Merchant Account For CBD Products
As federal, state, and local governments look after the for and against of legalizing cannabis (marijuana, etc.) for both medical and leisure purposes, the advantages of other products derived from cannabis (marijuana, etc.) are taking shape — like cannabidiol also known as CBD.
CBD merchant accounts are a comparably new product, but Highriskmerchantexpert can aid merchants selling products concerned to health or diet which contain the compound they need to find the credit card processing solutions.
Highriskmerchantexpert gives CBD merchant accounts for e-commerce merchants with competitive prices with the help of a partner of banking which is acquiring along with specialization in solutions for industries with high risk. We are well known for High-risk merchant account instant approval with great customer satisfaction.
How Do I Get A CBD Merchant Account?
- Highriskmerchantexpert’s solution is only available to e-commerce businesses.
- Bank statements of business from the last 4-6 months are required showing the name of the company, total sales, chargebacks/refunds, and returns.
- Merchants must be generating a minimum of $1,500 per week in processing.
- Startup businesses will be examined on a case-by-case business.
Timetable for CBD Merchant Account Approval
The time taken for the approval of the CBD merchant account varies with each merchant and their processing history. With all the supporting documentation and materials, Highriskmerchantexpert can provide solutions for credit card processing within a duration of 5-15 business days and is considered as High-Risk Payment Gateway Provider in the USA.
Every merchant account accepted by Highriskmerchantexpert and its acquiring banking partner involves access to the payment gateway of approving bank. Highriskmerchantexpert’s trusted banking partners provide a secure gateway of payment for all transactions, with which you will connect the API of the bank to the website. Not only this, we even provide the functionality of Merchant account For Tech Support.
What Makes A Good High-Risk Merchant Account Provider?
Finding a good merchant with a high-risk account provider for the CBD business includes the same criteria as a provider with low-risk. It’s just harder to find a provider that provides the right combination of reasonable prices, fair contract terms, and customer service with high-quality.
- Pricing: Here, the bottom line is that any merchant account with high-risk is going to cost notably more than comparable to the one with low-risk. Be ready to have to receive a tiered pricing model (albeit some established businesses may be willing to negotiate a more economical interchange-plus model).
- Contracts: We like billing arrangements which are month-to-month that don’t lock you into a contract which is long-term or force you to pay an early termination fee (ETF) if your account is closed early. Unfortunately, CBD merchants (like any other merchants with high-risk) will usually have to accept both a contract which is long-term (typically for three years) and an ETF. Also, be conscious that if you have a contract which is long-term, it will probably also involve an automatic renewal clause that extends the contract, mostly for a period of one year at a time. If you don’t keep track of when your contract is scheduled to auto-renew carefully, you may find yourself locked in for another year or even longer.
- Hardware: If your planning is to sell CBD products out of a retail location, you’ll either need a committed countertop credit card terminal or a mobile processing system that uses the Smartphone or tablet in concurrence with a mobile card reader. The terminal should be able to accept at a minimum from both magstripe and EMV payments.
- eCommerce Support: Naturally, you’ll be willing to able to sell the CBD products to as many customers as possible, and selling via a website which allows you to do that. As we’ve noted above, there are still plenty of legal grey areas regarding CBD sales across state lines that you have to be aware of those before launching the website. At the same time, the recent legalization of products which are hemp-based is creating eCommerce opportunities that weren’t there as recently as two years ago.
- Customer Support: In exploring dozens of merchant account providers, we’ve found that the real secret ingredient is high-quality customer service which distinguishes the simply average providers from the truly outstanding ones. Customer support issues happen more persistently with CBD and other merchants with high-risk, so you’ll want to pay specific attention to a provider’s reputation in this area.