You know how difficult it can be to find a payment gateway if you are in the CBD/hemp industry. Many banks and credit card companies still consider CBD and hemp products to be high-risk. This means that, even though CBD and CBD sales are legal in many states, most payment processors won’t work with businesses that sell these products.
There are many options available for companies looking to purchase a payment gateway for CBD or hemp sales. We’ll be looking at the top options available in this article.
Payline Data is the first. Payline Data works with high-risk businesses of all kinds, including those in CBD and hemp. Payline offers a variety of features including credit and debit card support, ACH payments, and cryptocurrency. You can also use their fraud prevention tools to keep your business protected.
CBD Merchant Solutions is another option. Although CBD Merchant Solutions’ support for CBD and hemp sales is less extensive than Payline Data, they offer some assistance. You can also rely on them to prevent fraud.
Finally, there’s Square. Square is most well-known for its mobile payment processor, but they also offer robust features for online businesses. This includes support for CBD or hemp sales. You will also find a variety of powerful tools that can help you manage your business including inventory management and accounting.
There are some things you should consider before deciding to purchase a CBD or Hemp payment gateway.
What are the Key Features of the CBD & Hemp Payment Gateways?
There are some things to keep in mind when you set up payment gateways for CBD and hemp. Here are some things you should know about CBD and Hemp payment gateway options.
You must first ensure that the payment processor you select can process CBD and Hemp transactions. This is not possible with all processors, so make sure to verify this with them.
These transactions may also require fees to be processed. Some processors might charge more for CBD or hemp than for other types of transactions. Before you sign anything, make sure you fully understand the fees.
You will also need to consider how you would like to accept payments. While some processors accept only credit cards, others allow for ACH transfers and even cryptocurrency. You can choose the payment method that is most suitable for your business.
These factors will help you make the best choice for the CBD and hemp payment gateway. You can process these transactions quickly and easily with the right processor. But does a CBD & Hemp payment portal require a merchant account to be processed?
Do CBD & Hemp Payment Gateways Require a Merchant account?
The question of whether a merchant account is necessary to process payments as more businesses enter the CBD/hemp industry comes up every day. Unfortunately, the answer is not simple.
It all depends on how you intend to process payments. You will need a merchant account if you plan to sell CBD products online. If you sell CBD products in person, such as at a shop or via a delivery service, you might be able to use a regular bank account to process payments.
If you plan to use a regular bank account to process payments, there are some things that you should be aware of. First, ensure that your bank account can accept debit and credit card payments. This is not possible at all banks, so make sure to verify with your bank before you do this. You will also likely be charged more transaction fees if your bank has a regular account.
A merchant account is required to sell CBD products online. You can accept debit and credit card payments. There are many ways to set up a merchant account. The most popular is to use Stripe or PayPal as an online payment processor.
It is easy to set up an account with an online processor. Once you have set up your account, you can start accepting debit and credit card payments from customers.
However, there are some things you should keep in mind when using online payment processors. First, an online payment processor will charge you a much higher transaction fee than you would pay for a regular merchant account. You may also need to provide additional documentation for the payment processor to prove your business is legitimate and not a fraud.
It doesn’t matter if you have a merchant account or not. Your business model will determine whether you require one. It is probably a good idea for CBD products to be sold online to open a merchant account. If you sell CBD products in person, you might be able to use a regular bank account to process payments. Before making a final decision, weigh the pros and cons of each option.
Whatever payment gateway you pick, do your research to ensure you find the right one for you. Each payment gateway has its strengths and weaknesses, so you need to choose the one that suits your business best. With a little effort, you can find a payment gateway for your CBD/hemp business.
Balanced Processing Partners can help you find the right payment gateway for your CBD & Hemp company and a merchant account with reasonable fees. We will analyze your needs and recommend the right payment gateway and merchant account for you.
Please call us at (800) 354-6256 or contact us via email at [email protected].