Cannabinoid Merchant Account
May 17, 2023
A cannabinoid merchant account is an essential resource for ecommerce stores that sell THC-based products. These products can range from general hemp-infused clothing items, to edible cannabinoids. Cannabinoid merchant accounts allow you to process payments online while selling goods in this vertical.
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If you’re looking for a cannabinoid merchant account it means you’re seeking a high risk payment processor to help you get set up with a credit card processing service. Most low-risk payment processors like PayPal or Square don’t allow you to sell cannabinoid products using their merchant services.
It’s important to note that there are different regulations for companies who sell these products online. Some come for Federal regulations, while different states and even banks have separate standards.
Cannabinoid Merchant Processor
A bank or ISO that allows the sale of marijuana products is a cannabinoid merchant processor. They have more lax regulations when it comes to extending risk and offering transaction options.
For some companies in the hemp space, finding a sustainable merchant processor is difficult. For one, they don’t allow for instant approvals. Oftentimes, you’ll have to submit multiple documents including your existing processing history and proof of ownership.
It often takes many steps to complete a merchant account application and get approved to sell cannabinoids. Although high risk payment processing is a competitive field, there are a limited number of solutions who actually provide reliable services. That’s why it’s imperative to understand who you will be working with. PayKings has been around since 2011 and has been processing payments for cannabinoid companies for many years.
Cannabinoid Credit Card Processing
Most customers choose to pay for online items using a credit card. Therefore, if you are selling items associated with marijuana or hemp products, you’ll need cannabinoid credit card processing. Giving your customers mainstream payment options is key for minimizing abandoned carts and keeping conversion rates high.
A cannabinoid payment gateway is the technology used in the backend of your website that allows a credit card to process securely and quickly. The gateway is like a terminal for your online store. Find a gateway that charges minimum fees and works with your credit card processing company. It should be easily integrated and not require much technical know-how to add to your site.
Best Marijuana Merchant Account
Improving your business means making the right decisions about all types of costs and tools you use to run your operations. That’s why it’s important to pick the best marijuana merchant account out there. Because the industry of marijuana businesses can sometimes fluctuate with new laws, you’ll want to have a marijuana payment processor you can rely on.
Accepting electronic payments should be a top goal for your online business and the best marijuana payment processor will be sure to support your directives. They’ll work with you to help make sure your website is within regulation so you don’t end up with a Terminated Merchant File or TMF. This is sometimes what happens when you select a major payment processor who doesn’t approve of selling marijuana or cannabinoid products.
Get sustainable, trusted processing with PayKings.
May 17, 2023 | High Risk Merchant Account | Guest Post