- February 9, 2019
- Posted by: Sienna
- Category: Cannabidiol & Hemp Payment Processing, Cannabis Banking & Payment Processing Solutions, cannabis industry merchant processing, Cannabis Merchant Accounts, Cbd, cbd & cannabis payment processing, CBD and Hemp Businesses, CBD credit and debit card payments, cbd merchant account reviews, cbd merchant account shopify, cbd merchant accounts stripe, cbd merchant processor, cbd merchant processors, cbd oil merchant account services, cbd oil merchant account solutions, cbd oil merchant processing, cbd oil merchant services, cbd oil payment gateway, cbd oil payment processing, cbd payment gateway, cbd payment processing woocommerce
CBD otherwise known as Cannabidiol is gaining a lot of popularity of late mainly because of the huge benefits it provides not just to human beings but also to pets. CBD oil benefits are also used in medical fields as well because of its ingredients and usefulness. Earlier United States Drug Enforcement Administration categorized it as Schedule 1 drug which is the most restrictive class. CBD was in the beginning considered to be the most addictive drug which has no medical value, but gradually the perception and also reports suggested its benefits and only in the last September CBD was removed from Schedule 1 drug to Schedule 5 drug. Yes, there are some guidelines attached to it like it must have lesser than 0.1% of THC or in other words tetrahydrocannabinol content and should be FDA approved too. Drugs which fall under the Schedule 5 category are generally those medicines which are used as pain relief substance and anti-diarrheal medications and have a lower potential for abuse.
But even now people with best CBD merchant account face a lot of problems mainly because of the risk factor that it associates. Marijuana is still not considered to be legal worldwide and therein lies the problem. Even though there is a huge demand for CBD in the market but even the best marijuana merchant accounts face problems when it comes to processing the payments. Also, it is equally difficult for the buyers to find a reliable CBD merchant on the web too.
What is important to note here is that CBD sellers should and must have a CBD payment gateway which will allow buyers to buy from you seamlessly and without any hassle. There are many people who wish to buy CBD through credit cards and debit cards, hence it is important for you to maintain a legit payment getaway which will make the buying and selling process of CBD easier both for you and the buyer. If you have a reliable merchant account from a reliable source then it’s not only the payment getaway that becomes seamless but you also get assistance in e-commerce, ACH processing, online payments, as well as also get assistance with chargeback management and fraud prevention service as well. All of these factors will let you grow your CBD business effortlessly and you will certainly have a peace of mind.
How to get a CBD merchant account?
It is extremely important for a CBD seller to have a reliable CBD merchant account, however, there are many factors which influences the approval of any CBD merchant account. The approval depends on case-by-case study after you submit your KYC documents along with the financial history which is applicable to your CBD business. If you are looking for the best CBD merchant account provider and want to make sure that your account gets approved then follow these simple tips to make sure that nothing gets into your way.
- You should always maintain a good credit card history both for the CBD business as well as of company owner too. Your credit history should not have any overdraft fees as well as low balances. These things affect a lot and if you maintain your credit card history well, then there is a huge chance for your merchant account to get approved.
- The processing volume of your account should also reflect stability, plus a large number of transactions if shown can provide a good reputation of your business, if your business is doing good then this will tell others that it is worth investing in your company and in future if you maintain the same transaction then they might even want to invest more. You should provide at least 3 to 6 months of payment processing history to ensure that your merchant account gets approved faster.
- Regulations and laws are important, hence make sure that your CBD business complies with all the existing laws and limitations. Before you start running your own CBD business ensure that you are fully aware of the accompanying rules and regulations.
Your ultimate agenda is to find the right and the best CBD oil merchant account solutions which will give you all the required merchant services. Know the questions that you should ask to know about the merchant account solution provider and rely solely on a merchant provider who are specialized in the CBD industry only. This way you will know that your CBD secure merchant account is secured and safe.
Fortunately, last September, CBD was reclassified and this shows that even the market is accepting CBD products and its benefits. While on the other hand, there is also a demand for CBD oil in the market too which is why so many young entrepreneurs are getting attracted to the CBD industry aiming for a higher possibility of profits. Although this business sounds lucrative it attracts potential threats to.
