The CBD industry is a fast-growing industry that isplagued with the issueof getting a reliable CBD Merchant Account. With the issue of legality gradually phasing out and customer demand increasing by the day, there is an increasing need to create as many CBD Merchant Accounts that will accept card payments. With the immense online sales opportunities, not having a CBD Merchant Account could be bad business.
Why It Is Difficult To Get A CBD Merchant Account
The main problem in this regard is with the banks. Banks, being a financial institution, naturally hate risks.They always ensure that every business decision made is not open to risks on any level. The CBD industry still faces some legal issues in some states as the FDA is still working on the industry’s legal framework. For this reason, banks are always skeptical about offering CBD payment processing services. Any legal issue may lead to refunds and costs on chargebacks.
What Makes AReliable Merchant Account Provider
When searching for a good CBD merchant account, the factors to consider are thesame, whether your business is low risk or high risk. Getting a merchant account provider withthe right balance of fair contract terms, reusable prices, and good customer service. The following aresome of the things that make a good payment merchant account:
A good CBD merchant has a dedicated credit card terminal compatible with tablets, smartphones,and a mobile card reader. It also should be able to accept EMV and magstripe. NFC based capabilities for Android Pay and Apple Pay is another feature of a good merchant account provider.
- Contract Terms
A merchant account with a monthly billing schedule is preferred by most as it does not tie you down for a longer period.
- Good Customer Support
This is the hallmark of a reliable merchant account provider. CBD is a high-risk industry, and it is essential to have a reliable customer support.
Obtaining A CBD Merchant Account
To get a CBD merchant payment account for your business, you have to apply to banks and payment gateway platforms and follow their stipulated processes.The CBD business is a high-risk business, but that does not mean you can not open a merchant account for your business. In setting up a merchant payment account, banks and payment gateways consideryour credit history, any previously owned merchant account,and how long you’ve been in business. The length of your business will show that you know about your business, and you would be able to deal with potential customer issues. A good credit card history will put you in the good books of the bank you’re applying to. Additional tips needed when setting up a merchant payment account include:
- Have an open mind towards paying more and also include special account requirements. If it will cost you more to have a reliable CBD merchant payment account, you should do it. It is a good investment.
- Get a suitable credit card processor for your CBD business.