Securing a Merchant Account for Your CBD Business

Sep 11, 2022

CBD is a hot topic in the industry, with major brands such as Amazon, Walgreens, and Walmart jumping on board to offer CBD products.

With the growing number of retailers and companies selling CBD products, more retailers are turning to secure merchant accounts.

But securing an enterprise-class business account is not easy. It can be quite a challenge for many businesses. That’s why we’ve put together this guide to help you understand how to secure a CBD merchant account.

Steps to Secure a Merchant Account for a CBD Business

The following steps will help you secure a CBD oil merchant account for your CBD business:

  1. Write down all of your business goals and objectives.
  2. Write down the products you sell, their prices, sizes, and quantities.
  3. Make sure you’re compliant with local laws
  4. Research different account providers that offer merchant accounts for CBD companies.
  5. Contact merchant account providers to get more information about their services, fees, and features. Also, find out if they have any reward programs or referral programs that can help increase sales — this is especially important if you want to grow your business in the long run.
  6. Make sure that you are comfortable with all the terms and conditions of your merchant account before signing up for one. If possible, ask a few questions about each service to make sure that they will fit nicely into your business needs in the future.
  7. Once you have secured a merchant account for your CBD business, build trust with customers through online reviews and social media marketing campaigns!

Last Words

When choosing an account provider, it’s important to research and ensure that the company has experience with CBD businesses. You may also want to consider working with an agency that specializes in helping cannabis businesses get established.

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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