Merchant Account Approval for CBD Businesses

CBD Merchant Account: CBD abbreviated as Cannabidiol, is a chemical compound from Cannabis plant. It’s a naturally occurring substance that’s used in products like oils and edibles to impart a feeling of relaxation and calmness. Unlike its cousin tetrahydrocannabinol (THC), which gives a person high when consumed. That is the reason CBD business is considered as a high-risk business and if the account gets approved, the merchant would be given a high-risk payment gateway. However, CBD is not psychoactive.

Steps For A Merchant Account:

The CBD falls into the grey area depending upon its cultivation and extraction. Possession laws for cannabis vary from state to state, and natural marijuana derivative cannabidiol, or CBD, faces more concentrated regulations due to its more medicinal focused uses. The CBD industry is regulated still, it is expected to be a market of $2.1 billion in the year 2020. 

Certain Steps To Set Up A CBD Or Hemp Merchant Account:

If you as a merchant for CBD products does not have a high-risk merchant account, funds in your CBD merchant account can be frozen or shut down completely, you can even be put on the Match or TMF. Before you set up the CBD or Hemp business, here are a few steps you can take to get a high risk, genuine CBD merchant account up and running:

• Research The Local Hemp Cultivation Laws – Knowledge of Local Laws would be very important as they vary from state to state. There is a license allotted to each Hemp business and the merchant. It is unlawful for a merchant who does not hold a license issued by the government, or who is not an agent of a licensee, to cultivate, handle, process or market the industrial hemp plants or seeds or any substance derived from Cannabis or hemp.
• Get A Company Registered And Prepare Compliant Website – Get your company registered and prepare the website enlisting the products you wish to sell. The website should be proper and have all the content as per the business plan, proper checkout page, transparent and compliant with SSL security.
• Get A Genuine And High-Risk Merchant Solutions Provider – A high-risk business demands proper high-risk platform to process payments for your business. The payment gateway could be properly validated and should be compliant as per the acquiring bank.
• Complete The Application And Submit All The Documents – Complete the application validating all the documents to support your application as it will be underwritten by the acquiring bank and will finally provide you with a high-risk merchant account.

Some Basic Requirements To Become eCommerce Merchant

You need to treat your online store as your offline business store. You need to keep the inventory updated as well as make sure that you have a good payment gateway to accept online payments. Having a multi-currency payment gateway will help you get more traffic than others. To understand the Multi-currency payment processing you can visit us at merchantstronghold.com or contact Merchant Stronghold Support.

First of all, you need to understand the basic requirements to start selling online or to become an E-commerce Merchant.

Select and Define Your Niche:

You need to decide what you want to sell or define your niche. This could be the most crucial part of your business as it requires a lot of research in your area of interest. It is not mandatory to sell the product online, you can affiliate them too.

Your Platform to Sell Online:

In order to sell online, you need a domain name, dedicated E-commerce hosting, and payment gateway, etc. You need to select your website platform or blog based platform with the shopping cart add-on. A website will help you to set up your store online as well as to accept payments online using any payment gateway. 

Maintain the Inventory:

It is necessary to maintain the inventory. If you are using in-house fulfillment means selling your products only then you can easily stock the product and then ship them when required. Also, It is most important to understand what type of fulfillment you want to use as per your requirement.

Manage orders and shipping:

To become an E-commerce Merchant, it is important for you to manage your orders and shipping process. You need an order management tool to manage online orders. Also, you can use any free shipping label printing service options and installed software to fulfill your shipping needs. 

Use Payment Gateway:

Payment gateways play a pivotal role in the E-commerce store. You can use any of the payment gateways which are available in the market. Payment Gateways that are available in the market are Stripe, PayPal, Payline, and Authorize.net, etc. All of these payment gateways allow you to accept online payments from the customers. Choose the payment as per your requirements and become an E-commerce Merchant.

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Email Id - info@merchantstronghold.com

Contact - +1 (888) 622-6875.

What is Zero Cost Credit Card Processing?

Zero Credit Card Processing – Credit Card Processing fees are applied as a cost of managing the exchange of money from customers account to the merchant’s account in a secured manner.

However, it is not like the merchant is not paying anything entirely. Because there are still other charges to be paid by the merchant such as :

PCI Compliance

Monthly Fees

And many more.

Generally, these plans are designed in such a manner that the processing fees are reduced to “zero” or “no cost”. However, all the other charges are increased by a bit.

What Does It Cost To Your Customers?

• The charges are generally set to 4% or less for the customer as the surcharge of no-cost credit card processing of merchant.
• Also, customers are generally charged dynamically and the range is between 3.45% to 3.65%.
• However, this is not any kind of hidden charge and your customer will see the surcharge in the receipt on their purchased goods and services. And in such situation, a customer can feel like being charged more than he/she should.
• No customer wants to pay extra for any goods and services and if this is the case with you then you can lose customers.

What To Do Next?

As the merchant, the first thing you should do is check your competitors. If most of your competitors are using the surcharge method to get a minimized credit card processing, then you can also use this method for your business.

However, if your competitors are not into “no-cost credit card processing” then you should also reconsider your payment methods. Applying surcharges to your customer results in loss of customers.

In such a case, you can try other methods that can help with the reduction of credit card processing charges. Also, you can contact an expert to help you choose the ideal credit card processing method for your business.

We, at Merchant Stronghold, provide you with an expert who will customize the perfect deal for you depending on the industry your business is in. Contact us at the toll-free number +1 (888) 622 – 6875 and get the required services that you are looking for as a merchant. We also offer assistance regarding high-risk payment gateway and merchant account services.

