A Guide to Getting the Best CBD Merchant Account

Sep 25, 2020

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:

  1. Unsubstantiated claims regarding the effectiveness of the products,
  2. Excessive chargeback rates,
  3. 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!

Let us help you get a high risk merchant account today!

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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