CBD Oil Merchant Account |
Posted: August 16, 2018 |
CBD Oil Merchant AccountIf your high-risk business happens to be in the CBD Oil industry, we know how frustrating it can be to get the payment processing you need to take debit and credit card payments and to have your business run smoothly and efficiently. CBD oil services are considered to be high risk in the online merchant account world due to the nature of how the oil is cultivated; this sends the banks and lenders an immediate red flag and your CBD oil merchant account is deemed as a high risk right from the get-go. This doesn’t mean you’re out of luck when it comes to eCommerce and payment processing online (also known as card-not-present transactions), it just means that you need to choose the right company to handle all your needs for CBD merchant processing. Finding the proper credit card processing solutions can be difficult to find, and while the CBD oil business has propelled into a billion-dollar industry, we understand that the best way to expand your market is to share your services and products via an online presence. Here’s a Common Scenario You build out a bright and shiny website for your CBD oil business, you have an amazing following on social media and are making some big-time sales through your website via PayPal, Square, or Stripe. But then, just a few months later, your merchant account is completely shut down and all sales come to a halt because many of the payment processing companies (like those listed above) consider the CBD oil merchant accounts to be a prohibited business type. You have a lapse in payments coming in and your bank isn’t getting the appropriate funds. Now you owe your bank money while you have no money coming in from sales. Your CBD oil merchant account has been completely frozen, you have no access to the funds, and your customers start going elsewhere. How Does Being High Risk Affect Your Chances of Getting a CBD Merchant Account? Certain industries are considered high risk merchant account cbd. Businesses that fall into this category typically have very high discount rates and large security reserves. A business is usually classified as a high-risk merchant if the industry they’re in has a higher risk of fraud and chargebacks. In the case of being a CBD oil merchant, the high-risk label is typically due to the business being a reputational risk for banks and lenders. As a CBD oil merchant, it’s important to understand that what one credit card processing provider considers high risk, another may view as acceptable. This is based on each company’s underwriting guidelines. Merchants who offer high-risk services or products should consider a provider that specializes in high-risk merchant accounts. Businesses that are considered high risk have to know who the right CBD merchant processors are. Those high-risk merchant account providers, that are willing to process transactions for your high-risk business are offering solutions to those merchants like yours in the CBD oil industry – merchants who need payment processing most. These CBD merchant processors are able to get you set up with debit and credit card processing because they are willing to accept the liability for the increased risk associated with your high-risk business.
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