The cannabis industry is on the rise and people are making billions from this industry. Unfortunately, cannabis is still illegal in many states and it is very difficult to process money that you make from cannabis. You have to jump thr9ough hoops and pay higher fees to process your cannabis money and many payment processors won’t accept cannabis money at all. Read on to learn how to find a CBD merchant account.
Many banks won’t touch cannabis money
You have to resort to using payment processors that use offshore banks to get your money. This means that you have to pay higher fees to get your money and you have to spend more time looking for a payment processor. Most people rely on cash when they are running their business and the cash model is the one that is usually used.
The cash model works but it means that it is harder to do things with the money and people who want to use credit cards to pay for their purchases are unable to do so because most businesses are cash only. This means that you are going to lose money from potential customers because you can’t accept credit cards. The Real Benefits Of CBD Merchant Accounts .
The cash only model has lots of problems and there is a risk of being robbed and there is also the risk of your employees stealing your money. Problems also can happen during the record keeping process. According to federal law, selling pot is still illegal, even though many states are allowing it to happen on the state level.
Because of this issue
Most credit card processors do not accept cannabis businesses, but there are some that will, you just have to find them. Many businesses don’t even have bank accounts which makes it even more difficult for people to accept credit cards. You have to have a bank so you can process the transactions.
Marijuana businesses that have banks often have to keep changing banks because they run into trouble and get shut down. If you want to find a CBD merchant account, you are going to need to do a lot of searching to find a processor. You might have to spend some time online researching potential processors and you are going to need to pay more money for a processor as well. The costs can start to add up so you might want to just stick with a cash business if you don’t want to pay the extra fees that you have to pay with the processing company. Consider These Aspects Of Fees Charged By Payment Providers When Opening A Merchant Account .
If you want a merchant account you are going to need to work for it and you have to be prepared to pay the consequences. You should always get quotes from multiple processors and try to get as many quotes as you can which will help you find the best rate. Once you find a processor you want to work with, you can set up an account and start accepting credit cards. Thesoutherninstitute.com/cbd-oil-mexico-merchant-account.