Here we go again!! It seems like every time we turn around we are announcing we have a new option for CBD payment processing. If you are in the business of selling CBD, and I’m sure you are if you’re reading this article, then you are well aware of how accepting payments within this legal grey area has been a challenge. On again, off again. Every time a great program opens for the industry, or a bank decides it is willing to open up its services for processing payments for the CBD industry, it is only a matter of time before they get shut down, or they realize the risk is too high to keep these merchants on board and they close down the program.
The good news is that every time a program is created, every time a bank decides it is willing to try, everybody learns a little bit more.
So here we go again! I get to announce to CBD merchants one more time that credit card and payment processing is, once again, a reality!
We have created a strategic partnership with a domestic acquiring bank to provide payment options for online CBD merchants. We were able to negotiate very competitive rates with the bank as well as offering our fair and transparent Interchange-Plus pricing model.
Many MSP’s (beware of these guys knocking on your door!) like to promote the Tiered Pricing model for merchant services. This type of billing can be quite deceptive due to the fact that it is based on each card type falling into one of three separate tiers each having a different fee associated with it. Think airline miles or corporate card vs a typical credit card (does anyone have those anymore?) with no rewards. Those types of cards do have a higher base interchange rate and are more expensive to process. Meaning when they quote you a rate for processing they are likely referring to cards you accept that will fall into the “qualified” tier and all others will be “non-qualified”. The problem comes into play because the salesman can decide which tier they want the cards to fall in. As a merchant you generally do not have a handle on exactly what types of cards make up the bulk of your sales, so you end up with a bill at the end of the month much higher than you expected.
With Interchange Plus pricing, we take the base rate that is set by the Interchange and add one rate on top as a mark-up. When you look at your bill you can easily tell what your rate is and it will be the same for every single card no matter what type it is. The only thing that will always change will be the base rate from Interchange that is set by the card brand network and we have no control over. This is why it is a much more transparent way to bill. There is no way to hide extra or higher costs behind semantics.
We are very excited about this particular partnership to finally bring payment processing to the CBD industry with what we expect to be a reliable and long term solution for our clients. The fact that it is a domestic bank is, in and of itself, a wonderful bonus. Anyone who has been in business for any amount of time operating what is considered a high-risk industry knows that offshore processing comes with its own set of pain points. Not only are domestic solutions more reliable but it is also very important to know that when you need help, your customer support is right here in this country ready to tend to your needs. That is over and above the stellar customer support we
And just to sweeten the pot a bit, we are happy to let you know that there is no need for ridiculous requirements of huge reserves holding your hard-earned profits hostage nor do we need to resort to using any sketchy tricks to circumvent the law. We are also able to set merchants up to accept all card brands, not just Visa and MasterCard creating a much more friction-less payment and buying process for your customers.
Real, transparent, affordable. Online CBD Payment Processing.
Our new CBD eCommerce solution is especially tailored to legitimate CBD merchants who have at least 3 months worth of previous processing history. By now you have probably gone through more than a few trials and tribulations accepting payments in your CBD business. There are still a few deceptive practices being used by salesmen that commonly mislead a business into believing that the bank is openly working with CBD when in fact they are not.
At Bankcard Brokers we stand behind our core values of legitimacy, credibility, and transparency with our clients as well as our banking partners. We’ve put a lot of hard work into creating this partnership to bring reliable payment solutions for accepting credit cards for CBD. CBD merchants should contact us for specific underwriting guidelines and restrictions as well as one of those transparent quotes we’ve been talking about!