CBD Products Merchant Account
The CBD oil and associated goods market is an emerging one that is expanding quickly. Despite the fact that CBD offers many people all over the world life-altering advantages without the psychoactive THC, the CBD industry is still stigmatized and prohibited. Obtaining a high-risk CBD merchant account may be difficult due to the industry’s bad reputation.
CBD merchant account services are provided by eDataPay Card Payments, a recognized supplier of payment processing services, for a sector that banks and ISOs consider to be high-risk. There is no stigma here. It won’t be long before the rest of America understands how useful CBD is as a medicine. Around the world, it is used in a wide range of applications.
Due to eCommerce, CBD has become more popular in the U.S., but businesses are still having problems locating CBD payment gateways and credit card processing that will meet both their needs and those of their customers.
Don’t let a merchant processor take a big chunk of your money as the CBD industry soars to multiple billion dollar valuations. To reduce costs, work with our experts at eDataPay Card Payments.
Benefits of choosing eDataPay as Your CBD Merchant Account’s Partner
Banks and ISOs see a developing new billion-dollar market that they want to tap into as a result of the phenomenal development that CBD businesses have enjoyed over the previous few years. Like any other industry today, CBD businesses must be able to accept credit cards. In order to get you accepted for a merchant account for your CBD business as well as a backup account, eDataPay Card Payments will walk you through all the ups and downs of this process.
eDataPay Card Payments is able to offer high-risk merchant accounts in the CBD industry and elsewhere exceptional services and affordable rates thanks to the connections we have made with banks and ISOs over the past 20 years.
It is beneficial to work with someone you can trust, especially when it comes to financial partners; at eDataPay Card Payments, we provide that degree of frankness and openness. We handle your CBD merchant account and payment processing so you can concentrate on your business.
CBD Applications and Products
· Edibles, such as gummies and chocolates
· CBD lotions and creams
· Vape cartridges
· Food and water
· Bath and body
· CBD for pets
Experience. Know How. Fast Approval. Lowest Rates.
Why Is It Hard to Find a CBD Merchant Account?
No one merely gets access to a CBD merchant account. State laws governing the CBD sector vary, and due to CBD’s close association with marijuana, there is still stigma linked to it. Banks are hesitant to work with these kinds of companies.
Again, we know better, but the old guard in authority is fighting to hold onto their beliefs, therefore it will be challenging for CBD commercial banking to obtain legitimacy until the world has caught up. Not to worry, we can help with that.
CBD laws around the nation are continuously monitored by EDataPay Card Payments. We prepare for changes and make every effort to maintain uninterrupted CBD credit card processing.
We manage merchant accounts for multimillion dollar CBD product producers and start-up CBD businesses. The integrated capability to make sure you can take and handle payments for your CBD goods is what matters in this situation, not the size.
Why Banks Are Wary of Allowing CBD Merchant Accounts today?
Because it is not sufficiently regulated, businesses in the CBD sector are having trouble getting a merchant account. Banks and ISOs are unsure whether a business is selling CBD that is 0.3% THC or less (which makes the product legal by FDA guidelines).
Some banks offer merchant processing for CBD firms, but they only accept a small number of customers at once. Another bank will fly in and take up some business once they have stopped accepting it.
Unfortunately, while underwriting these accounts, not all institutions exercise due care. As a result, some banks have temporarily stopped doing business with CBD companies. There are fewer institutions that accept CBD credit cards, and there is a lengthy approval list.
Lower Fees for CBD Merchant Accounts with eDataPay Card Payments
Even if the merchant processing business views a typical merchant account as low risk, the CBD market is regarded as high risk. This does not mean that you should pay outrageous costs for merchant services. EDataPay Card Payments will assist your CBD company reduce merchant account expenses by reducing or eliminating chargebacks!
The 2018 Farm Bill & How It Affects Your Business!
The FDA classifies marijuana as a Schedule 1 substance. Since CBD is not the same as marijuana, the government treats it differently.
The 2018 Farm Bill declares that CBD, which has a THC content of 0.3% or less, is not a schedule 1 controlled substance, but each state has its own set of rules and regulations that are subject to change at any time.
