The Best Way to Accept Payments for Hemp Related Products
Being able to accept payments for hemp or any cannabis related products or services is a major part of running business, regardless of what field you are in. For some industries, however, this is easier than others. Depending on the nature of your business, the best payment methods differ, and the banks and financial institutions change the way that you are treated.
In the CBD and hemp industry, where it is common to have a physical ‘shop’, a lot of business is also carried out online. Whether you are selling to the public, supplying to shops or manufacturing, perhaps the easiest payment method is by credit or debit card.
Why Card Payments?
The reason why card payments are the most convenient in the world of hemp products is that firstly it is the easiest method to pay online – or indeed anywhere where you are not face to face – such as by telephone, and because very few people walk around with pockets full of cash anymore. Security-wise, paying by card is favourable, as well as for convenience. Being able to accept payments for hemp and CBD products is crucial for any business in this industry.
High Risk Merchants
The problem then arises that in order for businesses to accept card payments, they need to have a merchant account. And, unfortunately for businesses who deal with hemp related products, they are usually deemed to be ‘high risk’ businesses, by banks and financial institutions. And being labelled as ‘high risk’ means that they are unable to get a merchant account – meaning that they are unable to process credit or debit card payments – a big problem for a business who is looking to grow and develop honestly and transparently.
This is a big issue for hemp industry businesses as it is exactly credit and debit card payments which are the preferred payment method for CBD or Cannabis merchandise. By not being able to accept them, the prospects for the business look, well, bleak. Some businesses in the past have reluctantly had to resort to less transparent means to process card payments, but this of course is not the proper way to accept payment for hemp or cannabis related products.
CBD Merchant Account can help these businesses by providing reliable payment processing services to Hemp merchants and provide legal, transparent and dependable way to accept payment for hemp, cannabis, CBD oil or any marijuana related merchandise. We have forged strong ties with the financial institutions and thanks to our experience in other similar industries and drive to make the hemp and CBD industry grow from strength to strength, we are able to help these businesses in processing card payments from their customers.
The ability to process credit and debit card payments for CBD or cannabis products and services is a big issue for many companies. It is, of course understandable that banks and financial institutions are reluctant to help industry, which are deemed to be risky, but also a little unfair that maybe they cannot have the same chances for success as other businesses. And this is where CBD Merchant Account can be so usefeul.
For more information about cannabis and CBD merchant services, call us today at 1(866) 464-6590!