If you know us you know that we strive to remain transparent about what we can and can’t do in terms of credit card processing especially where CBD, legal retail cannabis and medical marijuana is concerned. We have written ad nauseam about how there is no legal transparent solution for accepting credit cards in the U.S. for payment in exchange for cannabis products including CBD. While CBD and Hemp based products are still stuck in a grey area of the law where most financial institutions are afraid to get involved, merchants still need to be able to find a reliable payment processing platform in order to accept payments for CBD and related products.
If you happen to run a brick and mortar store that sells CBD products you are able to run a cash only business, but if you are operating solely online through your Ecommerce website collecting cash isn’t possible. There must be a way for both types of business entities to facilitate the payment transactions that enable them to make their sales.
In the past we have helped our clients accept payments in their retail brick and mortar shop as well as online in their Ecommerce, CBD site by offering alternative payment options like ACH and check processing. All of which have helped to bridge the gap between a cash only business and the ability to accept other forms of payment.
But everything you know about accepting payments for CBD is finally changing now! Over the years we have worked tirelessly to foster the bank relationships we need to enable us to offer our clients the products they need to facilitate business. And sometimes all that work pays off!
Finally, a credit card merchant account for CBD sales!
If you are currently operating your CBD store, retail or eCommerce, on alternate payment forms such as echecks or direct ACH then you will be excited to know you can finally apply and get approved for a CBD merchant account to accept credit cards in both your brick and mortar retail outlet and your online Ecommerce CBD store! This really is a milestone for the industry. Prior to this the only way to accept credit cards for the CBD market was to either go to a high risk offshore processor, turn to an aggregate account or be miscoded under the wrong Merchant ID (MID) and risk getting shut down.
The fact that we’ve partnered with a bank that is willing to onboard CBD merchant accounts domestically and transparently is a huge step forward for CBD merchants, and the cannabis industry as a whole. Any move forward for fair and equal access to banking is a win for the whole industry.
Generally offshore merchants accounts will require things like registering your business in foreign country, then dealing with constant declined transactions due to being processed in a foreign country. Merchants must then endure large rolling reserves, end up waiting a long time for their funds and then pay wire fees just to get their funds sent to them.
How much are you going to love your new CBD merchant account? Let me show you the ways!
Now that we are able to offer domestic CBD merchant processing all the downsides of processing offshore or hiding in an aggregate account or a thing of the past.
Their will be no miscoding, everything is completely transparent with the bank. This is a truly domestic CBD merchant account with a bank issued MID, not an aggregate.
99% approval for transactions (offshore transactions often get declined due to appearing like a transaction in a foreign country) -better for you and your customers. Benefits you with higher sales and more fluid cash flow.
Secure funds that will be deposited daily! No more waiting for weekly or bi-weekly funding, and no wire fees to get your funds.
No reserves for retail! There will still be a reserve requirement for online, Ecommerce CBD sales, but it is still secure and domestic.
No large set up or monthly fees like the ones that come with offshore merchant accounts.
Competitive rates that are comparable to the rates of most other high risk businesses.
True descriptor on credit card statements helps to reduce customer chargebacks.
Fully featured payment gateway, if you need it, virtual terminal, EMV compatible physical terminal, card swiper, full shopping cart integration. Everything you need for your particular set up is at your fingertips.
You’ll also appreciate Fast and friendly customer service from our U.S. based service center. IF you’ve ever had to deal with foreign customer service you know how priceless this is!
Of course there will be requirements. These accounts are underwritten just like any other merchant account. The products must be within the .3% maximum for THC, be compliant with any and all labeling and ingredients laws, as well as sourcing.
We have a multitude of solutions to help businesses like these to process payments in a multitude of ways in order to give their customers all of the options they want for getting what they need.
We always advise our clients to maintain multiple forms of accepting payments. Not just to satisfy their customers needs but also to make sure that they do not experience any downtime in sales in the event something happens to any one of the acceptance forms.
Adding a true CBD merchant account to your repertoire of payment options not only gives your customers more ways to pay, but also helps you to increases your sales, keep your cash flow more predictable as well as legitimize your business.
Bankcard Brokers knows the high risk industry. We are also tireless advocates for the cannabis industry in addition to all of the businesses ancillary to the cannabis industry. Our ETA- Certified Payments Professionals are highly educated in the payments processing arena and are always ready to answer questions and provide you with the solution that is the best for your particular situation. Give us a call today and experience the Bankcard Brokers difference!