Need a CBD Merchant Account?
Selling cannabidiol oil and other products containing cannabidiol is a high-risk activity. Therefore, when looking for payment solutions, companies often face difficulties. Classic banks and payment providers are not always ready to cooperate with such counterparties, so opening an account to receive payments is not so simple. Many CBD businesses refuse to accept credit card payments at all and work only with cash, thus losing a large part of their customers. However, there is a solution – a CBD merchant account from SegoPAY.
Features of CBD companies
Companies that sell CBD oil and cannabidiol-based products are classified as high-risk. Despite the fact that many CBD products are legal in many US states and some countries, banks are still very wary of them because of the risks of the backstreet sale of illegal goods. In this regard, such a business is qualified in many financial institutions as a high risk. This leads to significant difficulties in opening an account and CBD merchant processing.
Why do companies need a merchant account?
The sale of cannabidiol oil and other CBD products is impossible without a merchant account to which the company will receive payments (unless you accept cash only). Since this industry is considered high-risk, you’ll need a special high-risk merchant account for CBD. A merchant account allows you to accept payments from clients’ bank cards at any time of the day. You can receive payments online and offline, in your physical store, and on the Internet with your merchant account. SegoPAY offers CBD credit card processing services with the highest degree of reliability and security.
Challenges faced by CBD companies
Companies that are engaged in selling CBD products often face banking risks and problems. The main ones are the following:
- Refusals by banks to open accounts.
- Excessive commissions and account maintenance fees.
- Exaggerated requirements for documents.
- Account freeze due to formal requirements.
Banks are reluctant to cooperate with companies that work with CBD products, as this area carries reputational risks for them. Considering all the difficulties,collaborating with a CBD payment processor that works with high-risk customers will be the best solution.
The payment gateway for CBD companies
CBD companies need customer payments to be made quickly and securely. To do this, it is important to provide customers with the simplest possible payment procedure. A payment gateway will help with this. With it, customers get the most simple form to fill out, which reduces the risk of errors. The CBD payment gateway quickly processes user information, encrypts and sends data to the issuing bank, and transfers the data back to the payment system and the acquiring bank so that transactions are almost instant.
Open a merchant account with SegoPAY
SegoPAY offers solutions for companies that sell CBD products. We offer a merchant account with low commissions and service fees. SegoPAY doesn’t place a lot of demands on businesses that sell cannabidiol-based products. SegoPAY also offers a convenient payment gateway that ensures high speed of financial transactions and comfortable and safe customer payments.