- Even though the classification of Schedule 1 drug has been reclassified and now falls under Schedule 5, but it still undergoes restrictive policies and regulations which creates problems for the sellers because of the potential federal investigation as well as probable prosecutions and dispensary shutdown fear always remains with the seller.
- Marijuana sellers always pay higher sales taxes than other sellers which somehow burden the sellers because it increases their financial expenditure. In terms of profit, this does not add up to a good margin.
- Since its CBD and adds higher risk, the payment process for this business is also not easy. There are many merchants who refuse to accept CBD products and usually shut down their operation.
Many entrepreneurs want medical marijuana merchant accounts to run easily and smoothly to earn revenue in their business. Unfortunately, in the USA marijuana is considered to be illegal and hence rise the problems of approved payment getaways and accepting payments. Most of the people in the USA are still buying medical marijuana with cash which limits the distribution of CBD for the merchants and this creates a huge impact on their business too.
Fortunately, there are some high rick CBD merchant account providers who have figured out an alternative way to let you run your medical marijuana business smoothly and accept payments online too.
- Pen debit is one such alternative which allows the customer to purchase CBD online and also pay easily through their debit cards right away. The payment process will be the same as buying groceries from a grocery store and making the payment using your debit card.
- The second option to pay securely is through substitute checks which are nothing but an electronic copy of a paper check. But there is definitely a risk in electronic checks and that is to receive bad checks and it also incurs high return ratio too.
Although there are some other options available too they always attract some risks as well.
- An aggregate merchant account can be a solution for online payment, this is done through offshore banking partners who have a shared billing description and can let the buyer pay through credit cards. But, the problem that can occur for a generic billing description is that it can add up to the chargeback ratio, this happens when the cardholder fails to identify the transaction.
- Cryptocurrencies is another popular option but are not viable enough because it is seen as a prone to money laundering.
So, what is the most secure and seamless way of getting a CBD oil merchant processing account?
iPayTotal is one such merchant account solution for cannabis industry merchant processing which offers reliable payment for CBD card processing. If you are running a good and healthy CBD business and want to accept payment through online mode, contact us to know more about us and how we can help you create a fruitful CBD oil merchant service on websites like Shopify, BigCommerce, WooCommerce, and more. Our highly efficient team will ensure to provide a low-cost CBD payment getaway for your company. We understand the difficulties that you as a business owner may face and hence we are here to help you create your own CBD oil banking which will allow buyers to easily buy CBD from you effectively and pay easily.
Readers may please note that if you are a newbie and have just started then it’s important for you to understand that a CBD payment gateway is only compatible to your business when it is set up properly. You should always get in touch with the correct merchant who understands the possible threats and challenges that your business can face and accordingly provide a CBD oil merchant service.
With us, you will no longer have to go through the frustration and agony of CBD payment gateway the UK or anywhere else. No need to say no to any of your customers. We will provide cheap CBD oil merchant account solutions through which buyers will be able to buy for your products easily through debit and credit card. We approve CBD Vape Merchants and we have made credit card processor for CBD products easy for everyone.
Our banks are fully aware of CBD and they support your CBD business too, which means with us, you are completely free to sell your CBD products and earn revenue right away. Our CBD friendly banks don’t consider CBD as harmful and potential risk and that’s why the processing becomes so easy.
Applying For An iPayTotal CBD Merchant Account
We know you need us and want to have an approved and CBD secure merchant account, hence, to begin with, give us a call at +44 800 776 5988 and let us discuss with you about your business to create a seamless and the best Marijuana Merchant Accounts. It will hardly take 10 minutes to understand what payment options you are looking for. Speak to one of our account managers to understand which payment getaway will be most helpful for you.
We are optimistic and certain that soon medical marijuana will be legalized throughout the world for its excellent benefits and people will be able to buy CBD from their merchants directly and pay for it with ease. The growing demand for CBD oil and the plethora of health benefits it provides will surely take away the risk factor from CBD business.
Call us immediately if you want to set up a CBD payment getaway.