Cannabidiol oil is a by product of cannabis plant, it is also known as hemp or cannabis oil. It is gaining popularity in the United States for its medical applications. Not only the medical properties but the ability to use the product and not have any psychogenic side effects.
Need for CBD Credit Card Processing
Cannabis oil in the US is highly regulated, being it is still considered a Schedule I drug. Most banks deny servicing CBD merchants due to the legality issues. This makes it difficult for business owners to get financial services including CBD Payment Processing.
Considering how the majority of CBD merchants are doing business via Ecommerce. Without credit card processing services, the ability to collect payments from customer sales is severely hindered.
High-Risk Credit Card Processing
Many industries and products in the U.S. are categorized as high risk. The reason for the risk associated can vary. If you would like to find out if you business is considered high-risk or guilty by association click here.
Finding Credit Processing Services for CBD
Certainly, there is no shortage of high-risk merchant account providers in the country claiming to be the ‘best’. The question you need to ask is, do they really help?
As a CBD merchant, you might have encountered some processors hungry to “miscode” or disguise your business. However, when banks discover miscoded accounts, they shut it down. Consequently, the CBD merchant is left without a payment processing solution and could potentially end up on the Match list (preventing you from processing any time in the future).
Offshore merchant accounts are also an option for CBD retailers. Dealing with rates between 5-15%.
A Card Payment Solution for Cannabis Oil
At Paybotic, we understand how frustrating it is for legally operating businesses. Paybotic is a cannabis merchant service provider that assists all types of businesses throughout the U.S. with payment processing solutions. We have helped thousands of merchants to set up to accept credit cards and debit cards. When it comes to high risk, we have a lot to offer. Check out what solutions Paybotic has to offer by clicking here.