Cannabidiol (CBDI Hemp) oil is a natural extract of the marijuana plant that carries its fair share of controversy. The users from https://thesoutherninstitute.com/cbd-merchant-account/ swear by it claiming that they benefit immensely from its use. According to scientific research, CBD oil cures acne, reduce diabetes effects, helps you quit smoking, and reduces your chances of a heart attack.
However, selling this profitable product is no walk in the pack. The business is as a high-risk venture regarding the number of possible chargebacks. This fact makes it a no-go zone for some credible payment getaways. So, before signing any dotted line, there is need to consider the following things about the payment service provider
Their experience with CBD Merchants
Typically, the more high-risk clients a payment gateway has handled, the better – It is by no means easy to maintain a merchant account. You should go with a portal that has a minimum to zero chargeback history. That way, you will have a smooth integration with financial institutions, enjoy data security, and meet regulatory demands.
Full registration with authorities
When it comes to handling your hard-earned money, you cannot afford to let your guard down. Do your homework on several potential services, starting with their licenses and registration. Though it is rare to catch them on the wrong side, this is a safety precaution to avoid nasty surprises later. Besides, they expect you to have your necessary legal documentation upon registration – they should do the same.
Do they offer credible support?
Considering all the risks involved with selling CBD oil, you will need a gateway that has a good reputation regarding their support. Preferably, it should be available 24/7 to advice you on any issues ranging from data security to chargebacks and everything in between. Additionally, search for the third party reviews online and do not forget to ask around.
The available financial partners that work with the gateway
Unfortunately, banks are not excited by high-risk accounts regardless of their handsome potential returns. And the few that dare to support them are incredibly choosy. Ideally, a credible payments gateway should have more than one option.
Maintenance cost of the payment gateway account
Depending on your payment gateway provider, you might have to pay a one-time sign-up fee, transaction fees, and monthly fees. Your best option is a provider that charges transaction fees only. The cost per transaction is slightly higher than average rates due to the high risk. But the idea here is to carefully read the fine print and avoid companies that ask for more than 6% of the transaction amount.
Just like any other high-risk investments, selling CBD is lucrative – because people tend to prefer green solutions today. The bottom line remains that the gateway merchant that you choose should have a tested and proven system to address the issues associated with the marijuana industry. They should also have a particular account designed for investors in the CBD oil business, that way you can rely on their experience to shield your business from loses.