More commonly known as CBD, cannabidiol is specifically produced from the marijuana plant and can be a natural cure for a broad variety of diseases. It is highly sought-after because it has no psychoactivity of THC, as long as it has certain levels of THC. CBD and Hemp oil are one of the best-known CBD products. As it is considered under high – risk, it becomes difficult to get the CBD oil merchant account.
For CBD online store eMerchant Pro can process payment services to merchants related to its industry.
You will need a merchant account to process online payments from your customers once your business is established and organised.
However, you are likely to be at least once excluded from payment processing if you own a business dealing in CBD products. The reason is the fact that CBD is a “high-risk,” because of its association with cannabis, in most payment processors and gateway service providers.
For online shops with CBD, CBD trading becomes even more risky, given the risks of fraud associated with internet retail. This is where eMerchant Pro can assist.
These products have in the past been perceived as risky by a muddled regulation and a lack of credible research.
CBD as High–Risk Industry
This idea has also been reinforced by the combination of cannabis and its recreational use and has created a somewhat negative general view of CBD products. Online CBD retailers accounts were therefore regarded as high-risk merchant account and banks are less willing to process payments for such products.
Further more, the sale of CBD online in the context of e-commerce presents further risks since online transactions are always higher risk than those of an in-house company. This risk relates to charges and fraud, especially in the non-face-to-face environment of transactions.
As a result of the above, most processors of credit cards do not support the needs of CBD merchants, making it quite difficult to navigate the payment processing environment for CBD products, with the access of a CBD oil merchant account for many businesses denied.
You need to choose a high–risk payment processor
The choice of a payment service provider or bank acquisition is very important for every CBD merchant currently operating online.
The chosen payment provider must most importantly be able to process payments effectively by the merchant and have expertise in online risk management, particularly within the context of high risk companies.
In that way, the payment provider can add value in protecting the business of the merchant from the costs of fraudulent payment activities.
Payments providers can, in particular, control risks through a range of risk management instruments in order to identify and detect fraudulent practices. These instruments include 3D Secure, Geo-Conflicts, Fraud Management, Speed Checking, and BIN Lookups.
PCI compliance is also extremely important in the secure processing of credit and debit cards, as each online merchant certainly knows.
PCI DSS is a set of security standards which companies that accept, process, store or transmit payment-related data must follow. PCI DSS is a Payment Card Industry Data Security Standard.
The importance of payment data security is another point of consideration. All security protocols including the above PCI DSS and General Data Protection Regulations (GDPR) must be complied with by the payment processor. After processing customer data must be stored in an anonymous cryptographic vault to prevent data robbery or loss.
CBD traders must be fully aware of the factors that can enable an institutionally appropriate payment partner for a CBD online shop in order to ensure a safe shopping environment for customers.
Where other credit card processing service provider may reject this, eMerchant Pro is a skilled purchaser that processes risk spectrum payments for merchants, including CBD merchants and offers high–risk merchant account.
It makes us an ideal partner of your e-commerce business to adapt and rapidly adapt to new high-risk regulations. We take all necessary measures to ensure the highest level of risk management for CBD traders, classified as high-risk.
This is achieved through the provision of several instruments to identify and prevent fraud by merchants. We also ensure seamless integration with our payment portal, so that traders can make efficient and effective use of our payment processing services.
We also offer customizable checkout pages, including your branding, that can be integrated into your website. We understand that it is essential to have a look and a user-friendly payment experience. We have therefore developed and made all necessary steps to ensure a smooth payment journey.
CBD merchant account holders with eMerchant benefits from all other merchant benefits, including personal support and dedicated account managers. In the next section we will describe how we deal with CBD merchant accounts and how a CBD merchant can expect payment solutions from us.
As a CBD merchant, it is to operate under minimum stress, focusing on expanding its CBD business, to accept and process payments at minimum risk online. Contact us today to find out about our payment solutions available for CBD and accept online payments seamlessly.