If you sell CBD oil, and you are having problems finding a merchant account that will allow you to do transactions, you are not alone. This is a product that is derived from cannabis, a plant that is regarded by the federal government to be a Schedule I substance. Even though many states have disagreed, making this legal through the voting process, it is still a product that many banks do not want to allow transactions for. Therefore, you will need to locate a merchant account that will be willing to allow your CBD oil business to do transactions online and even at your local store. The following tips will show you how to find the best merchant accounts that can help your CBD oil business grow.
Where Should You Start Looking For These Merchant Accounts?
You should begin looking for these merchant accounts by searching for high risk merchant accounts. These are the businesses that are willing to allow transactions for what many regard to be problematic products. These are not illegal products, but based upon the reputation of the product, or perhaps how they are associated with different laws, they are often not allowed through a traditional merchant account provider. For example, if you are selling calling cards, or offering online gaming, you will need one of these high risk merchant accounts to help you. The same is true for those that sell nicotine related products such as cigars, or if you are selling timeshares, these merchant account providers are the only ones that will be able to help you out.
How To Choose The Best High Risk Merchant Account Provider
You can take advantage of the services by first comparing the different ones that you find. Some of them are very well-known. You will likely have colleagues or other businesses using the same services. You should also look for reviews that have been posted online for these different businesses that offer these services. Once you have estimates back from each one, and you know a little bit more about their reputation, you can choose one of the top high risk merchant account providers that is on the web.
Is It Easy To Get Started With Them?
If you want to get started with these companies, you will go to their website and click the get started today button. This might also be called start here, or there might be a link to open a merchant account. Either way, you will be taken to a form. On that form, you will provide your name, your business name, and you will select the type of business that you would like your merchant account for. Once you have submitted this information, they will evaluate you, and your business, potentially running a credit check to make sure you are a viable company. In the next few days, you will hear back from one of these companies that will approve your request. They will then send you physical credit card processing equipment which you are going to lease from them. They will also have an online system by which you can add a shopping cart, and all of the transactions will go through their server. In less than a week, you could be processing CBD oil sales through one of these high risk merchant account providers.
Are These Going To Cost More Than A Typical Merchant Account?
In most cases, you are going to pay more money for these merchant accounts. That is because they are taking on all of the risk. Since they are allowing people that have businesses like collection agencies, or those that are in the adult industry to use their servers, they are aware that there is always the potential for lawsuits. However, they are very selective when choosing companies. In regard to CBD oil, if you are in a state where marijuana sales are legal, especially for recreational purposes, it’s not going to be hard to find one of these companies at all. You simply need to choose between all of the ones that approve you, selecting a business that is not only reputable, but offers a fair price for renting their equipment and how much they will get for every transaction that goes through.
Is There The Possibility You Could Use A Regular Merchant Account?
It is due to the controversial nature of state and federal regulations, in regard to cannabis, that it will be virtually impossible to use a regular merchant account. You can apply, but you should be willing to accept the fact that all of them are going to reject you. You may have excellent credit, and a business that you have been operating for several years, but that is not going to matter to them. You are simply going to have to use one of these high risk merchant accounts, those that are willing to work with businesses that others will simply not touch.
How To Save Money When You Are Signing Up With These Companies
It is possible that you could save some money when choosing from these many different companies. It will likely not come in the form of a discount or promotional offer. Each of them is going to offer to rent you their equipment, and take a portion of your transaction, at either a higher or lower cost. The larger businesses tend to offer the most reasonable fees. Those of the ones that you will want to focus upon. As long as they have a good reputation, and your transactions go through flawlessly each time, you will know that you have found the best one.
Finding a high risk merchant account should only take you a few hours. Although it may take some of them longer to confirm that they will work with you. It might pay to wait a few days before signing up just to make sure you are getting the best deal. Once you have yours set up, all of your transactions for CBD oil are going to go through using one of these reputable companies.