Everyone knows the difficulty in applying for a CBD payment processing service. The CBD market is deemed high-risk since it is not officially regulated as a dietary supplement by the FDA. Payment processors and banks are aware of this, making it difficult for CBD retailers to obtain a merchant account for CBD. So we’ve made a guide for you to know the best cbd merchant account providers and how to apply for them.
A CBD merchant account is just a merchant account that has been approved particularly for selling specific or all forms of CBD products. CBD companies are regarded as extremely risky. Hence most common merchant account providers (as well as many elevated specialists) will not allow merchants to sell these items.
Prerequisites For A CBD Merchant Account
Check out the list of paperwork that is required to start a CBD merchant account:
- Incorporation certification.
- Certification of Tenancy (or similar document).
- A copy of each owner and officer of the company’s valid passport, with the bearer’s signature visible.
You must ensure that your website has the Terms & Conditions page, Privacy Policy, company’s name in the footer, and Refund & deposit Policy Page to register a CBD oil merchant account. You should also make sure you have logos for MasterCard and Visa if you wish to use them as forms of online payments.
How Can You Apply For A CBD Merchant Account?
It is simple to apply for a CBD merchant account. You file an application as well as any accompanying documentation. Statements are approved within 48 hours. Documents supporting the application include:
- Firm registration information.
- A voided check from the depository account.
- A government-approved ID for the account’s signer.
- Product specifications.
Once accepted, you may start processing right away. Take a look below to check what o keep in mind while obtaining a CBD merchant account:
- It is critical to note that your CBD payment processor can handle high-risk transactions. Look for a company with substantial expertise with organizations working in high-risk industries.
- Nobody likes to hear they must migrate their eCommerce site to an entirely new platform incorporating a CBD payment processor. Companies that can provide these services are the ones to do business with since they will be able to help you as your company grows.
- Find a CBD payment platform with point-of-sale (POS) capability to save time on administrative tasks and reduce the expense of in-office work. POS software will also assist you in making profitable company decisions. Furthermore, this program can control stock endpoints from a single place.
- When locating a reputable CBD payment platform, you are not confined to firms that demand a significant upfront cost. Although more established firms may charge account holders a fee upon registration, many may provide free services.
- It is best to avoid organizations that will only form long-term agreements, especially if they do not have enough testimonies to back up their promises.
- Before you pick a payment gateway, ask a team member how they handle complaints and how fraud prevention will reduce the likelihood of disputes occurring in the first place.
The Best CBD Merchant Account Providers This 2022
The following are four of the best providers for CBD merchant accounts:
- Payment Cloud
PaymentCloud, situated in California, has produced the best merchant accounts since 2010 and now welcomes CBD companies. The firm has an extremely high approval record for merchant accounts and, unlike other high-risk suppliers, does not charge an application or account setup fee.
Like other high-risk specialists, the organization uses a quote-based pricing system and does not reveal any set processing rates or account fees. Retail retailers are entitled to a “free” EMV-compliant terminal with each account.
- Shark Processing
Shark Processing is well known for providing outstanding low-risk credit card processing services with low prices and clear conditions. Consequently, you may be shocked to learn that Shark Processing also provides CBD suppliers with high-risk merchant accounts. CBD retailers who wish to use the series of terminals at affordable rates and efficient assistance may be particularly interested in Shark Processing.
- Easy Pay Direct
For almost nine years, Easy Pay Direct has provided high-risk merchant accounts. The core product of the firm is its unique EPD Gateway. While processing rates and account fees may be higher, you will be set up with a native bank or credit card operator. It’s also one of the few CBD producers with pricing information on its website.
Conclusion
With the preceding information in mind, inquire about any extra and customizable services they may provide with a CBD payment service. Because each company’s approach is distinct, it is critical that you can rely on a CBD credit card processing platform for your payment requirements. Selecting cbd marketing companies are vital regardless of your company objectives. Dealing with regulatory standards, fraud prevention, data security, chargeback management, and correctly pointing are just some essential services to look for.
Disclaimer:
Qrius does not provide medical advice
The Narcotic Drugs and Psychotropic Substances Act, 1985 (NDPS Act) outlaws the recreational use of cannabis products in India
CBD oil manufactured under a license issued by the Drugs and Cosmetics Act, 1940 can be legally used in India, for medicinal purposes, only with a prescription, subject to specific conditions. Kindly refer to the same here for the legalities of use in India
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