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CBD Merchant Account

H

ave you tried to search “How to obtain a CBD Merchant Account” or “Hemp Merchant Account” and came up short? You are not alone. Although 100% legal, most banks and processors still do not board companies in this industry due to how CBD is cultivated.

Online CBD, hemp, and marijuana oils stores have opened up a new global market. But the real problem lies when it comes to accepting payments online in CBD products stores . Banks are still on a long rocky road to working with businesses specializing in marijuana for CBD Payment Processing. The problem is many banks still worry about getting in trouble with the law for providing financial services to the CBD industry. They also don’t want to bother taking part in the extra resources needed to make it legal .It’s possible for banks to take part in legal states, but will they take on an industry that they still deem risky?

For those of us in the CBD industry, it’s still a dilemma on how to create decent commerce in selling hemp products.for CBD Payment Processing are considered to be high risk in the online merchant account world due to the nature of how the oil is cultivated; this sends the banks and lenders an immediate red flag and your CBD oil merchant account is deemed as a high risk right from the get-go. This doesn’t mean you’re out of luck when it comes to eCommerce and payment processing online (also known as card-not-present transactions), it just means that you need to choose the right company to handle all your needs for CBD merchant processing and CBD merchant account solution.

Getting the proper CBD merchant account solution can be difficult to find, and while the CBD oil business has propelled into a billion-dollar industry, we understand that the best way to expand your market is to share your services and products via an online presence.

What is Cannabidiol ?

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 and thus CBD Merchant Account and marijuana payment processing is restricted by visa and mastercard. The question now arises on how to have a secure way for transactions for cbd payment processing on a global level. you need a domestic or offshore CBD merchant accounts to make web payments. High risk merchant accounts for CBD oil is important to grow your online CBD oil sales. However, partially as a result of CBD oil’s conceivable medicinal value, some states are beginning to authorize the production and sale of this substance. Therefore, merchants who sell hemp-derived cannabidiol are yearning to open CBD Merchant Accounts that can process CBD payments.

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 accepting CBD Merchant Account, however, welcome CBD merchants with the correct criteria.

By accepting CBD Payment Processing online , the merchant would now be able to serve a global clientele with established systems for cannabis payment processing. The CBD Merchant Account system will calculate currency differences and allow transactions to happen twenty-four hours a day. This will result in increased sales and profits for CBD merchants.

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.

Long-Term Solutions for CBD Merchant Processing

iPayTotal is a CBD payment processor that provides CBD merchants with premium high-risk merchant services. We utilize a variety of processing techniques to ensure that CBD merchant processing is a smooth and simple process for our high-risk CBD Merchant Account.

Some of the features of your CBD merchant account include:

  • Multi-bank processing (including off-shore)
  • Secure payment gateway
  • Chargeback alerts
  • Chargeback disputes
  • ACH/Check 21 processing
  • Fraud prevention and protection
  • Competitive processing rates (below 6%)

How do we solve your CBD payment processing problems?

Of all the challenges that the CBD industry faces the most potent and powerful is the Drug Enforcement Administration who blanket cannabinoids as schedule 1 narcotics. This is based on assumption that all cannabinoids are extracted from a female cannabis sativa plant. However the CBD that is circulating the market in large is mostly from industrial hemp plants. The CBD being purchased from a state that does not have legal marijuana is being produced from these industrial hemp plants, which grow legally under federal and state law.

With marijuana being federally illegal and CBD being left in an unknown legal status national level banks are more wary to work with the industry- which causes complications for both business owners and local economies. The banks are concerned about transferring money from hemp or marijuana from one state to another, as this is a violation of federal law. Many involved in the process have had to find other resourceful avenues. A large portion of the industry still works with cash only and many are looking into using crypto currency as its prominence also rises. However, the bank industry is beginning to find ways to legally work with hemp based businesses. It is a slow transition, but a very welcome one for CBD Payment Processing.

As we’ve watched this growth, we noticed a severe lack of CBD Merchant Account options, that were not risky Offshore solutions. Payment Processors and Banks have traditionally stayed away from the industry, turning down business owners seeking to make a presence online. Many resorted to using payment platforms, like Stripe or Pay Pal only to be shutdown a short time later. To be truly successful in the CBD space online, you need a reliable, long term merchant account solution for CBD Payment Processing.

As a CBD payment processor, iPayTotal works hand in hand with CBD merchants to protect their businesses from account closures, fraud, and chargebacks. We offer award-winning fraud and chargeback protection and have strong relationships with over 40 banks who work with high-risk CBD merchant accounts both in the United States and offshore.

How Multi-Bank Processing Protects CBD Merchant Accounts

All iPayTotal high-risk CBD merchants are provided with a minimum of four banking solutions. Credit and debit card payments are disbursed across all accounts, which can benefit merchants in a number of ways.

Limited Risk Of Exposure

by disbursing payments across multiple accounts, CBD merchants will have a lower risk of overexposure with their banks. Which will also help to keep the account active and secure and stable by all means.

Reduced Chargeback Ratio

banks typically only allow for a certain percentage of transactions to be charged back to the consumer. By using multiple banking solutions, chargeback ratios will naturally remain low.

Processing Capabilities

multiple banking solutions for a CBD Merchant Account means never going without processing. In the event of account closure, our CBD merchants will always have backup banks to rely on.

Keeping CBD Merchant Accounts in Good Standing

As a new industry, it is important that CBD merchants maintain their accounts with banks and credit card processors. Building good histories will increase the likelihood that banks eventually see CBD merchants as a legitimate and viable business that they are willing to work with.

iPayTotal specializes in this high-risk business and provides the accurate international and domestic CBD payment processing solutions. If you are trying to enter the CBD oil industry our company will help you clear all the hurdles smoothly.
We provide CBD merchant accounts that will make you climb the ladder of success and fame. Be ready to proclaim the top position in CBD industry by collaborating with us.If you adhere to the recommendations provided by us you will experience persistent growth in your business. Apart from this, we safeguard your business by our powerful fraud prevention tools, authentic payment gateways.

Your business will benefit from our strong banking connections. We are highly reputed in dealing with this risky business of CBD and specialize in providing CBD merchant bank account. Partnership with us will increase your profit.

Some things merchants can do to keep their accounts in good standing include:

  • Maintain a good history with credit card processors
  • Consistently perform a high sales volume
  • Keep a high balance in business accounts
  • Dispute chargebacks whenever possible and back up disputes with strong evidence
  • Remain transparent in all communications with your banks and payment processor

Standards

Adhering to these standards is something any business should strive for, however, in a new, high-risk industry, it is more important than ever. Today’s CBD merchants are pioneers in their industry, meaning the way they handle their CBD Merchant Account will set the standard for how banks choose to work with merchants in this industry for years to come.

LOOKING FOR A CBD MERCHANT ACCOUNT?

Look no further than iPayTotal , the leading experts in getting your CBD Oil Merchant Account ready to accept payments

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