Major banks and ISOs entered the CBD market because CBD is not considered a Schedule 1 medication. They approved all CBD accounts with the least amount of paperwork possible, which included a driver’s license, a voided check, a utility bill, and an application. Regrettably, due to the incredibly lax underwriting and the fact that each state has its own rules, individuals who had been accepted for a CBD merchant account had the ground taken out from under them. Many were compelled to shut down their entire CBD business.
Soon, several banks had unique underwriting requirements that may have included a charge of accounts, Department of Agriculture licenses, comprehensive product lists, and much more. The variations in these criteria gave banks the opportunity to develop more effective methods for CBD merchant processing.
The mess is quite profitable, though. As well-known companies profited from the CBD boom, the CBD market has grown to be worth $1 billion. EDataPay Card Payments provides options for your CBD Company regardless of the local regulations at the moment.
eDataPay and Media Offers Consulting Services for Your CBD Business.
We can assist you in analyzing the financial aspects of your CBD payments business because we are on your side.
Unlike our rivals, we support your company in achieving rapid approvals and sustained merchant processing success. Our success depends on the success of your CBD business.
The professionals at EDataPay Card Payments collaborate with you to plan and maximize your CBD merchant account. For instance, you can cut those rates with the help of our chargeback prevention advice and profit from cheaper expenses for your company. Without being constrained by merchant processing caps, we will assist you in expanding. In order to give you an extra measure of security in the event that an account is terminated for any reason, we like to set up backup accounts for all of our clients.
Give us a call and experience the EDataPay Card Payments difference.
How to Apply for CBD Merchant Account?
While the national discussion over the legalization of marijuana rages on, the usage of CBD, a product very different from marijuana, is nevertheless stigmatized. Many medical professionals have described the health benefits of this alternative therapy, particularly in the treatment of epilepsy and depression, despite the fact that it has generated controversy.
As a high-risk merchant, if you operate a CBD business, it could be challenging to apply for a payment processor. But by using these pointers, you’ll not only make the application process simpler but also increase your chances of getting accepted.
Always describe products clearly and accurately.
The absence of adequate restrictions to guarantee that CBD products are used only for medical purposes and not as an addictive substance is one of the reasons the CBD sector is so contentious.
Therefore, if you don’t want to offend banks and other financial organizations, make sure that your product descriptions are comprehensive, accurate, and unambiguous. Only businesses selling CBD products with less than the legal 0.2% THC concentration in their products would be accepted by the majority of merchant account providers.
Build good credit and processing in good standing.
You don’t need any more cautionary signs to cause banks to doubt your credibility because you work in such a contentious field already. If you don’t already have one, now is the time to establish and maintain one so that you can more easily establish your credibility as a company.
It’s crucial to raise your company’s credit rating if you already have a poor credit history. Pay off any outstanding debt, put aside enough cash in the bank, and watch out for chargebacks; these things could make it harder for you to get approved for an account.
Prepare all the required documents.
Personal, Financial, Websites, KYC and more…
Along with the application, you must also create some supporting documentation to demonstrate the legitimacy of your CBD business. These consist of a valid form of identification from the government, such as a driver’s license, three months’ worth of your most recent bank statements, your EIN or SSN, a bank letter or pre-printed voided check, and, of course, a safe and functional website. These documents will be examined by underwriters as they examine your application for a CBD merchant account; having them on hand will demonstrate to banks your dependability, readiness, and reliability, which will only improve your chances of being authorized.
Look for eDataPay and NMI as payment processing gateway.
Finding the ideal payment processing partner who can offer you a high-risk merchant account is crucial. For starters, your payment processor needs to be able to handle high-risk transactions if you want to prevent friendly fraud and high chargeback rates, both of which could seriously damage your reputation. Finding a payment processing gateway that can already offer you point-of-sale (POS) if necessary wouldn’t harm. You can select among the top POS systems for CBD stores with the aid of EDataPay Card Payments.
You should also look for eDataPay as your banking partner that charges reasonable fees so you don’t end up paying more than what you’re earning.
Getting accepted for a high-risk CBD merchant account will ultimately depend on how well-prepared you are when applying.