The global CBD consumer health market reached $18.21 billion in 2023. With a compound annual growth rate of 14.33% through 2033, the industry is predicted to reach $69.72 billion in size by then.
Despite this growth, many CBD brands and retailers are struggling to maintain their payment operations from major payment processing companies due to their policies. Organic Payment Gateways is now offering CBD companies specialized, and prioritized support, in the event their payment services are disrupted. CBD brands and retailers are considered high-risk given the varying legality of their products. However, if payment processing is disrupted, it can lead to a trickle-down effect for small businesses that need to manage cash flow.
If U.S.-based, legal CBD website owners no longer have access to their payment providers, Organic Payment Gateways will offer immediate (and free) consultation and placement services. The company aims to match businesses with compatible credit card processors, both online and in-store, based on their existing systems and platforms. Companies that want to participate in the program need to share details on their business model, inventory assortment, sales volumes and customer service protocols. Organic Payment Gateways then will step in as an intermediary to facilitate a process that aligns the CBD vendor’s operations with a suitable processor who can handle their transactional needs.
While the complexities of the CBD market continue to pose challenges for small business owners, Organic Payment Gateways’ goal is to not only provide immediate solutions but also support CBD brands’ efforts to maintain long-term payment processing security within the CBD industry.
