Navigating Business Fees When Running an Online Store

by Magical Penny on March 5, 2024

When selling items online, there are a number of financial obligations that can get the better of us if we let them. E-commerce stores can come with seller fees, especially platforms like Amazon, and this is why we’ve got to learn how to reduce our overall business fees, especially if we are operating in high-risk industries. Here are a few approaches to bear in mind:

Consider High-Risk Merchant Accounts

If you want to learn more about how to accept payments for CBD products and other high-risk industries, it is worth exploring high-risk merchant accounts tailored to specific industries because they offer specialised payment solutions that are designed to mitigate risks and accommodate the unique needs of businesses like CBD. When you opt for a high-risk merchant account, you benefit from having a range of experts who understand the industry, rather than choosing a platform that has not dealt with the type of product that you are selling.

Choose the Right Payment Processor

When you look for payment gateways and processes that support certain high-risk or niche industries, this will ensure seamless payment processing but also reduce the risk of account closures or disruptions. One of the biggest problems when running a business that is selling products that are out of the norm is that you can find yourself with a few more hoops to jump through, which is why it’s far better to opt for a niche payment processor in the first place. Payment gateways like Stripe or Shopify Payments don’t always cater to different industries, and it’s worth bearing this in mind, especially if you plan on selling products out of the norm such as CBD.

Offer Alternative Payment Methods

Diversifying your payment options by including alternative methods such as cryptocurrency and e-wallets can be an invaluable approach for customers because you are giving them flexibility and potentially reducing fees in the process. This is especially true if you want to offer cryptocurrency because it is a non-regulated currency and does not have the same fees as standard currency, especially when selling products to customers in other countries.

Monitor Chargebacks

Chargebacks occur when customers dispute certain transactions and they can be more common in certain industries such as CBD. If you experience chargebacks, this can make financial institutions more hesitant to provide payment services to niche merchants like CBD, which is why having the right payment process and merchant account will make all the difference. But you need to be vigilant as well, rather than just relying on the payment provider to police this for you.

Learning how to ensure financial stability is critical when running any type of online store. It can be complex, especially when having to navigate the myriad of rules and regulations. Ultimately, we’re all looking for ways to earn extra money and e-commerce can be an amazing way to do this, but you should be very aware of hidden fees, whether it’s sellers fees or the fees of running a business. Keep yourself within budget, and it can be a very fulfilling venture.

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