The Right CBD Payment Processor Can Help Retailers to Grab The Opportunities for Growth
by Arina Smith Small Business 13 January 2018
Marijuana may be illegal, but it is legal to possess oil derived from synthetic marijuana, better known as CBD oil. Hemp oil or CBD oil is fast gaining popularity across the US. The oil has several benefits for humans as well as animals, especially pets, which is its main attraction. From depression to cancer and epilepsy, CBD is beneficial for the treatment of many diseases. However, the CBD oil business belongs to the high-risk category because the product is legal in some states, and in many other states it is still illegal. It makes it difficult to find a reliable and trustworthy CBD payment processor.
The goodness of CBD oil
CBD oil is an excellent source of minerals and vitamins like calcium, zinc, magnesium, vitamin E and antioxidants, and many more. The oil contains polyunsaturated fatty acids rich in proteins that improve the health of the nervous system and lower cholesterol. CBD oil helps to maintain the balance of hormones in your body, is a mood elevator and keeps the hair silky smooth, and adds a glow to the skin.
For pets, CBD oil provides relief from joint pain, fights illnesses, and improves the coat and skin. It also acts as a muscle relaxant.
Overcoming the payments hurdle
The CBD oil business has excellent prospects of expansion and growth as its popularity is rising very fast. However, CBD merchants are unable to make use of the opportunities due to restricted payment solutions that they have to depend on. Since credit card processors are likely to turn down transactions related to CBD, it becomes difficult for merchants to avail themselves the opportunities for business growth. To overcome the problem, they are now turning to alternative payment solution providers who can help them with opening CBD merchant accounts that would open the gates for grabbing more business opportunities that come their way.
Alternative payment processing
Although the traditional credit card processors do not want to handle CBD oil retailers’ accounts, the retailers too cannot do without accepting credit cards to reach out to the larger section of consumers. That is where the advice and guidance of professional companies that specialize in high-risk accounts come in handy. They help in opening a merchant account that widens the payment acceptance gateway and pushes the business towards growth. They provide solutions that help to avoid the dependence on MasterCard and Visa and yet accept card payments without any difficulties. CBD oil retailers get the business account that they need so that they can pursue the goals of business expansion without any stress. This is important, as there are many different hurdles to cross when it comes to accepting these types of payments. For example, it’s important to ask what payment methods the card processor accepts before setting up transactions for this type of business.
Opening the doors to success
Many companies are unwilling to undertake credit card processing related to the CBD oil business due to the risks associated with it. It limits the payment options of customers who have to mostly rely on cash payment, and as a result, business starts suffocating. By opening merchant accounts, CBD retailers get access to the keys that open the doors for business growth and success.
The payment options expand further because the service provider offers chargeback protection, accepts check payments, and works with ACH programs.