Everything You Want to Know About CBD Merchant Services

When you have finally decided to start a CBD business, it would be better to know how CBD business can be managed successfully. One important aspect of CBD business is online business transactions. Rarely a business today would not like to establish an online presence. So the idea of conducting business solely through the brick and mortar store doesn’t stand true. Therefore, a merchant would have to find a merchant account and a payment processor to facilitate transactions.


Well, the ground reality of the online CBD business isn’t pleasant as it may seem. CBD although an element or ingredient of Marijuana, isn’t used for the same purposes as marijuana is used such as for drugs. Unfortunately, some banks and merchant services providers are still hesitant to take CBD businesses on board. The only way to successfully settle in is to consistently look for the banks that are willing to provide you the merchant services. 


Before getting into the nitty-gritty, let’s first understand what is CBD merchant account and high-risk business.

CBD Merchant Account

CBD Merchant account is a high-risk merchant account that facilitates the online business transactions of CBD products. Since CBD business falls under the category of high-risk business many banks avoid taking the responsibility of processing such transactions. Thus, it becomes important for businesses to have a CBD merchant account that helps in processing their business transactions.


High-risk Business

 Businesses that have a high risk of credit fraud and chargeback are termed high-risk businesses. Few examples of high-risk businesses are given below.

  • Online Gambling, Online Gaming, and Casinos.

  • Sports Booking.

  • Travel and Advanced Booking.

  • Subscription-based services.

  • Telemarketing services.

  • Bitcoin Mining or Forex Trading.

  • Cannabis Products / Head Shops.

  • Pharmaceuticals.


Why is CBD Business classified as a High-risk business?

Legal status and regulations Although, CBD business is legal in many states, only a few regions paint the picture of the whole CBD business as dark. There is no clarity about how to deal with these products in such regions. So considering such a scenario CBD business is considered as a high-risk business.

  • Credit Card processing risks

CBD businesses pose a risk of credit card fraud to banks. Many businesses try to use the traditional route of credit card processing but that can be risky. This is because they might get flagged because of the nature of business and trying to manage business transactions using a different bank can be time-consuming. This will be devastating for the business. 

What all should you look for in a CBD Merchant account and payment gateway?

The obvious thought that might come into mind before looking at the different options is what factors should be considered to finalize a CBD merchant account. Don’t worry we got your back. We will provide you all the factors that should be considered for selecting your CBD merchant account.

  • High-Risk Availability

  • Easy payment Integration

  • Low credit card processing

  • Reasonable Contract Terms

  • Enhanced customer support

  • Payment Method Availability

  • Clear Terms of Service


 Stepping into the CBD industry might be easy but it isn’t really easy to bypass the complexities that you might face in setting up the online CBD business.

Comments

Post a Comment

Popular posts from this blog

Merchants Online 2021: Best Merchant Services Provider

Image
Businesses are prone to changes and it is the flexibility of businesses to constantly adapt to the changes that help them in their survival. Similarly, the way businesses make payments is changing as many businesses are adopting digital means to conduct business. Despite the numerous advantages of online payment, it has its fair share of risks. Online payments are susceptible to excessive fraud. These risks underscore the importance of high-risk merchant accounts. High-risk merchant accounts High-risk merchant accounts are especially for those businesses that fall under the category of high risk. Such businesses are prone to chargebacks, frauds, and payment declines. Therefore, these businesses need high-risk payment processors to ensure credit card or debit card payments are processed smoothly. Given below is the list of few high-risk businesses that need high-risk merchant accounts. Collection agencies bankruptcy lawyers financial consulting online gaming fantasy sports websites Vape...
Read more

High-Risk Merchant Account For Small Businesses

Image
A high-risk merchant account is an account used to process payments made online by the customers of high-risk businesses. If you want to ensure that your payment processing is smooth, you would like to hire the best high-risk payment processor or merchant account services provider. There are so many payment processors that provide the services of high-risk merchant accounts. However, the question is what the best high-risk merchant account for small businesses is. There are so many providers willing to provide merchant account services to big high-risk businesses. On the other hand, very few of them if any are willing to lend their services to the high-risk merchant account.  This blog will guide you on how to find a high-risk merchant account for high-risk small businesses. But before you even begin your search for an ideal high-risk merchant account for small businesses, you must know what a high-risk merchant account is and how it works? What is A High-Risk Merchant Account? A h...
Read more

CBD Merchant Account - A complete guide by Mygreen Merchant Services

Image
  Before getting into the nitty-gritty let us know what is CBD and what exactly is CBD merchant account. CBD stands for cannabidiol. CBD products are made from the ingredients of cannabis (marijuana). CBD products are high-risk products and therefore payments made for these products are susceptible to major risks. Risks are that of legislation, risk of chargeback, and reputation risks.  A CBD merchant account is used to process credit card payments made for CBD products. These accounts fall under the category of high-risk accounts and face difficulties in getting approved. How to apply for the CBD merchant account  It is a very simple process you just have to follow these simple steps. Get the application form Fill in the important information such as company registration information, voided check from the depository account, details on the product being sold, and the Government Issue id. Accounts can be approved within 48 hours. When your CBD account is approved you can ...
Read more