, take time to research the audience attending the event. Who do you want to meet? Fellow exhibitors in addition to attendees? Speakers or workshop presenters?  Understanding the key demographics, what their challenges or pain points are, will help you tailor a message to best appeal to them.

Be Prepared

Have your materials prepared in advance, both in digital and physical formats. Have a stack of business cards, brochures, flyers, or other informational materials for people to take. Make sure your team is in tune with the message you’re trying to convey and provide them with the necessary resources and training to make the most of interactions with visitors. If you have promotional items to give away, take into consideration the expected number of attendees. (Cannabis Conference attendance is anticipated to be 3,000+.)

Have the Right Tools

Make sure all your equipment—tv’s, scanners, tablets, lights, etc.—are all set up and in working order before the show begins. Invest in reliable technology and have back-up equipment available just in case. Pack a stash of extra power cords, extension cords, back-up flash drives, etc. And you may just want to throw in some pens, tape, scissors, post-it notes and breath mints, too!

Plan your Schedule

Check out the agenda ahead of time and select which sessions, roundtables, and speakers you don’t want to miss. Put them in your calendar with reminders so you won’t miss out. And be sure to have team members that can stay at the booth while you’re in a session.

Network, network, network

Take every opportunity to network. When you’re standing in line at the bar, or buffet line chat with the people near you. Ask for their business cards and odds are they’ll ask for yours.  Sit down to eat with people you haven’t met yet.  Introduce yourself and ask them about their business.

Stand, don’t sit

Sitting down in chairs behind a table is not recommended. Stand up towards the front of your booth to make it easy to engage passersby and draw people in. Don’t spend this valuable time staring down at your phone! Providing an interactive event can be both exciting and educational for visitors. Make sure to have giveaways or draw an audience to your booth with an exciting activity.

Follow-up Quickly

Tradeshows are an opportunity to make lasting connections and to capture contact information of potential customers. Follow-up quickly to capture those leads by sending an email, connecting on LinkedIn, or making a phone call. This is an important step in continuing relationships with customers.

Analyze the Data

Collecting data and analyzing the success of the trade show event is essential. Measure attendance, leads and sales, and note customer feedback. Use this information to determine the ROI (Return on Investment) of attending and to improve and refine your trade show booth for the future.

By following these practices, you can be sure to maximize your participation Cannabis Conference. Investing the necessary time and effort can help you showcase your business and brand along with any new products or services. With the right tools and strategies in place, you should be able to make your tradeshow investment worth it!

Our dedicated team cares about you and your business!  In the ever-changing landscape of online business, compliance is non-negotiable. Ensuring your website aligns with industry regulations isn’t just about meeting requirements; it’s about securing your business’s future.
That’s why we’re offering a Free Website Compliance Review, your key to a compliant online presence. Our expert team, led by certified professionals, will assess your website, highlighting potential compliance issues and offering actionable strategies to resolve them. This Free review is offered with no obligations.  Take the proactive step toward compliance today, and let your business thrive with confidence.

 If you have more questions, contact us—we’re here to help!

 

Retain More CBD, Hemp & Cannabis Seed Customers

CBD, Hemp, and Cannabis Seed business owners know that customer retention is essential for continued success. A successful customer retention strategy will help ensure that customers return again and again, supporting the longevity of the business. Here are some actionable tips to help owners increase customer retention and improve customer satisfaction.

Provide educational resources.

Educating prospects and customers about CBD/Hemp related products will help them make more informed purchasing decisions. The products in this particular industry are not always understood by prospects. The company can provide educational resources such as blog posts, articles, and infographics on their website or social media accounts. This will ensure that customers feel informed and supported when making their purchases, leading to a better customer experience and increased customer loyalty

Develop relationships with customers.

Building relationships with customers is key for customer retention. CBD businesses can do this by engaging with customers on social media, responding to reviews and feedback, and offering personalized customer service. This will help customers feel connected to the brand and create an emotional connection to the business.

Offer loyalty and rewards programs.

Loyalty and rewards programs are a great way to show customers that you appreciate their business. These programs can be personalized to reward customers for their repeat purchases or offer incentives for referrals. Not only do loyalty and rewards programs increase customer retention, but customers will also feel valued and appreciated, leading to a better customer experience.

Invest in customer service.

Providing excellent customer service is essential for customer retention. Owners should make sure they have a customer service team that is friendly, knowledgeable, and available to answer any questions or concerns. Investing in customer service will show customers that their business is valued and that their satisfaction is a priority.

Use customer feedback.

Customer feedback is invaluable when it comes to improving customer satisfaction and increasing customer retention. Businesses should regularly ask customers for feedback and use this feedback to make improvements to their products, services, and customer experience. This will show customers that their feedback is appreciated and valued, leading to increased customer loyalty.

 

By implementing these actionable tips, owners can increase customer retention and improve customer satisfaction and ensure that customers feel valued and appreciated. With a successful customer retention strategy, owners can ensure the longevity of their business.

Our dedicated team cares about you and your business!  In the ever-changing landscape of online business, compliance is non-negotiable. Ensuring your website aligns with industry regulations isn’t just about meeting requirements; it’s about securing your business’s future.
That’s why we’re offering a Free Website Compliance Review, your key to a compliant online presence. Our expert team, led by certified professionals, will assess your website, highlighting potential compliance issues and offering actionable strategies to resolve them. This Free review is offered with no obligations.  Take the proactive step toward compliance today, and let your business thrive with confidence.

 If you have more questions, contact us—we’re here to help!