Cannabis Market in Europe
Payment services for CBD & cannabis in Europe are in an exciting period of time. European consumers now have more access to quality CBD products than ever before. Its presence in Europe is growing at a rapid pace. This can only be attributed to the growing popularity of cannabis and its many beneficial effects.
One of the most important factors in this growth is, however, the lack of payment services that cater to those who need it most. In Europe, there are only a few companies that offer such services. Most European countries do not allow possession or sale of CBD and do not allow importing or exporting products containing CBD into their borders.
Challenges of the European Cannabis Market
Yes, there are problems in the European cannabis market. They aren’t as bad as some of the issues surrounding our current marijuana laws. But we’re still not quite there yet. There are plenty of challenges and opportunities that need to be addressed, and they need to be addressed quickly for consumers to have access to high-quality products.
In many cases, these services assume that you want to buy from them — which doesn’t leave you much room for experimentation and experimentation means you won’t be paying the same prices everywhere and will pay less than you would if you were shopping from a brick-and-mortar store in Europe. As an example, most countries outside of North America require sellers to use an additional debit card when paying by credit card — which simply isn’t feasible for many small businesses (especially when it comes to shipping).
On top of this, many European retailers aren’t legally allowed to accept bitcoin payments because they aren’t considered legal tender. Another problem is exchange rates. Many European payment services charge 2% over face value because they take a merchant markup on each transaction instead of taking a flat fee per transaction like most online or online-only merchants are accustomed to paying. This makes transactions across borders expensive unless one wants to transfer large sums of money internationally through Western Union or similar services — which may be difficult due to differences in banking infrastructure/operations across Europe.
These points may seem trivial at first glance. However, I believe they should prove more challenging than people realize given the fact that these payment services are often not user friendly for non-native Europeans who want easy access and familiarity with the system.
European Payment Solutions for the Cannabis Industry
There is a growing need for payment solutions for the European cannabis industry. Over the past few years, many European countries have become more open to cannabis and are now starting to implement their own legislation related to cannabis.
The Netherlands, for example, is one of the most progressive countries in Europe when it comes to legalizing marijuana. Recently, Malta has passed laws legalizing possession and use of cannabis in the country.
However, this isn’t quite enough for the European cannabis industry. It is estimated that there are over one million medical marijuana patients in Europe. Many of these patients have limited access to medication or even formal medical.
Payment Services for Cannabis & CBD in Europe
There are a couple of payment services to help the cannabis industry in Europe. One is Trust Payments – based out of UK and Malta, this acquirer hosts payment processing for CBD extract products and is prominent for CBD payment processing in Europe. Another is Clearhaus – based out of Denmark and an easy-goer on CBD merchants. Clearhaus is a popular choice for CBD merchants in Europe.
A recent study from the Netherlands showed that in their survey of 2,000 consumers, only 12% thought that cannabis was illegal in Europe. There is a huge market for CBD oil and other cannabis-based products in every country of the world.
We at PayFasto work with multiple banks and acquirers that serves the CBD industry. Our services include card payment solutions, point of sales, alternative payment methods, payment gateway, etc. Click here to start your CBD merchant account.