What is CBD?
CBD (cannabidiol) does not contain large amounts of THC. THC provides for the psychoactive state of marijuana. CBD has a natural analgesic and also has anxiety and inflammation relieving properties. As Cannabis is a Schedule I drug in the United States, it is legal in few states. 25 states have legalized the use of marijuana (because of its medicinal purpose) and CBD merchants must be from those 25 states specifically. CBD merchant accounts process CBD payments. Although they are relatively new, they provide for relative ease of transaction and are simple to use.
Why Use CBD Merchant Accounts?
There are several merchant account service providers out there such as thesoutherninstitute.com/cbd-merchant-processing/. The Cannabis industry is volatile and the risk involved is substantial. Transaction rates may soar high or dip accordingly. There are few other providers for the substance that can enable to adapt to such change. CBD merchant accounts also provide the added benefit of having a customer service at your disposal along with the transparency of transactions. Choose a merchant account service provider with care as there have been reported cases of banks ditching providers due to the constantly changing scenario of the business. One of the greatest eases is the possibility of paying through a credit card. Since cannabis is still illegal in some states, merchant account provider lnstabill can only offer merchant accounts through foreign banks. Other providers may offer domestic services as well. Here are a few of the best merchant account service providers.
CBD Merchant Solutions
CBD Merchant Solutions has recently added a domestic USA based credit card processing system to their service. A monthly contract is provided and no fee is cut in the case of early termination. They provide services for all kinds of CBD companies, shampoos, oils and lotions (CBD based). The processing rate for the same is quite low. The payment gateway is well setup and a mobile swipe processing option is available as well. It follows an ‘Echeck’ setup for payment which is quite lower than the rate credit card processing commands.
The fees commanded by a merchant account service provider include refund fees, chargeback fee, and a rolling reserve for a period of 3 months, as well as monthly statement and gateway fees and transaction and merchant discount fees. Although this may seem like a lot, it is all just a part of the process.
Easy Pay Direct
Easy Pay Direct is a popular merchant account service provider that now accepts domestic credit card payments to open merchant accounts. They provide for all the products available on the market. A fee of 30 USD is charged per month, per CBD business. The transaction rate is 6.95% plus 0.35 USD per transaction. The payment gateway is well setup as well. Transactions will be settled on a daily basis, without fail. One of their best features is that they hold no reservations. First come, first sewed. The account, bank account and business will be based in the USA. The volatility of the market may lead to a change in rate for some products or additionally charged fees.