When it comes to signing up to merchant accounts with credit card processors, a business that deals in CBD can have a separate account that is geared to this kind of trading. Also, merchants with transactions that are considered a higher risk to credit card processors can have a different type of account because of their types of transactions.
If you visit https://www.easypaydirect.com/cbd-hemp-online-merchant-accounts/ you can find out more specific details about the CBD/Hemp merchant account that is available.
CBD Merchant Accounts
Easy Pay Direct is a credit card processing company that will support CBD merchant accounts. This is whether a merchant is in the US or Canada. This makes it an obvious choice when a business is supplying CBD and wanting to accept credit card payments. A high proportion of these payments are likely to be online and made by card.
It is good to know that Easy Pay direct accounts are stable and perfect for start-up situations too. It does not take long for approval, with them only normally taking a week or two to be accepted. Funds will then just take 1 or 2 days to be deposited into accounts.
It should be noted that only hemp-based CBD suppliers are supported under this scheme and that the decision of lab test results will be final.
There is no doubt that the approval of hemp-based cannabis for medical reasons has fuelled the industry and created lots of businesses all looking for ways to manage payments effectively with customers. It is a pleasing solution to have Easy Pay Direct on board and steering the ship in that respect. So often, certain types of businesses can get left behind and be forgotten about when it comes to providing them with the services that they need to function efficiently.
High Risk Merchant Accounts
High risk merchants will always be a concern for credit card processors. Transactions that are considered high risk can potentially be fraudulent. Significant to the risk will be the number of refunds that occur concerning a particular type of business and how far away payments are made from where a business is based. Any contact that is not face-to-face will take away the chance to ID a credit card holder and be a way for someone to pay without even having a credit card in their possession.
Standard individual accounts will be for low-risk traders where many transactions will be smooth ones.
The businesses where face-to-face contact happens, such as with grocery stores, provide the ideal credit card transaction for companies running the schemes. This is because the card is presented in person. With many fraudulent transactions, online or over the telephone, there is no card in existence and just a series of stolen details. There is no doubt that it is harder to fake a credit card, although it is possible. It is a reduced risk when the credit card is presented in person because its existence is then established.
Other accounts available include international merchant accounts, for overseas trading, and multiple merchant accounts, where there is a chain of restaurants to service with machines, for example. The latter will allow for credit card terminals in many different locations.
So, if you are in the CBD business, it is good to know that credit card companies are thinking of your individual need and offering merchant accounts specifically designed for this kind of trading. Then where traders have risker transactions to cope with, merchant accounts exist to make detecting these more likely. Not that credit card processors do not consider all transactions as potentially fraudulent. It does not, however, hurt to have two eyes on something instead of one. Then for everyone else, it is good to have a credit card facility that means payments can be accepted anywhere a company happens to be located. Even within a shop, it can be useful to be able to move the credit card machine around from one counter to another. It saves having several machines. They might be taking up a valuable display area.
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