There are many businesses who are selling cannabis products while a few are used in medicines and others are used for recreational purposes. The demand for these products is on the rise in the market. The rules and regulations imposed on this product by the government of the respective country are changing over time. There are many parts of the countries have legalized the usage of this product. Basically, this CBD oil is extracted from hemp plant and is safe to use to cure various health ailments without any side effects. Many people are using this product to treat various health issues. This is used to treat acute inflammation, depression, anxiety, cancer, seizures, etc. There are many businesses that are started selling the CBD products to make huge profits. However, many financial institutions are seeing this business as risky.
Few important things to open cbd oil merchant processing account include
Establishment year: The banks and financial institutions are providing accounts to the business into CBD industry based on their establishment year. If the business is in the market for a long time, then they are approving the account after checking the financial health of the business. However, it is crucial for the CBD businesses to hold a bank account prior to opening a merchant account.
Monthly volume: The businesses that are labeled as risky would pay high fee to banks and merchant account companies to process their payments. Though, your business is risky, but the banks should be convinced with your monthly transactions to approve the cbd oil merchant processing account. The business you do every month is also taken into consideration by banks and financial institutions. Many banks would like to see a million dollar transactions from your account to approve merchant account.
Reduce chargeback: There are umpteen reasons to impose chargeback. You need to enforce right strategies to curtail chargeback and let your business get the merchant account. Your transactions should not cost more than 3 percent on your transactions.