Accepting Card Payments for Cannabidiol Merchants
In a society where we pay for very little in cash, it is absolutely vital for CBD businesses to be able to accept card payments for Cannabidiol merchandise and other cannabis related goods. This necessity is amplified even further for companies who conduct all or part of their business online as other payment methods can be difficult, costly and time consuming to administer.
Cannabidiol Payment Processing
In this respect CBD merchants have a huge problem. The world of CBD Oil and cannabis is still a new one, and one which the financial institutions still don’t trust fully. Thanks to its reputation of being a ‘high risk’ industry, CBD Oil Merchants are finding that they are being negated merchant accounts, or being given them with very tough (read: expensive) terms for Cannabidiol payment processing.
What does ‘High Risk’ mean?
Having your business labelled ‘high risk’ by a financial institution, is common in a number of industries, such as online casinos, adult entertainment, online pharmacies and technical support. It is usually a label given to businesses in a new industry which they don’t fully understand yet, those with a high potential for fraud or with high chargebacks. Whilst it is understandable that financial institutions want to protect themselves from any potential problems with a company, being labelled ‘high risk’ and therefore denied a merchant account can prove to play a major part in the success of a business; vital business functions like credit card payment processing for Cannabidiol merchants may be a big problem.
Do I need a Merchant Account for My Cannabis Business?
The main function of a merchant account is to allow a business to be able to process electronic payment transactions and card payments. It is essentially an account which the money goes into once a card payment has been made, which is then transferred into the regular business account. The lack of a merchant account therefore means that card payments cannot be accepted.
And this is why many CBD Oil merchants cannot accept credit card payments. The ‘high risk’ status of most CBD merchants mean that they are either denied a merchant account, or allowed one but with very high charges, deeming it virtually impossible for them to financially justify accepting credit or debit card payments.
Thankfully, there is a solution for these businesses. Where in the past, some businesses have had to resort to underhand, or even illegal methods of accepting and processing card payments, the best solution is a separate company who can act as a merchant account.
We have built up trust and confidence with a number of financial institutions meaning that we can offer the same services as a typical merchant account. Your Cannabidiol card payments will transfer directly to our account which will the transfer to yours. It is fully transparent and completely legal, so that you can run your CBD oil business exactly the way that you wish to, with honesty and within in the law, whilst giving you the opportunity to grow your business as you wish.
Our Cannabidiol Payment Processing fees and charges are competitive in the industry and our systems are able to grow alongside your business as you go from strength to strength.
For more information about our CBD Merchant Account, and payment processing for Cannabidiol merchants, call us at (866) 464-6590!