More than one-third of people in the United States have used a CBD product at least once in the past. CBD has become more popular than ever since it became federally legal. For that reason, it makes sense that you would want to get into the business side of CBD.
But if you want to get a CBD oil merchant account, you might be wondering where to start. Getting a CBD oil merchant account can actually be a bit difficult if you don’t know what to look for, especially since it is a relatively high-risk business. But even so, getting a CBD merchant account is certainly possible as long as you know what to do.
Keep reading and learn more about how to get an account for CBD oil merchant options and why you should.
The first thing you should know is that CBD is considered a high-risk product no matter what form it comes in. Both CBD payment processing companies and banks alike will view this product as high-risk. But why?
CBD is quite a safe product and scientific studies have even found that it has benefits. As it turns out, the high-risk worries don’t have to do with the safety of this product but rather the legality. This is because CBD is derived from the hemp plant which is very similar to the cannabis plant.
CBD also occurs in small quantities in the cannabis plant. In order for CBD products to be legal, they must contain less than 0.3% of THC. THC is a cannabinoid that produces a psychoactive high when consumed while CBD does not.
While CBD is legal across the country, cannabis and THC consumption are only legal in a few states. As you can imagine, this can make the legality of CBD a little shaky. Because the legality of CBD products is so specific, this is the reason why CBD is considered high risk and why CBD oil merchant accounts can be so hard to get.
A CBD merchant account will allow you to do certain things like accept non-cash payments when selling CBD oil or other related products. Also, the possession of a CBD merchant account is not legal in all states. This is another reason why it is high risk.
But just because a CBD merchant account is hard to get doesn’t mean you should give up on getting one. Having one can be very beneficial if you’re serious about selling CBD oil and other CBD products. But if you are intent on getting one, you will have to become more familiar with the different CBD laws in different states.
You’ll also have to learn more about the legality of selling CBD products online to people in other states. Due to the high-risk nature of this business, you may have a hard time getting banks and other low-risk providers to help you with your merchant account.
For that reason, you will need to go out of your way to find companies that deal specifically with high-risk merchant accounts. But where should you start and what should you look for?
You most likely won’t be able to achieve your goals with an ordinary bank due to the fact that most banks are too low-risk for this kind of merchant account. Banks will be too wary to help you with this task because of the legal gray areas involved. But a high-risk CBD payment processing company might be able to help you out.
When choosing such a company, you’ll want to make sure that you make the right choice. After all, the last thing you want is to choose some mediocre company or even a scam company. Instead, you’ll want to do some research and make sure that you choose a company that has plenty of experience.
The more experience the company has in this particular area, the better. That’s because the company will better be able to handle certain problems that you might encounter during the business process. A good company will also offer relatively low rates.
That way, you can get started with your merchant account without having to spend an arm and a leg just to get started. You will also want to choose a company that specializes in CBD merchant accounts. That way, the company will know all about the CBD industry and no time will be wasted.
Once you find the right company, you’ll need to apply for a merchant account. Applying usually takes a lot of time and information, so be sure to be patient. It can be difficult for your high-risk application to get approved if you don’t seem professional.
Again, the right company can help you with that. Besides filling out the application, you may also need to submit some important documents.
The time it takes to get an answer on your application will vary, but it usually takes around 48 hours. In some cases, it may take a whole week. Whatever the case, once your application gets approved, you can get started in the CBD industry.
Getting started with your CBD oil merchant account doesn’t have to be difficult. As long as you choose the right high-risk payment processing company to help you, you shouldn’t have any trouble getting your application approved so you can get started with your merchant account.
If you want to know more about how to get started with the right company, contact us here.