The Best Corporate Bank Accounts for Online CBD Businesses
If you are involved in the CBD industry or plan to be then this article contains essential information for you and will cover issues such as payments and banking for CBD online businesses.
Banking for CBD Businesses
It is often challenging for CBD businesses to find a bank willing to open their corporate account mainly because of the banks’ lack of understanding of the CBD industry. It doesn’t matter what your involvement in the CBD industry – whether you are an affiliate business; online CBD store or a CBD producer opening a bank account is difficult because of the CBD industry’s lack of regulation and the confusion as to the legal and medical status of CBD. For this reason, any bank will ask CBD businesses to provide comprehensive information and documentation to prove they are legitimate before agreeing to open a new account. To be a successful online CBD company there is no other option other than opening a bank account in order to be able to make and receive payments.
Basic Banking Requirements for an Online CBD Business:
- Corporate bank account
- E-money account (or EMI account)
- E-wallet (e.g. Skrill or PayPal) You can only open your e-wallet account after you have officially opened your business and your business bank account.
Ideally you can find one financial institution to provide all your financial services so that you can receive funds and make payments smoothly, with low fees, efficiently and in a timely manner. The financial dealings of an online CBD business are the same as any other. You will need to carry out several important financial operations on a regular basis and it is important to insure that your chosen bank can provide the necessary financial services.
CBD Online Businesses Need Financial Services to Make Payments
- CBD online businesses need to pay traffic generators like Google, Facebook and other platforms that create direct traffic and leads.
- CBD online businesses need to pay for the constant up-date, maintenance, operation and work needed on their website. This may require payment to social media accounts, content writers, domains, servers and office expenses.
- CBD online businesses will hopefully have expansion expenses including hiring new staff, renting office space and other operational expenses, legal services, utilities etc.
CBD Online Businesses Need Financial Services to Receive Payments
- CBD online businesses will need a way to receive payment for their products sold online to direct customers.
- CBD online businesses need to be able to receive card payments from customers making online purchases. For this CBD online businesses need a high risk merchant account and business bank account.
- You may also need an account where you can accept funds from third parties.
Banking Solutions for CBD Businesses in Europe
One of the best places for CBD online businesses to get comprehensive banking services in Europe is from an EMI (Electronic Money Institute). European EMIs offer full-service accounts so you can send and receive funds; make SWIFT and SEPA transactions; wire transfers; receive an international debit card; use customer services and make cash withdrawals from ATMs. CBD online businesses with an EMI account receive a dedicated IBAN so that they can efficiently and easily make international wire transfers and currency exchange. EMI business accounts can be accessed from your desktop or mobile device and the services provided are highly secure, fast and comprehensive.