Although there are many businesses that will be able to obtain services from a credit card processing company, there are several types of businesses that will have substantial problems. These are regarded as high risk businesses, those that are offering products or services that are regarded in this manner. Although what they are selling is completely legal, it is because of the nature of these products, and the customers that they will attract, that many companies are apprehensive about allowing these transactions. If you are in this list of high risk sellers, you will need to find a company that will work with you. In particular, if you are selling CBD related products, you must find the best credit card processing company that will allow these transactions to occur.
What Is CBD?
CBD is an acronym for cannabidiol, a derivative of the marijuana plant. It is becoming much more prolific in its use by the general public, especially as laws on marijuana have begun to change. CBD is well-known for its life changing qualities. You are able to experience noticeable and beneficial changes almost immediately. It has been used to reduce pain, prevent seizures, and help people that suffer from anxiety. Studies have also shown that it is beneficial toward combating diabetes and cancer. It is because of its origin that many credit card processing companies are apprehensive about allowing sales to go through through their processors. That’s why you must find a company that will be more than happy to provide you with the ability to accept payments through their credit card processors despite being labeled as a high risk business.
Examples Of High Risk Businesses
Although there are many types of businesses on these lists, there are a few that you may know. These are typically divided up into low risk, medium risk, and high risk businesses, all of which will be unable to obtain the services of a traditional credit card processing company. These businesses will include companies that offer to fix your credit, offer electronic cigarettes, and any business in the adult industry. They may also label tech support, credit repair, and collection agencies as high risk businesses as well. On this list will also be any products related to marijuana including CBD. It is because of this you will need to find a reputable business that can offer you their services for a reasonable price.
How To Find These Companies
If you do a search for high risk credit card processing companies, you will find several that are currently being recommended. Some of them will be listed high on the search listings. On each website, they should present all of the high risk businesses that they will represent. These lists will also include things like fantasy sports, moving and transportation, and bail bonds. Additionally, they may also provide their services for debt consolidators, seminars, and water purification companies. It is very common to see marijuana related or CBD products listed, and if they do, you will know that they will consider you and your application. Although you can find these very quickly on the Internet through the search engines, you may also want to consider looking through your local Yellow Pages if you would prefer to work with a local business.
How To Apply For One Of These High Risk Merchant Account
The application process is very similar to any other application you have filled out to obtain credit card processing services. You will have to present your personal information, information about your company, and they will almost always run a credit check. If you get through the first stage of the application process, you will then speak with the representative of the company such as The Southern Institute. They will then tell you if you have been approved and subsequently explain how much using their services will cost.
The Average Cost Of Using These Services
The prices that they charge for their services will include a fee for renting the equipment that you will have at your place of business. They will also include a percentage of each transaction that you do. There may also be a monthly fee that you must pay for accessing their credit card processors. It is recommended that you apply at several different companies so as to get a better idea of how much they charge. In most cases, two or more of these businesses will approve you. This will allow you to make a decision based upon their reputation and also the prices that they charge. As you would imagine, the cost of using these high risk merchant accounts is going to be more than a standard merchant account, but at least you will be able to take orders with credit cards either in person or over the Internet.
Ways To Evaluate These Companies
Even though most people will gravitate toward the businesses that offer the lowest prices, sometimes you are not going to receive the best possible service. They need to have a dedicated customer service line that can help you with any questions that you may have, as well as people that you can talk to about potentially expanding your business. If they have comments online, or even testimonials, these can serve as motivators to help you. If other businesses are very happy with their services, this is an indication of what you will expect from this company that will approve your application to use their high risk credit card processing services.
In most cases, after you are approved, the equipment will be sent out right away. After you receive approval, shortly thereafter, your entire account will be activated. Their team of professionals can help you set up everything over the phone, allowing you to start taking orders online and offline the same day. There is so much money that you are likely missing simply because you cannot take credit card payments. By searching today, you will likely have the ability to start taking orders through this business that offers these services. As long as you are comfortable with their reputation, and the prices that they charge, you will have found the best credit card processing company for your CBD business.
Kidal Delonix is a contributor to Mr. Hoffman's blog. The views and opinions are entirely his/her own and may not reflect Mr Hoffman's views.
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