With the controversy that still follows the CBD industry around, it probably comes as little surprise that CBD products have been pushed in the high-risk category by traditional providers. Leary of the reputational risks and shaky regulations, they are simply unwilling to provide their services to CBD merchants. As a result, merchants find themselves with little to no options, and/or incredibly expensive merchant accounts.
Why are CBD Merchants Considered “High-Risk”?
There are several reasons why these businesses find themselves labeled high-risk, but here are a few of the most common:
- Unsubstantiated claims regarding the effectiveness of the products,
- Excessive chargeback rates,
- And legal issues concerning the distribution of the products.
Like many of the products that fall in the nutraceutical category, the beneficial effects of CBD products have yet to be approved or validated by the Food & Drug Administration (FDA). This has led countless businesses to claim CBD as a potential cure for just about everything. When a product fails to deliver as promised, this then leads to chargebacks.
Top Signs a High-Risk Provider is Reputable
As a result of the risk involved, merchants struggle to secure the payment processing they need to operate like any other business. In fact, there are few high-risk specialists that will accept CBD businesses. With so few options, how do you know if the provider you are choosing is right for your business? How can you know your account won’t be frozen suddenly and access to funds cut off? Here are a few ways you identify a good high-risk merchant account provider:
- Pricing. Yes, a high-risk merchant account will cost more than a low-risk one. However, there are high-risk providers out there that still offer affordable pricing. eMerchantBroker , for example, is a high-risk specialist with years of experience in helping CBD merchants and is known as an industry-leading provider for its affordable options.
- eCommerce Support. In addition to the usual hardware options for in-store, the provider should also offer eCommerce support. Today, you will need to provide customers with as many options to conveniently purchase your products as possible – customers expect it. Ecommerce support is essential to selling your CBD products via a website.
- Customer Support. For a high-risk merchant who faces unexpected challenges and situations, high-quality customer support is a must. With EMB, you have multiple options available that allow you to easily get in touch with our team, whether it’s telephone, email, and even live chat.
EMB: Industry-Leading Merchant Services Provider
eMerchantBroker boasts an A+ BBB rating and can be trusted for all your CBD high risk credit processing needs. Our highly trained staff is here to answer all your questions about CBD merchant account, pricing, contracts, and other services. Our offerings include a reliable, affordable, and safe credit card processing along with ACH processing, protected payment gateways, chargeback mitigation programs, and integrated fraud protection.
Now, your CBD business can also process payments using Square processing, thanks to EMB payment gateway latest integration with Shopify. Your company can utilize even more seamless integrations, thanks to EMB’s ability to be fully integrated with other well-known platforms, such as: QuickBooks, WooCommerce, Shopify, Wix, PrestaShop, Magento, OpenCart, BigCommerce, 3dCart, just to name a few.
We are dedicated to developing a platform that works for you. Need help get started? Give us a call!