CBD merchant processing is an integral part of the cannabis industry. As more states start to legalize CBD, many benefits come with processing credit and debit cards. Due to the high-risk aspect of this industry, many banks and third-party processors are hesitant or unwilling to engage in this lucrative business. This blog post will discuss some of these risks and benefits as well as how you can get started on establishing a CBD merchant processor for your business!
The cannabis industry is proliferating, and CBD merchant processing is no exception. This form of payment processing allows customers to use their credit or debit cards to purchase CBD products from your store, online or in-person. This can be a significant advantage for your business in a world where plastic rules! Not only does it make it easier for customers to buy your products, but it can also help increase your sales. Credit card processors for CBD products are essential for online sales as these transactions require a virtual terminal and an online shopping cart. There are many different subcategories and products covered by a CBD merchant processor or hemp oil merchant account; these include:
CBD Pet Products
Pain Relief Sprays and Capsules
Tinctures and Oils
These cannabidiol items have increased tremendously in popularity. If the CBD product you sell or have interest in selling is not listed, that does not mean we do not accommodate the sale of that product! Contact us here to see if your service is covered by a CBD merchant processor.
What’s the Downside?
There are many benefits to CBD merchant processing, but there are also some risks you need to be aware of. First and foremost, this is a high-risk industry, so it’s essential to find a processor that understands and is comfortable working with cannabis businesses. Many banks and third-party processors are hesitant or unwilling to work with this high-risk industry. We are not merely talking about credit card processors like Paypal or Square but the banks where you store your revenue. Many financial institutions will close accounts tied to the cannabis industry to avoid federal penalties under money laundering statutes and regulations. Apart from legality hurdles, reputational risks and high chargeback rates are also associated with the CBD industry. The legislative and reputational impediments stem from the products’ containment of THC, the federally illegal substance promoted and sold at marijuana stores. Another facet of the reputational risk is the market’s quick rise. For all of these reasons, it is crucial to find a reputable credit card processor for CBD products, like Seamless Chex.
Consider Benefiting Through Seamless Chex
You’ll find a good CBD merchant processor through a few different avenues. One is by contacting your local credit card processor and asking if they offer this service; however, many do not. You can also use an online search engine to find CBD-friendly processors. Many companies specialize in this type of processing and most of them have websites where you can learn more about their services. Seamless Chex represents one of the more reputable CBD merchant processing platforms. The expertise and familiarity of the CBD industry make our success rate higher than most, as we intimately understand the multitude of risks associated with this profitable industry. At Seamless Chex, we prioritize our high-risk merchant accounts, as we know how best to serve them. We want you to be successful, which is why we will work tirelessly to help you process credit cards for your CBD business!
Sign Up for CBD Merchant Processing
CBD Businesses need to process eCheck and credit card payments, but banks are refusing. If banks and traditional payment processors cannot work with your high-risk business, we have the solution. SeamlessChex can help your CBD business maximize profits by processing them through our payment processor! Contact us now to learn more about our Seamless Chex CBD merchant processor today.