When it comes to taking payments the CBD industry is at the mercy of the banks who don’t like hemp derived products very much. This is why you cannot checkout using many of the well known payment gateways such as PayPal, Square or Stripe when purchasing CBD.
While it is possible to obtain a card merchant for CBD companies they have to navigate lots of red tape and pay exorbinant fees. Luckily the online payments sector has evolved and new tech is here to make payments even more secure for customers without the need for a credit or debit card.
This tech is known as open banking and it allows you to pay for goods online straight from your Internet banking app. This means you never have to put your card details on the Internet again. And it’s super fast. All you need to do is login to your online banking and confirm the payment! Easy as.
How to pay for CBD using Open Banking
Paying for CBD products from our online CBD shop using Fena Open Banking is easy. All you have to do is choose from the hundreds of CBD products we have available. Add them to your basket and when you’re ready to pay go to the checkout as normal.
In the checkout you can put in your address, any coupons or redeem any loyalty points. Once you’re happy with all of that it’s time to select your desired payment option.
To purchase your CBD products using your online banking select “Internet Banking Transfer” from the payment section. Next you need to agree to the terms and conditions and click “proceed to pay.”
On a mobile device next you’ll be taken to the Bank Select screen where you’re asked to select your bank. Nearly all UK banks are listed here for selection. Banks like HSBC, Halifax, Revolut, Barclays, Lloyds, etc. Simply choose your bank and click continue.
Fena checkout will then automatically send an invoice for the order to your bank for you to approve the fast and secure payment within the app.
Finally all you have to do is login into your online banking app when prompted. Log in as you normally would using your fingerprint, code, etc. Simply review the payment and if you’re happy with everything click pay.
On a desktop device or a laptop the process is slightly different. Your Internet banking app does not open automatically on these devices. Instead after selecting your bank you’ll be presented with a QR code to scan on your mobile device. This will then open your online banking app where you can login in and approve the secure payment. And voila, no need to put your card details in so they stay safe offline.
Once the payment has been received into our bank you’ll get an order processing email from us as usual. We ship orders where payment has cleared by 4pm the same day Monday to Saturday.
Advantages of paying for CBD using Open Banking
- More secure than paying with credit or debit card as your card details are not required for an online purchase. This means your card details stay offline with you reducing the risk of fraud.
- Faster than inputting your card details each time. All you have to do is choose your bank, login and confirm the payment with your bank.
- It’s also miles faster than a manual bank transfer as you don’t need to put in the company name, sort code and account number to complete the transaction.
While open banking might not usurp card payments just yet it certainly presents great competition. Moreover it provides you with the ability to make payments online conveniently and securely directly from your online banking app.
Why not give it a go? Use BACS10 for 10% off your first Internet Banking Transfer purchase from us.
Want to know more about CBD?
If you’ve enjoyed this post you may like to read more about buying CBD. Here are some of our most popular posts on Buying CBD.
- Buying CBD for the first time cheat sheet
- Which CBD product is right for me? Beginner Buyers Guide
- Introduction to Cannabidiol. Everything you need to know about CBD
We would love to help if you have any questions around this topic. Let us know by dropping us an email or comment on one of our social channels. We will endeavour to get back to you asap but while you wait the answer to your query may lie in our CBD FAQs.