In today’s world, online shopping is becoming a “Hot item” to purchase online. This virtual CBD, hemp, and marijuana oils shopping mall has opened up a new global market. Cannabidiol oil is a derivative of the cannabis plant that has been appeared to have the potential to treat certain illnesses, for example, seizures, sickness, inflammation, and anxiety. It is extracted from low-THC strains of cannabis to form a non-psychoactive oil that would then be stored in capsules for accurate dosing. Cannabis is currently a Schedule I drug in the United States, which makes it illegal according to federal law. However, partially as a result of CBD oil’s conceivable medicinal value, states are beginning to authorize the production and sale of this substance. Therefore, merchants who sell hemp-derived cannabidiol are scrambling to open CBD Merchant Accounts that can process CBD payments.
The question now arises on how to have a secure way for transactions on a global level. The present innovation currently has given the world an approach to make web payments. Not exclusively does this technique promote flexibility in shopping for Cannabis Oil, yet it likewise gives superb security.
By accepting the payments, the merchant would now be able to serve a global clientele. The system will calculate currency differences and allow transactions to happen twenty-four hours a day. This will result in increased sales and profits for the merchant.
The consumer also benefits from this hemp supplies, lotions, CBD infused oils shopping flexibility. Regardless of their location in the world or the time, the consumer will find the online store open for business and prepared to complete the money transaction rapidly and safely.
Online payments are a secure way to transfer money between two parties. Online payments will allow for the safe transfer of funds between the merchant and the consumer, yet it will protect all sensitive information from both sides.
The security of the transaction is guaranteed by a feature called 3-D secure. This feature provides a link between the merchant and their financial institution and the consumer and their bank. The 3-D Secure system gives a high level of protection and a strict level of security in validating the authenticity of all parties involved.
CBD Merchant Accounts: Find Fast Payment Processing Solutions
CBD Card Processing
The business can be a profitable one, however, securing CBD oil merchant processing can be unimaginably difficult! Although currently legal, there are very few merchant banks that will acknowledge applications from CBD dealers. The reason behind this, justifiably, is a huge risk involved. While applying for CBD Mastercard preparing, it’s important to allow up to three weeks before having your account approved. It’s also sensible to hope to pay higher rates and fees.
CBD Payment Gateway
The majority of CBD and hemp oil items are sold online through e-commerce platforms, accordingly securing the correct payment gateway system is very important. When working in any high-risk division remaining PCI complaint is paramount to streamline trading. High-risk companies frequently receive notice from their current card payment processor, due to failing to meet compliance standards. Taking care of business is critical, SPEAK TO US TODAY.
Why Do Banks Consider CBD A High-Risk Industry?
Acquiring banks are uncertain of CBD payment processing in view of its link to marijuana. The hemp plant is comprised of cannabidiol (CBD) and THC. While THC is the psychoactive, painkilling compound in weed, CBD is a characteristic pain relieving with hardly traceable amounts of THC. The association itself, we’ve found, is sufficient to drive away certain acquiring banks. Our acquiring banks, however, welcome CBD merchants with the correct criteria, such as:
Straight e-commerce sales
- Proof the merchant can produce at least $1,500 every week in sales.
- Four to six months of payment processing history with banking statements showing company name, total sales, chargebacks, and refunds.
- Endure a 10 percent rolling reserve
Securing CBD payment processing
At IPAYTOTAL, we work with organizations who legally and ethically source CBD products, we won’t work with organizations that fall outside of law and compliance guidelines. The accompanying will be evaluated while applying with any of our accomplices; business location, the source of supply, shipping and sales, location restrictions and the law of origin and location of intended sale.
IPAYTOTAL specialize in startups, as well as extremely large established companies, including wholesalers.
Have you tried to search “How to get a CBD Merchant Account” or “Hemp Merchant Account” and missed the mark? You are not the alone. Although 100% legal, most banks processors still don’t board organizations in this industry because of how CBD is cultivated. IPAYTOTAL has worked with well established legal firms, banks, and processors to ensure your account is set up properly. We have the largest network of processors and acquiring banks in the world ready to board your CBD business today!
Our highly experienced and knowledgeable customer service professional will guide you through the process! See below for a detailed overview of our domestic, international and eCheck processing options available for your CBD Account!
100% Domestic CBD Merchant Account
IPAYTOTAL can offer a 100% USA domestic CBD credit card processing solution for your business. This incorporates a US acquiring bank and a US processor. This is important as your card acknowledgment rates will be near 100%, thereby directly increasing your sales. Please note you will have your own merchant identification number (MID), including your own descriptor, and fully detailed monthly merchant processing statements.
Many processors claim to have processing solutions for the CBD industry, but only have international solutions, or offer aggregate accounts. IPAYTOTAL has by a far the largest network of acquiring banks and processors in the world that will board your CBD business fast!
Domestic Account Overview:
- No processing history required!
- Flat fees ranging from 4.95-7.95%, + $0.60/trans (includes per transaction for gateway)
- Daily funding
- 0% Reserves for well-qualified merchants (else 5% – 180 Day Rolling Reserves)
- Usual setup time is 5-7 business days
- Recurring payments
Required Items for Domestic Application Submittal:
- Voided Check & Bank Letter
- Color Copy of Driver’s License if US Resident for ALL Principal signers.
- Articles of Incorporation/Organization
- 3 Months’ Company Bank Statements, IF EXISTING business
- 3 Months’ Processing Statements for all accounts, IF already processing.
Required Guidelines for Domestic Merchant Account:
- Must have US company and federal tax ID
- Must have US business bank account
- Hemp Oil / CBD Oil products must be under .3% THC dry weight
Important Note: If for whatever reason you cannot adhere to the guidelines above, we have the best international solution available that is also a direct MID, and at extremely comparable rates. Please ask us today for more information!
International UK CBD Merchant Account
IPAYTOTAL perceives that one size doesn’t fit all. In the event that your business does not qualify for a domestic solution, or you offer certain products that are denied by the domestic processor, then we are still able to offer you the best, most reliable international CBD processing solution in the world! This is not an aggregate solution. You will have your own particular MID, including your own particular descriptor too.
Many of our competitors will have CBD processing solutions for your business, however, they have no idea what the boarding procedure involves. They are simply middlemen that are not knowledgeable in this special field. If done incorrectly, will get you blacklisted from the processor altogether. Go with a company you can trust!
- Flat fees ranging from 5.95-7.95%, + $0.50/trans (includes per transaction for gateway)
- No application/setup fee
- Initial 10 business day hold on funds, then daily funding
- 10% – 180-day rolling reserve
- Usual setup time is 7-10 business days
- No recurring / membership programs for startups at this time without a cross-company guarantee
Major Guidelines for International CBD Merchant Account:
- Show at least $10K/month in average bank balances
- Request at minimum $20,000/month in the processing volume
- Have completed the website compliance listed in the documents section
- Register a UK company