LOOKING FOR A CBD MERCHANT ACCOUNT PROVIDER?
As a CBD payment processor, iPayTotal works hand in hand with CBD merchants to protect their businesses from account closures, fraud, and chargebacks.
Have 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.
How we outperform CBD merchant onboarding
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.
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.
- 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%)
- 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
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 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.
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.