Get CBD Merchant Account In Easy Steps

When you need a CBD merchant account, one of the things you’ll notice is all the credit card processors that are going to refuse to give you one. It’s a real problem for people who sell CBD edibles, hemp and cannabis oil, and other items in the marijuana industry. Fortunately, this doesn’t have to be a problem for you any longer. Merchant Stronghold will work with you on opening a CBD high-risk merchant account and keeping your account alive.

With so many states allowing cannabidiol and CBD oil product sales for both medical and recreational use, the demand for payment processing in this pseudo marijuana industry is growing. However, many banks and other financial institutions feel that this industry is too high risk or potentially damaging to their reputation. Because of this, they are reluctant to handle any type of payment processing for CBD merchants. This has led to a crisis with companies that offer CBD, hemp products, vape equipment, and other marijuana-related options, and then those companies end up frustrated and losing sales.

How To Get A CBD Merchant Account

You don’t have to deal with the frustration that most CBD merchants experience during the process of endlessly searching for a payment processor. No more turning away customers who want to purchase CBD products with debit and credit cards. Because, the simple fact of the matter is, CBD and hemp based businesses deserve as fair of a chance to have access to the same merchant services as other industries.

Merchant Stronghold will work with you on opening a CBD high-risk merchant account and keeping your account alive.

High Risk Merchant Account for Ticket booking and Online Sales

When selling tickets online or booking through an online system you don’t just want a payment gateway but payment solution altogether. In these fast times, the payment gateway or a permanent merchant account for events business, which is a High-risk business is more profound as the customer is opting out for online payment. In this time of breakneck competition, the businesses have developed a trend of giving cash back and discounts of various types to the customers.

THE MERCHANT SHOULD ACKNOWLEDGE BELOW POINTS BEFORE STARTING THE PROCESSING FOR THE EVENT’S BUSINESS:

Accepts all payment modes (Cards, Net-banking, Wallets, UPI, etc.) and supports all banks. If a customer has money in any currency and wants to pay, you should be able to accept it.

Zero setup and maintenance charges – You only pay for how much you use.

Integration process – Rather than spending precious developer bandwidth on payment integration, spend the time building the product of your dreams.

A dashboard that helps you monitor exhaustive reports on payments and statistics that help you improve your business.

Simple pricing packages that make sense for your business.

BENEFITS TO LOOK FORWARD TO:

• Easy settlement into preferred Bank account.
• Easy integration.
• PCI-DSS compliant.
• Less time-consuming.
• Automated structure.

Here comes everything you must know-how when looking for a merchant account for online tickets business and payment gateway. But then, if anything comes across regarding security of payments or payout cycle or something that is more customer-centric you must find the best platform that compliments your business model.

Get Reliable E-Commerce Payment Gateways

“How to get access to the payment gateway and accept Visa, MasterCard, American Express and Discover” in simple words are, the business needs to establish a Merchant Account. But, this doesn’t the only solution as Merchant Account, is just the service that is provided by the banks that will help to accept the electronic mode of payment. Businesses can choose between the elaborate array of collections banks from across the world have ACH, Check Processing, Credit Card Acceptance, Point of Sale System, etc.

The choice of services sometimes creates a lot of confusion for business owners to choose the perfect services according to their business type and what are the exact requirements for the application of the Merchant Account. For the ease of business owners Merchant Stronghold, with their industrial experiences can help them to choose from the perfect option according to their business. For the application of Merchant Account the business owners need few of the basic documents:

Articles of Incorporation of the business, Tax documents, etc, Fictitious filings, etc

A letter that is specified with the details and nature of the business, Fulfillment Agreements, DBAs, etc

Address and ID proof of the owner(s). If the physical address of the business exists the proof of that also needs to be attached with the application. Utility Bill and Passport recommended.

Personal and/or Business Bank Statements, Tax returns are important. This provides financial strength and stability to the business.

Merchant Stronghold can help businesses to establish the Merchant Account and provide a gateway terminal to accept payments across the world. One thing that comes while collecting the payment of through electronic methods is the customers have the right to dispute the transaction if they are not satisfied with the merchant’s service they directly contact to the bank for the amount that the customer paid for the product or service that leads to Chargeback. Merchant Stronghold will help businesses to fight such situations with all the legal documentation about which businesses many times are unaware.

High Risk Payment Gateway for Travel Related Services & Vitamins

You can get high quality yet flexible payment system for your business. We have high-security products that meet industry regulatory requirements for safe processing. So, they can keep your system flexible and scalable. Our systems get the support of the expert team that helps you team up with leading payment processing brands. You will reduce risk, cost, and secure your future with the help of our payment processing infrastructure.

Attract new customers and keep current ones by using our world-class payment processing services. Mobile payment, checks, online payments, and many more options are available to you. We have special offers for people who do Telemarketing of Travel related services and Vitamins. We will help you manage payments with the help of latest account software integrated into your website.

• Using our latest payment processing software, you can accelerate your business.
• Manage hardware modules and cryptographic keys across payment infrastructure.
• Certified and proven security solution with more than one options to choose from.
• You can simplify your business and reduce obligations.
• We offer management infrastructure that is compatible with mobile and comes with an assurance.
• Take advantage of EMV and expertise support.

Customer Support

Merchant Stronghold has a ticket system that doesn’t require merchants to wait longer. An expert will handle your case immediately.