CBD refers to Cannabidiol, which is one of the active cannabinoids identified in Cannabis. CBD is a major compound in marijuana that offers several benefits without having any impact. Cannabidiol, or better known as CBD oil, can offer relief to people suffering from long-term conditions, such as chronic pain and seizures. Even with such great medical benefits, any business that tries to take on selling CBD oil is up for a challenge. so, have you ever heard about CBD Merchant Account? If not, let’s read further to know more about CBD and why it is hard to get a CBD merchant account.
Growing any business demands that you can accept card payments and Online is where the greatest sales opportunities lie but most card payment processors will not handle CBD business.
Banks avoid working with CBD oil businesses because they are too risky since there are too many legalities concerning the industry. If we see there are also aren’t very many other merchant account providers that want to take a gamble on these businesses, all hope is not lost on your business. The best way to get a CBD oil merchant account is that you know the rules, know what you are up against, and prepare.
What is CBD oil?
Much of the controversy surrounding CBD oil due to a lot of misinformation. Hemp and marijuana come from the Cannabis sativa L. plant. Cannabinoids are naturally-occurring compounds found in cannabis plants. Cannabidiol or CBD is one of the many cannabinoids found in hemp and marijuana plants. If we look at it Hemp is harvested commercially for its seeds and stalks. Most importantly for cannabis to be considered hemp, it must have a THC level below 0.3 per dry weight. THC is what gets you “high” or gives you a feeling of euphoria. What CBD oil can do is offer relief from pain, anxiety, inflammation, seizures, spasms, and other neurological conditions.
Steps to take to get a CBD merchant account
Getting a CBD Merchant Account can be a daunting process. Opening a normal merchant account itself will have its own terms and conditions. If we look at CBD Merchant Account, the merchants have to maintain state regulations, if not they may land up in trouble.
If you’re planning to get one, then you may seek the help of iPayTotal to get your merchant account. We help you with processing solutions that merchants require selling their products that include CBD components.
Here are the steps:
Maintain a Good Credit Card History: Business owners that are new to this business will have to maintain a good credit card history. Owners who don’t have any overdraft fees or don’t have any history of low balances will have a good chance to get their merchant account.
Keep high or stable processing Some merchant account providers won’t invest unless they know there is enough demand or interest in your service or product. Maintaining a large or stable volume of transactions each month will show merchant account providers that you are worth their investments.
- Comply with Laws and Regulations: Before you start your business, always check whether your state permits the sale of CBD or CBD related products. If you’re sure about the regulations, then get a licensing for your business. Merchant account service providers mandate a copy of licensing when you apply for the merchant account so it’s better to have it ready.
iPayTotal provides a smooth and hassle-free solution for CBD businesses.