CBD and hemp products have been unfairly criticized and banned for decades despite their non-psychoactive nature. Just the fact that they are created from the same plants as marijuana makes them the target of a good deal of animosity, which is unfortunate given that hemp can be used to create everything from paper and oil and CBD has been clinically proven to treat a number of serious medical disorders. Those who are in the business of selling hemp and CBD products may be on firmer ground legally than growers and sellers of marijuana, but they're still subjected to many of the same challenges.
One of the most serious of the financial challenges faced by growing hemp and CBD business owners is payment processing. Today's consumers aren't generally very enthusiastic about paying in cash, yet many traditional credit card processors won't touch any company that sells even legal cannabis products with a ten-foot pole. Read on to find about three of the most popular options for payment processing.
Unlike many payment processors, this company will approve a hemp or a CBD merchant account. Given that credit card machine is often touted as one of the best payment processors in the industry and that all new merchants signing up for accounts are provided with a dedicated account representative who can help them get started, it's a good place to start. Note, however, that payments are customized according to business type and processing history, so it won't always be the cheapest option.
Although SMB Global is a newcomer to the high risk credit card processing game, it has ties to Payline Data, a company that has already been around for some time. This makes it a good option for those looking to open a high risk merchant account for less. Plus, this company is partnered with 15 international and domestic banks dedicated to serving business owners working in high-risk industries, making it much easier for readers to get approved.
EMB, or eMerchantBroker
The Los Angeles based eMerchantBroker offers custom pricing on high-risk merchant accounts, including those associated with hemp product producers, so it's often possible to get a good deal when working with this company. They offer credit card and ACH processing, merchant cash advances, and a dedicated chargeback management system, making it easy for merchants to stay on top of their payments and ensure that all of them go through. Plus, eMerchantBroker is one of the few high-risk payment processing companies around that has been rated and reviewed by the Better Business Bureau, having been assigned an A+ rating.