Over the last few years, as CBD has grown in popularity, more and more scientists have jumped into researching the benefits of using this substance for medicinal purposes. So far, they have found that it can help treat conditions like pain, insomnia and anxiety. It has also been found to help suppress seizures by slowing down messages to the brain and decreasing inflammation in the brain.
Cannabidiol (abbreviated CBD) is one of the 113 active cannabinoids identified in cannabis, which offers many benefits without any psychoactive effects. Despite the benefits it has for treating major ailments and illnesses, CBD is considered to be “high risk”. But why?
Why Is CBD Considered High Risk?
Banks and other payment processors consider CBD to be high risk due to the questionable nature of this product. In short, despite its benefits, it is still manufactured from the hemp plant. This label has and continues to be a major hurdle for those hoping to break into the market and seize opportunities.
These businesses’ risk-based reputation makes it incredibly difficult for them to secure the merchant services they need to get started and continue to operate smoothly. For many, getting a CBD payment gateway for a merchant account is simply out of reach. Even if they do endure the hassle of the application process, many are declined over and over again.
The answer? A high-risk merchant account provider that offers a CBD merchant account. The only way to bypass endless paperwork, long wait times and being turned down is to work with a company that is very experienced in the high-risk industry, like EMerchantBroker.
Types of CBD and Products
There are more and more CBD merchants entering the market all the time, selling different kinds of CBD products. EMB works with businesses that sell all types of CBD products, including:
- CBD supplements and vitamins
- CBD beauty products
- CBD oil
- CBD pet products
- Hemp oil`
- CBD vaping oil and pens
- CBD edibles
- CBD creams and topical treatments
- CBD pain-relief sprays
- CBD extracts
- And more!
Unlike your experiences elsewhere, obtaining a CBD merchant account with EMB couldn’t be more straightforward. The ability to accept credit and debit cards for CBD products begins with a simple online application. Having the following information on-hand will speed up the process even more:
- A valid, government-issued ID, such as a driver’s license
- A voided check
- Three months of the most recent bank statements
- Three months of the most recent processing statements, if applicable
- A SSN (Social Security Number) or EIN (Employer Identification Number)
- Chargebacks must be under 2%
- Secure, fully-operational websites
While EMB cannot guarantee all approvals, it does promise a quick and easy application process that can result in approvals in as little as 24 hours.