May 31, 2019

Everything PSPs Must Know Before Approving CBD Merchant Accounts

Later this week, the U.S. Food and Drug Administration (FDA) will host its first public hearing to discuss all details related to the promotion and sale of CBD products and other cannabis derivatives. As federal agencies continue to build the framework for CBD sales, payment service providers (PSPs) should weigh a few considerations before approving CBD merchant accounts. Where the...

Apr 19, 2019

Why Elavon Dropped CBD Merchant Accounts

Elavon/U.S. Bank informed customers in March that it will stop accepting any new applications for CBD merchant accounts. In its email to customers, it also stated it would cease working with existing CBD businesses within 45 days. Why Elavon Dropped the Ball | 4 Reasons Why Because of the regulatory environment and the uncertainty surrounding it: As a result of the...

Oct 27, 2017

How to Get a CBD Merchant Account

Cannabidiol, abbreviated as CBD, is one of at least 113 active cannabinoids identified in cannabis. CBD or cannabidiol is a compound in marijuana that offers many benefits without any high. Health experts are describing the benefits of cannabidiol as extraordinary. It’s a promising treatment for epilepsy, forms of cancer and depression, and more. The fact that CBD is manufactured from...

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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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