THC credit card processing is used for companies that sell hemp products with certain amounts of THC. If you sell marijuana-related items or any smokable or consumable related to the hemp plant, then you’ll need a custom solution to accept credit card payments from customers.
There are a number of companies online that help you get the payment resources you need to accept payments. THC is of course a regulated substance nationally and has had a history with changing laws over the years. As a result, payment processors classify this industry as “high risk”.
High risk in payment processing means there are certain attributes of the industry that banks recognize as presenting more of a likelihood for concern on their behalf. Not to worry, there is an entire branch of the payment processing dedicated to companies that sell THC products.
To apply for a THC merchant account, you’ll want to follow a few basic steps:
A high risk merchant account for marijuana gives you the ability to accept payments in this growing industry. Moreover, it’s custom designed for your business and product type. Customer service representatives work with you to learn about each aspect of your business. Afterward, they’ll inform you about all of the options available, and discuss ways to make your business compatible with their provider.
As any store owner that sells cannabis-related items knows, there is a wide range of possible concentrations and varieties of marijuana and hemp. Depending on the amount of THC your product has, you may qualify for mainstream processors or if you have high levels of THC in your products, an ACH merchant account may suit your needs.
THC credit card processing fees usually range from 3% – 5% based on the specific type of marijuana you are selling. The slight premium exists because of the added risk associated with the business and goes towards finding new ways to help board unique hemp businesses.
