CBD merchant account

Approval for credit card processing for CBD domestic merchants is very difficult. It is important to note that CBD in this case refers to Cannabidiol which is a chemical compound found in cannabis.

The Advantage of Dispensaries Accepting Credit Cards

The latest news from the classified high-risk industry of CBD and dispensaries is that some domestic locations are accepting credit cards. This provides multiple advantages that have previously been denied. Creating a cbd merchant account or being able to accept credit cards as a dispensary allows customers to enjoy more payment options for products. This will attract customers and make payment processing easier for merchants.
What is High-Risk?

Industries are classified high-risk due to the products or services offered. Some examples include firearms and weapons, the adult entertainment industry, Vape shops, subscriptions, and bars and clubs. Individual merchants may be classified high-risk due to the probability of financial difficulties, charge-back risks, regulations within the industry, and past issues with credit card processing. Luckily, there are companies that specialize in credit card processing for dispensaries and other high-risk industries and merchants.

Applying for a domestic dispensary merchant account can be completed online or in person after calling for an appointment. Approval rates are high, and decisions are made in one to three business days. As with any financial service be sure to compare rates and features before opening an account. Rates will be higher than those for low-risk merchants, but efforts are made to get the lowest possible rates for account holders.

Special Features

A personal account manager is assigned to every new account. This is the contact person for questions, support, or concerns. Dealing with one person for one-on-one conversations makes addressing problems easier and faster. There is also a team to assist with full services. Technical support, a risk assessment team, and in-house underwriting capabilities provide a wealth of services to accommodate any unique needs of merchants.

Cards are processed via a secure application process whether payment is online or at a physical location. Business services are tailored to how the merchant operates. E-commerce merchants may wish to have a virtual terminal or shopping cart integration. The right point of service system is selected for dispensaries with physical locations.

Merchants with online websites and physical locations will have systems that are accessible to employees when customers enter the store. Proof that payment was made online can be confirmed, and picture identification can be verified as a match to the credit card holder. No cash exchanges hands and both employee and customer are safer from thieves or attacks.

More Advantages

In addition to more options for payment and reduced risk of attacks or robberies, there are a few more advantages to dispensaries accepting credit cards. One is keeping better track of inventory. Credit card purchases, like those made with cash, are turned into monthly reports for merchants. They can discover which products are best sellers and which ones are remaining on the shelf. That information is essential for ordering inventory, indicating what marketing campaigns should be launched, and indicating which products need to go on sale before they expire.