How to Get a CBD Oil Merchant Account, And Why You Need One
Do you own and operate a business that offers CBD products? Specifically, CBD oil products? If so, you’ll be happy to hear you’re sitting in a great spot. According to experts, CBD-related products are on the rise. People are exploring and discovering what makes CBD so useful, while many others are already aware of how effective it can be in meeting their needs.
CBD oil has been studied for its potential role in easing symptoms of many common health conditions, including neurological disorders and anxiety. Many people have shared that the product does indeed make them feel more relaxed and confident. At first, there was hesitation and concerns over how safe it is to use CBD oil, but it has been found to be safer than what most people might expect.
CBD Oil Market Growth
The CBD oil market has been growing steadily over the last few years. It’s been predicted that the industry will grow at a compound annual rate of about 36% before the end of 2023. More and more companies are lining up to offer CBD products, and many new uses of CBD oils are being uncovered. This has made for a very promising outlook on the CBD market.
The Challenge for CBD Merchants
Despite the positive predictions and being a profitable endeavor, CBD merchants still struggle with one key aspect of running their business: a merchant account. Merchant account providers still consider CBD a high-risk product. With this label, merchants trying to sell CBD typically find it difficult to get a merchant account. Without a merchant account, a business will be unable to process credit and debit card transactions. Not an ideal position to be in in an increasingly digital world.
The CBD Merchant Account
The reason CBD merchants are considered risky is because the legality of it is still a concern. CBD oil is still technically a Schedule I drug. Another reason for this label is because the industry is also known for high chargeback rates and fraud. This doesn’t mean you can’t secure a merchant account at all. You just have to spend some extra time searching for options tailored to your unique needs.
You need a high risk provider that specializes in working with CBD merchants. You need a CBD oil merchant account. Make sure the provider you choose provides industry-leading support and has years of experience in helping CBD merchants. It’s also important that they stay up-to-date with the latest tools and features. With the right merchant services, your CBD business will achieve an even greater level of success.
Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.