Experience Compliant In-Store and Online CBD Credit Card Processing Like Never Before!
Axiom Payment Solutions is a CBD credit card processing company that provides the best solutions to high-risk businesses in North Carolina.
What Is Credit Card Processing?
Credit card payment processing allows businesses to accept payments from customers via debit or credit card. It generally involves the use of Point-of-Sale (POS) hardware and software, along with the payment networks of your credit card processing company.
It must be noted that risk is the key consideration in the credit card processing industry. As CBD businesses are considered high-risk, acquiring a CBD credit card processing solution can be challenging for merchants.
Moreover, the set of terms and conditions for high-risk businesses vary significantly, depending on the provider, making it even more difficult to find the ideal CBD credit card processor that is cost-effective and meets the needs of your business.
At Axiom Payment Solutions, we understand how frustrating it can be for CBD businesses to operate in the market. Therefore, we assist high-risk CBD businesses and provide payment processing solutions. We have helped hundreds of merchants set up and accept payments through debit and credit cards. We can do the same for you!
How Credit Card Processing Works
As a CBD merchant, you don’t have to understand the inner workings of the bankcard processing system to find the right credit card processor for your business. However, it is a good idea to have a general idea of the key players involved.
Credit Card Processor: The company who sets up your account to process credit cards, processes the credit card transactions, and deposits the transactions to the merchant.
Acquiring Bank: The acquiring bank is the credit card processors bank that offers a merchant account. Keep in mind that CBD is a high-risk business, which is why it is best to consult a reliable processor who is partnered with an acquiring bank who offers CBD processing.
Merchant: Merchant is the business or individual selling the products or services. In this case, you are a merchant who will receive payments from the customers. You need a credit card processor to initiate a transaction to receive payments.
Cardholder: The cardholder refers to the customers. They will present their card at the POS to pay for goods or services they buy from the merchant.
Issuing Bank: The issuing bank issues the card to the consumer. The issuing bank transfers the funds to the acquiring bank for the purchases made by the consumer if the transaction is valid. The consumer later returns the money to the issuing bank according to their credit card agreement.
Card Associations: Visa and Mastercard are known as card associations. They are not banks. Therefore, they don’t issue merchant accounts or cards. Their primary responsibility is to govern and act as arbitrator between the issuing and acquiring banks.
All these key players work together to make credit card processing possible for you. As a CBD business, you need a reliable credit card processor and a merchant account that does not charge extremely high fees or cancel your account out of nowhere. A credit card processing company can help you take care of all such details.
Axiom Payment Solutions provides CBD credit card processing services at the best rates. Our processors are fast, secure, and reliable. It’s time you upgrade your payment processor, offer alternate card payment options to your customers, and see your sales spike! Contact us today at 1-844-GET-AXIOM to learn more about services.