How to Obtain a Merchant Account for CBD
A merchant account for CBD is a bank account that is acquired for a trusted and certified seller in e-commerce. With this type of bank account, the seller can provide the option for paying purchased cannabidiol and other CBD-based goods using credit and debit cards. Technically speaking, a merchant account is a detailed agreement between the third party seller, the online store in which the products are being sold and the merchant bank.
There is numerous E-commerce solution which gives us the option to have a merchant account in with our online store, such as CBD: Cart. When a customer makes a purchase and uses a credit or debit card to complete the order, the fund will go through the merchant account which then would be transferred to the business account. The transfer would be on a weekly or daily basis depending on the bank.
Simplify Your E-Commerce Business with a CBD Merchant Account
If we would start our own CBD online store, then it would be best to obtain a merchant account. This would greatly reduce the risk and complexity of payments accepted from your store. Merchant account for cannabis products is a new thing since most banks won’t accept high-risk business model and industry in the previous years, but after the popularity of the medical use of cannabis such as CBD, many banks have now accepted merchant account for cannabis products. So this is significantly easier for us to process payments form our CBD products.
Applying and obtaining a merchant account is no easy task that we can finish in just one sitting. The participating bank would thoroughly check for the following:
The Length of Which our Business has been Operating
The history of our business. That would mainly include information about some bankruptcies in the past, default, and many more.
Another thing they check is whether we’ve had a merchant account before, as well as the information from that specific previously active merchant account.
The bank would check our personal credit standing and history, if we had a personal bank account with the participating merchant account provider, then the odds of us getting approved is significantly higher.
An Integrated Merchant Account with CBD: Cart
With CBD: Cart we can easily apply for a merchant account for CBD and integrate the use of credit and debit card as one of the payment methods with our CBD online store. We can even customize the payment method whether it would subscription based or a one-time payment method, making it hassle-free for our valued customers and avid buyers in your CBD online store.
Moreover, the shopping cart software is also compliant with Level 1 PCI which is an essential certification for an online store to be eligible in accepting credit cards. With this type of compliance, we can ensure that all the personal and sensitive information of our customer are properly held with the abundance of data security. Boost your CBD business by signing up with CBD: Cart now.