CBD (Cannabidiol) oil, also known as hemp or cannabis oil, is gaining popularity in the U.S. for its medical applications. Like medical marijuana (mmj), this substance is beneficial in the treatment of patients with severe illnesses.
But also like marijuana, cannabis oil products are in an industry that a lot of banking institutions choose to shy away from. This makes it difficult for businesses that sell these products to get business financial services they need, including credit card payment processing services.
At The Transaction Group (TTG) we understand how frustrating it is for these legally operating businesses. Without credit card processing services, their ability to collect payments from customer sales is severely hindered.
TTG is a merchant services provider that assists all types of businesses throughout the U.S. with credit card payment processing needs. Since 2004 we’ve helped thousands of merchants to get set up to accept credit cards. And when it comes to high risk, we’re the experts.
Together with our banking partners, we offer credit card processing services for CBD and hemp oil product merchants.
High Risk Credit Card Processing
Many industries and products in the U.S. are categorized as high risk. Not necessarily because these products are “risky” for consumers, but more so, risky for banks and credit card payment processing services. High risk businesses can range from online subscriptions to e-cig and vape retailers.
While also considered high risk, CBD hemp oil products and merchants are whole different animal. For CBD merchants, even getting set up with a high risk merchant account today can be difficult. The main reason is likely due to the fact that the industry is very new and very unregulated at the moment.
Finding Credit Processing Services for CBD
There is certainly no shortage of high-risk merchant account providers in the country, including those willing to take on even the highest risk merchants. The question is, are they really able to help?
Although rare, some processors can be so hungry that “miscoding” or disguising a business as something that it’s not in order to get the account approved is not out of question.
When this happens, it’s only a matter of time until the banks discover miscoded accounts and shut them down, leaving the CBD merchant without a payment processing solution altogether.
Offshore merchant accounts are an option for CBD retailers, but should be avoided. Dealing with rates between 7-15% and non-US regulated banking entities can be risky and costly.
At TTG, we have domestic credit card payment processing solutions for CBD and hemp oil businesses.
Get Started Today!
Getting set up with a credit card payment processing for your CBD oil store is easy! We offer a streamlined application and approval processing to get every business set up as fast as possible.
Have questions or need more information? Call us at 888-383-8056. Ready to get started? ‘Apply Now’ to complete our pre-application. We look forward to helping your business succeed!