I don’t have to tell you about the multitude of ways that CBD oil benefits people all over the world. As a business owner who markets CBD oil products you know very well what your products can do for your customers and how they can literally change their lives. But you can’t help anyone if you can’t get the product into your customer’s hand. Your customers need to be able to purchase these life changing products, in store and online, and pay you for them with whatever means they see fit. But that can prove to be quite difficult despite all of the advancements in technology and payments in this day and age.
Even though CBD is legal in 44 states, in the eyes of the DEA it is an illegal substance and because of that it is very difficult to book a CBD company with a merchant account. Even companies like Paypal and Square consider CBD a prohibited business type. The DEA states that because the parts of the Cannabis plants where Cannabinoids, such as CBD (Cannabidiol), are found and derived from fall under the CSA’s definition of “marijuana” that they too are considered illegal federally.
Nevermind that hemp products sold in the United States alone in 2016 command a total retail value of $688 million (according to Hemp Business Journal and Vote Hemp) and that CBD sales themselves amount to about $130 million in annual sales, the product is still perceived as risky business.
Due to its designation as a high risk industry in addition to its determination as an illegal substance by the feds, acquiring banks won’t venture into the field of processing for CBD companies. This puts companies who sell CBD products between a rock and a hard place.
Unfortunately, there is no shortage of high risk merchant account providers and many processors who are more than willing to take advantage of your situation. In order to get your business they are willing to go to great lengths that would not only be considered morally questionable but are illegal. Many processors will tell you that they can book your business “no problem” but what they are really doing is giving you a incorrect MID (Merchant ID), such as for skin care products, which ends up getting you shut down eventually. That or they book your business in an aggregate account which lumps your business in with many other businesses of varying types to try to “hide” the true nature of your business among the many. The problem with this, besides being illegal, is that you are not in control. Any one of those other businesses could end up getting the whole account shut down and yours along with it leaving you with no options to keep business running until you start over and find your own merchant services all over again. Oftentimes, businesses get caught in these traps because they feel they don’t really have any other options.
They often end up finding a merchant account offshore through say China that costs a fortune and provides little to no customer service. Or, they may end up with a merchant account that only lets them accept one card type, in other words they will only let them accept Visa and will have to turn all other cards away. This is not a workable option for a growing business.
Your customers need to have options when it comes to paying for their products. They need to be able to pay with whichever credit card works best for them. Or maybe they don’t want to use a credit card at all but still want to pay online. They can’t use PayPal. This is where offering multiple payment options for your customers, options such as check processing, will allow you reach more customers, increase your sales and grow your business. When you have an ecommerce site you have a global clientele, you need payment options that can calculate different currencies, fund your account reliably and operate 24/7.
How to get a merchant account that benefits CBD merchants.
We are proud to offer credit card processing merchant accounts as well as check processing services to the CBD industry. We have a long history and specialize in offering merchant services to the high risk industry and we’re one of the very few that do it reliably, legally and with transparency.
We only partner with reliable banks that are not only well aware of the business type but accepting of the industry. This allows us to offer you credit card processing with affordable rates from reputable companies. Our merchant accounts provide flexible shopping cart integration options and include 24-hour tech support. You can rest assured that we have taken every precaution to ensure your company’s security with 100% secure, PCI-DSS Compliant software, as well as protecting your customers with a strict level of security to authenticate the legitimacy of all parties involved in order to maintain a high level of privacy and protect their personal information.
Check processing services can either be your sole option or a perfect compliment to your credit card merchant account and will allow you to take payments online when your customers don’t want to pay with their credit card. Check processing represents a very secure way to take payments that also boasts low fees and no chargebacks. All check processing services come your very own online payment gateway that integrates easily with your shopping cart. And as a side benefit, when you have check processing capabilities you would not have to halt sales in the unlikely event you do have problems with your credit card merchant account.
Whether you own an ecommerce store or retail location you need a reliable merchant account in order to continue providing your service to your customers. You can not afford to have your merchant account shut down or find yourself with no way to take payments. Your loyal customers cannot afford to be unable to get the products they need.
True, it can be difficult to find a reputable merchant service provider. Bankcard Brokers stands out from the crowd by only employing experienced ETA-CPP (Certified Payment Professionals) who will provide you with the best, most transparent information available along with world class service paired with the most affordable rates you will find.
Whether you need to be able to accept credit cards in store or online, need more payment options with check processing capabilities, or are looking for a merchant cash advance to grow and expand your booming business, we are here to help make sure that you are successful in all of your endeavors.