cbd merchant account reviews

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Whether you’re an eager new business or switching providers and need to keep the registers ringing, our fast, plug-and-play integration gets you online and selling ASAP.

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Our industry-leading security ensures your CBD business is safe. This also includes the protection of customers’ data which gives them the comfort and confidence they need to transact with you online.

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Securing CBD oil merchant processing can be very difficult. Merchant account providers, such as ourselves, specialise in finding a solution for your industry.

CBD Merchant Account

As a CBD e-commerce business, you may have struggled to find a CBD payment processing provider that provides you with a high-risk merchant account. Total Processing is widely regarded as the premier payment gateway for CBD oil trading. Thanks to our extensive global network of banking relationships, we have helped hundreds of CBD oil sites with varying degrees of payment processing requirements. Our merchants see a 30-40% increase in revenue thanks to the increase in approved transactions.

This means complete peace of mind that your long term future is secure with us without the worry of being closed down. Businesses that sell hemp products are classed as high-risk businesses, but we don’t believe this should prevent those in the CBD industry from being able to process secure credit and debit card payments.

You need a credit card processor that will accept the risks of processing your CBD purchases. You also need security and this is where the secure online payment gateway can protect your business from fraudulent transactions. We have 198 different methods to process card payments to your merchant account and finally to your bank account.

We’ve got the knowledge and expertise to ensure you can always collect revenue. You can take mobile payments as well as card-present payments with our payment solutions gateway. Choose a CBD payment processor that you can trust with great reviews so that you can have peace of mind knowing your CBD payments are safe. We have a high acceptance rate for CBD oil merchant accounts and great financial knowledge of the industry to help you on your way.

Regardless of how long you’ve been trading or if you have been turned away by other payment processors, at Total Processing we will strive to find the perfect solution for your business.

• Track your transactions with our industry leading CRM
• Comprehensive solution for CBD merchants
• Accept over 100 currencies in 196 countries
• PCI Level 1 compliance
• 100% Approval rates*

Take secure payments 24/7 ✓ Zero down-time ✓ Track transactions ✓ Accept over 100 currencies ✓ No setup fee ✓ 100% Approval rate ✓

6 Best High-Risk Merchant Accounts for Small Businesses

By Meaghan Brophy on February 3, 2021

Meaghan has provided content and guidance for indie retailers as the editor for a number of retail publications and a speaker at trade shows. She is Fit Small Business’s authority on retail and ecommerce.

This article is part of a larger series on Payments.

High-risk merchant accounts are payment processing services that allow businesses considered to be high-risk by banks to accept credit cards from customers. Businesses classified as high-risk typically are not approved for a traditional merchant account, so you will need a dedicated account that can work with your business type.

Though high-risk merchant accounts almost always have higher fees than traditional accounts, the best ones offer transparent pricing, dedicated customer support, and tools to prevent chargebacks.

Top High-Risk Merchant Services

What Are High-Risk Merchants?

A high-risk merchant is a business that may be considered high-risk to banks or other financial institutions. Any business that is prone to chargebacks—operating in an industry that makes it susceptible to financial failure or other potentially questionable circumstances (such as CBD vendors or offshore businesses)—can be classified as high risk. This is because financial institutions are taking on a higher-level of risk working with you.

  • Financial or legal services
  • Subscription businesses
  • Gambling
  • Life and other coaching services
  • CBD and vape
  • Travel services or clubs
  • Health, wellness, and supplements
  • An offshore business
  • High chargeback or fraud rates
  • Personal credit that is bad or poor
  • Multi-level marketing tactics
  • Very high average order sales (above $500)
  • Extended fulfillment timeframe

*This is just a small sample of industries that could be considered high-risk. Classification is determined differently by every bank and financial institution.

What Is a High-risk Merchant Account?

A merchant account is a type of bank account. Just like certain factors can impact your business’ ability to get insurance coverage or financing, having a high-risk business also makes it harder to open a merchant account.

If your business does not fall under the credit policies of a tier-one traditional bank, your application for a merchant account may be rejected. In this case, you will need to find a merchant account provider that specializes in working with high-risk customers.

The main difference between a traditional merchant account and a high-risk merchant account is it comes with much higher fees and processing volume restrictions. So, it’s important to apply for traditional merchant services before opting for a high-risk provider. See our guide to the best overall merchant services for our recommended providers.

How We Evaluated High-Risk Merchant Accounts

Naturally, we considered rates and fees. However, unlike the best low-risk merchant services, high-risk merchant account providers don’t publicly disclose pricing. That is because these businesses partner with many different underwriting banks and will help you fill an application out to shop around for the best rates. So, rates will vary for each business.

We looked at the overall pricing structures and fee transparency for each company. For example, we reviewed average contract length, cancellation fees, rolling reserve policies, and whether they offer interchange-plus pricing to qualified merchants.

In addition to fair and transparent pricing, high-risk merchants specifically need dedicated customer support plus chargeback prevention and protection tools to monitor for fraud or any other activity that could potentially jeopardize your merchant account.

While many processors claim to specialize in high-risk merchant services, some of those companies are actually very selective in their approval process, will automatically reject applicants that are on the MATCH list, or deny businesses that operate in certain industries. We prioritized processors that work to get merchants placed regardless of history or business type.

MATCH (Member Alert to Control High-Risk Merchants) list: A list of businesses with one or more merchant accounts previously closed by their acquiring banks. This database is created and managed by Mastercard and typically used by acquiring banks to screen merchant account applicants. Previously, this was known as the TMF (terminated merchant file) list.

Finally, we considered standard payment features like what types of payments each processor supports, deposit times, customer support hours, and user reviews.

Based on my evaluation, PaymentCloud emerged as the best overall high-risk merchant account for small businesses. PaymentCloud offers dedicated customer support, competitive pricing, fast-approvals, and next-day funding, which is rare for high-risk accounts. Plus, the company offers plenty of hardware and solutions for online, storefront, and mobile sellers.

Click through the tabs below for our specific evaluation criteria:

6 Best High-Risk Merchant Accounts for Small Businesses By Meaghan Brophy on February 3, 2021 Meaghan has provided content and guidance for indie retailers as the editor for a number of retail