Axiom Payment Solutions can help you get your CBD oil merchant account for smooth and convenient payment transactions!
What Is A CBD Oil Merchant Account?
A CBD merchant account authorizes businesses and sellers associated with CBD products to receive and process electronic payment card transactions from customers. It is an easy and convenient payment processing method that not only simplifies business transactions but also helps you attract more customers.
Are CBD Oil Merchant Accounts the Same as Ordinary Merchant Accounts?
If you are operating in the CBD market, you probably already know that all CBD products, including CBD oil, are placed in the high-risk category by the processing industry. CBD oil remains high-risk for varied reasons, including reputational risks involved due to association with cannabis, confusion regarding the legislation, and high risk of charge back.
What is a chargeback?
A chargeback occurs when your customer disputes the validity of the transaction made with your business with their credit card issuer. When this happens the processor has 48 hours to deduct the disputed amount from your (them merchant) checking account. This is put in escrow with the card brand who issued the card to the consumer disputing until the chargeback dispute is decided.
Why is CBD high risk?
CBD is considered a high risk industry based on several reasons. The main reason is the FDA has not approved the reported effects received when taking a CBD product thus there is no regulation to help prove that the products work. With this being the case if your customer decides the product they purchased from you doesn’t work and files a chargeback, the merchant will most likely lose that dispute. The risk for the processor is that if the merchant cannot cover the amount of the chargeback the processor is forced to cover it for the merchant.
As a result, if you are selling CBD oil, you need a high-risk merchant account, which is not the same as an ordinary merchant account. Only a few merchant account providers entertain businesses operating in the CBD industry, which makes it difficult to acquire an account to sell CBD oil. However, with Axiom Payment Solutionsby your side, you have nothing to worry about!
Benefits of Opening a CBD Oil Merchant Account
Choose Axiom Payment Solutions for your CBD oil merchant account and make the most of the following advantages.
CBD oil merchant account allows you to accept payment via all major credit and debit cards, including MasterCard, Visa Card, American Express, Discover, etc.
You can integrate your payment gateway with retail terminals to provide alternative payment options to your clients.
You can integrate your payment gateway online with various popular platforms, including WooCommerce, Shopify, WordPress, etc.
As a leading CBD merchant account provider, we take the stress out of starting a CBD business.
We have an exceptionally high approval rate of 99% and guarantee secure, effective, and reliable payment processing.
How Axiom Payment Solutions Can Help You Acquire CBD Oil Merchant Account?
Unlike most other merchant account providers, we offer the same high-standard, reliable services to CBD companies as our other clients. We will help you find the ideal bank and the right terms that you need to streamline payment processing and boost your business.
We also will make sure that your CBD oil merchant account is up and running as quickly as possible without any unnecessary delays or hassle.
Do you want to establish a CBD oil merchant account in Raleigh, Durham, Chapel Hill, or the surrounding areas? If yes, then contact us today at 1-844-GET-AXIOM to learn more about our services or book a free no-obligation consultation.