Payment Processing and Merchant Accounts for CBD Oil businesses are still very difficult to obtain. All of the health benefits to CBD oil are still not known, but what we do know is that there is already a long list of illnesses that consuming it can help. CBD oil or cannabidiol oil comes from the cannabis plant and can be used to help with a number of illnesses and ailments, including seizures, anxiety, inflammation and nausea.
The cannabidiol oil is extracted from low THC marijuana, meaning that it doesn’t give you the ‘high’ that you would get from normal THC level marijuana, but you do get the medical benefits from the cannabidiol. This derivative is then sold in doses to help people with certain illnesses.
The Federal Law and State Regulations
CBD oil is still not legal under Federal Law, but as research continues to put the case forward for legalizing marijuana for medical use, a number of states have already made it legal to sell CBD oil and cannabidiol products. The problem with this somewhat foggy legal situation is that a lot of people in the world of CBD and hemp products – such as the manufacturers and sellers of CBD oil are finding themselves in a difficult situation with regards to payment processing.
Merchant Accounts for CBD Oil
To be able to process a credit or debit card payment, businesses need to have a merchant account with a financial institution. When a card payment is made, effectively the money goes into the merchant account, and then then transferred into the business’s regular account. Simple, you may think.
Unfortunately for some industries, including the CBD and hemp industries, getting approved for a merchant account isn’t so easy. They are almost always labelled to be a ‘high risk’ business, and this means that they are almost always denied a merchant account – or if they are offered one, it is with very high charges, which make it as good as impossible to work.
Some businesses in the past have resorted to underhand methods to accept payments as the only solution – a situation, which, while unfortunate is completely understandable. This has therefore inhibited businesses from being able to be completely transparent, honest and grow-able – regardless of the intentions of the business owner.
The Best Merchant Accounts for CBD and Hemp Businesses
This no longer needs to be the case, however. Thanks to companies like us there is now a solution for these businesses. We can offer all of the services of a merchant account to high risk businesses, giving them the ability to process card payments at competitive rates and in a safe, secure, transparent and completely legal manner.
This means that cannabidiol oil businesses can concentrate on the important part of running a business, the service, the quality and steadily growing to make a real success.
Our Merchant Accounts for CBD Oil are especially designed for businesses in the CBD and cannabis industry and given the growth that we are expecting in the industry is ready to grow alongside your business, being able to content with the increased activity and new models which it entails.
For more information about Merchant Accounts for CBD Oil, payment processing for Cannabis growers or retailers get in touch with us today!