CBD Merchants Payment Processing
People who are involved in the hemp and CBD oil business often find that they come up against obstacles when it comes to the CBD merchants payment processing. The fact that the industry is a new one, has moved over from being illegal to legal, and is not very well understood, means that banks and financial institutions are reluctant to give hemp and CBD merchants the same support and benefits as other businesses in different industries.
CBD Oil and Hemp
Medical research shows a growing number of benefits to consuming CBD oil – the non-psychoactive oil which is made from extracts of the cannabis plant. It is now being used to treat a number of illness and ailments including epileptic seizures, anxiety, inflammation and nausea, however, financial side of running cannabinoid business, like obtaining reliable CBD merchants payment processing is still quite a task. Hemp is also derived from the marijuana plant and the fibrous substance can be used to make a whole range of products, from fabric, to paper to beauty products.
High Risk Merchants
Banks and financial institutions often label hemp and CBD merchants as high risk businesses. This is due to a number of factors, including the fact that it is relatively unknown industry and there is a certain amount of insecurity when it comes to financial matters.
The problem with being labelled a high risk business is that banks and financial institutions can make it more difficult to process credit and debit card payments for CBD Merchants. To be able to process these payments, businesses need to have a merchant account.
CBD Merchant Account
A merchant account is essentially an account where the money taken through a credit or debit card payment is paid, before it gets transferred into your business account. So if a bank doesn’t grant a merchant account, or grants one but with massive fees and commissions, this can be disastrous for a company.
Companies are left with two options; Don’t accept card payments at all, or look for an underhand way to accept and process card payments. Of course, the latter option isn’t recommended, so CBD oil and hemp businesses are often left without being able to accept card payments – which means it can be difficult to maintain, let alone grow your business.
Payment Processing Solutions
The best payment processing options for this type of problem is to use a company like CBD Merchant Account. We essentially operate as your merchant account, so your card payments will come to us before being transferred over to your account. We have worked tirelessly to build strong and trusting relationships with the financial institutions to get the best rates for your business.
Our CBD merchants payment processing systems are completely transparent and secure meaning that you can process your payments with honesty and safely, giving your business the best chance possible for success. Our systems are all set up to specialise in the CBD oil and hemp industry and specifically to grow alongside your business.