All those in the CBD industry, online CBD ecommerce stores and those interested in going into the CBD products industry will need the services of a bank or financial institute. This article will help guide you towards the best banking options available to CBD businesses. Read full guide for how to start CBD Business.
In order to run a legitimate CBD business, you need the services of a bank or financial institute to pay suppliers and receive funds from sales. This goes for CBD affiliate businesses; CBD ecommerce stores and in fact anyone in the CBD industry. The problem is that traditional banks are not used to working with CBD businesses and so when they take on a new CBD client they are hesitant and unsure of what to expect and what is expected. Not all banks are familiar with CBD industry regulations in the various jurisdictions or how CBD businesses operate. This makes it difficult for CBD companies to successfully apply for a merchant bank account or corporate bank account.
What do CBD Businesses Need from their Bank?
Just like other ecommerce companies online CBD businesses need banking services so they can pay suppliers; pay platforms like Facebook and Google used for traffic generation; pay for website creation, maintenance and operation; pay employees; office expenses; utilities etc. CBD businesses will also need financial services to receive funds directly from customers who have bought CBD products; they need a way to accept online credit card payments to a merchant account and a corporate account to receive and hold revenues.
Financial Service Options for Online CBD Product Businesses
As with any online business CBD ecommerce businesses need to establish financial infrastructure to accepting online payments and make payments to suppliers.
The Financial Services an Online CBD Business Will Need Include:
- Corporate bank account
- Digital emoney account/EMI account
- Corporate debit card
- eWallet (like PayPal or Skrill)
Financial Solutions for CBD Companies in Europe
One of the best options is for CBD businesses to get all of the above mentioned financial services from one Electronic Money Institute (EMI). EMI’s offer a full-service solution where you can receive and send funds; make transactions; have an international business debit card; conduct currency exchange; use ATM machines and your online CBD business can even make international wire transfers using its own IBAN. EMIs in Europe offer one of the best financial service solutions for CBD businesses.
Read more about CBD oil ecommerce