Before we can start to dig deeper into the merchant account flexibility and stereotype. Let us get to know some discoveries about CBD. It happens to come in discovery 80 years ago. The professors from the University of Illinois recognized the non-psychoactive cannabinoid nature for the very first time. It took 23 years for scientists after the discovery of this element to access its structure for getting comprehensive knowledge of the compound. CBD occurs in the marijuana plant and hemp plant, and most of the part is getting utilized for medical purposes. However, some people are unnecessary utilizing it for it mind-altering effects and getting high. For this doping, the government is putting restrictions on utilizing or selling CBD oil. CBD Oil Merchant Account can be helpful in providing you with smooth and flexible payment transactions.
Need a CBD Merchant Account?
It is important to get a high-risk payment gateway that can help your CBD business to run smoothly. EskayPay being a leading merchant account service provider that deals in providing payment transactions to merchants irrespective of the low and high volume of the merchant. Getting the best credit card payment processing company can help you get smooth and flexible payment transactions. If you find it difficult to get the right processor for your industry then we are here to help you make the right decision for you. We have the best CBD payment processing solution that will suit your business needs.
A CBD Payment Processor merchant better understands that it is difficult to get a processing account for high-risk businesses. It is not easy to buy a processor for selling CBD products since the limited use of this oil is legal but when this is the oil is cultivated in high quantity then it is not considered good for selling until and unless it is happening under the knowledge of government regulations. Since cannabis, a kind of drug is also produced from the same cultivation as oil is cultivated. This very thing panics the bank and lenders and stimulates them to recognize this merchant selling oil as high-risk. Hence, the CBD industry is categorized as a high-risk business irrespective of what kind of CBD products you are offering to customers.
What to expect when looking for a Cannibalise merchant account?
Here are certain things that you can check before buying a processor.
- High-risk availability
If your payment gateway is able to deal with high-risk transactions then your processor is doing a fabulous job. But do you know that why you require a processor that have high-risk availability? The reason is simple and that the new industries coming are more vulnerable to payment card fraud and chargebacks. Hence, for such an industry that roams around a legal grey area, a handful of credit card processing companies will extend their support to take the risks involved with this type of transaction.
- Easy and Simple Integrations
Payment processors easily integrate with the website and require no time for installation. The service provider will also allow you to use API integration with the processor. One of the most essential parts is that this kind of gateways allows you to monitor the insight into how e-commerce store looks like.
- POS availability
The processor that accompanies POS system integration benefits you for both online and offline transaction management. The profit margins can be enhanced with point of sale device at the store and also you will also get customer’s loyalty, business intelligence.
- Low fees
Obviously, when are required to find a processor then you will not limit yourself to companies that charge bulky charges or high upfront fee. There are various companies that will charge you the fee at the time of registration; some will provide their service free of cost. You need to ask this question to yourself that are you able to pay the amount since you will have to pay the charges on each transaction. And if it doesn’t fit well then you need to look for other service providers. There are also other sets of fees that need to be taken into account such as Statement fees, Compliance fees, Non-compliance fees, Terminal fees, Monthly/annual fees.
Though not every service provider will bind you to sign a contract since every company has their own rules and regulations. Since each company differs in their contract and fees hence you need to be certain while choosing the one that suits your CBD company the best.
- Customer support service
When you are accompanying offline and online transactions with a high-risk merchant account you should be ready for the worse. Hence before you prepare yourself for buying the processor from a particular provider you need to ask your team how they will manage disputes, how they will handle fraud protection, and if you got all these answers then move forward with the plan. But you need not worry since the personalized customer service is the answer to all your questions. And if you are unable to find the one that has customer support, then you need to find the one that can actually hire customer support to actually manage phone calls and emails.
However, high-risk businesses are certainly not the one that is unfortunate since they can’t sell their product or services to customers. When it comes to e-commerce and payment processing, we at EskayPay finds you the best way out to expand your market and deliver your CBD services and products. We understand how critical it is to have an online presence for your business hence we find the proper credit card processing solutions for you. We also customizable payment gateway solutions to merchants to solve your business needs. We try to provide you with the merchant account within 5 to 7 business days after you have submitted the application for it. Get a CBD Merchant Account in order to make sure that you have all your payment transactions safe and secure. We are the expert to get the best solutions to merchant accounts.