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CBD Merchant Account Processing
The Southern Institute is an experienced provider of secure CBD oil merchant accounts (so if you are looking to open a CBD merchant account, you came to the right place). Creating a CBD merchant account can seem daunting at first because of all of the high-risk concerns involved, but The Southern Institute is ready to help walk you through getting your own reliable merchant account services.
Creating a CBD merchant account is necessary to import CBD oil to make your products from, and if you apply through The Southern Institute you will have no need for a Visa credit card or a MasterCard credit card. The Southern Institute has an impressive track record for secure CBD merchant processing; for years, this team has worked with thousands of companies to learn all that they can about reducing the overall costs involved with credit card processing to better help businesses when they apply for a merchant account.
The Southern Institute will dedicate themselves to helping your business grow healthy and strong. Our account representatives deliver high quality business plans to help your business become both more efficient and productive over an extended period of time. After speaking one-on-one with one of our qualified account representatives, applying for a CBD merchant account will obviously be more than worth it.
Why You Need a CBD Merchant Account
As far as opening a merchant account, the biggest issue is that no money can be made by the merchant if their account is lost. To make matters worse, once an account is lost it is exponentially more difficult to apply for a replacement account afterwards. The lower chances of getting a new account can really hurt your business. Because of this, The Southern Institute understands how important it is to help you safely grow your business. Another thing that can shut down a CBD merchant’s business is if they are unable to keep up with the many state regulations out there – this is one of the many aspects of a merchant accounts that The Southern Institute is happy to help with.
Our banking connections and fraud prevention tools assist with our support going above and beyond simple merchant account assistance. Consulting with our team gives you access to our combined in-depth knowledge of the CBD industry and how it works, in addition to getting you on the track of success. Apply now for a CBD merchant account on our merchant account application page to get started and schedule a consultation with one of The Southern Institute’s team members.
As both state and federal governments begin to legalize cannabis for medical (and although less often, recreational) use, products derived from cannabis are becoming more common (for example, cannabidiol or CBD). Unsurprisingly, the cannabidiol industry is becoming more and more popular every day - this is the result of the increasing number of advantages being linked to CBD oil.
What Is CBD Oil?
You have probably noticed the increasing legalization of medical marijuana over the past few years. Although there is a ton of debate surrounding recreational (and even medical) marijuana, the usage of hemp (CBD) oil dodges a lot of that due to the profound health benefits being celebrated among the medical community (without making the consumer “high”).
CBD stands for cannabidiol. Cannabidiol is a compound found in hemp naturally that is extracted from the marijuana (hemp) plant. Unlike medical marijuana, CBD (hemp) oil only has a very small amount of THC, making it non-psychoactive, meaning it does not cause the user to become high. CBD oil offers notable health benefits, and the fact that it is non-psychotropic and non-psychoactive (doesn’t make the user high) makes it a considerably less controversial substitute. The distinction between CBD and THC is paramount for people comparing safe medical alternatives.
Cannabidiol is in higher demand after the surprisingly quick rise of the cannabis oil industry. Cannabidiol hemp oil is even becoming easier and more convenient to purchase, as it is able to be purchased online and delivered directly to the customer’s doorstep as well as in retail stores. The consumption of CBD oil is perfectly safe, with no recorded overdose in the history of its usage. It may be recommended that the user begin will small dosages and work their way up for best medical results. CBD oil comes in many forms including creams, gels and capsules (that are intended for ora lconsumption).
Benefits of CBD
CBD affects a person’s endocannabinoid system, which are receptors that are mostly located inside the brain and central nervous system. After absorbing or consuming CBD, a person’s endocannabinoid receptors react and cause the body to release chemicals across the body that act as a therapeutic way to assist the body’s natural health. Since the oil is entirely non-psychoactive, the user’s sensory awareness and reaction time will not be affected negatively at all whatsoever.
As people recognize the benefits of CBD and states begin to legalize the sale and production of it, CBD merchant accounts become increasingly sought after. An accurate dosage of CBD oil can treat a variety of health issues including seizures, nausea, and anxiety. This oil has also been proven to relieve pain and/or inflammation for someone experiencing those symptoms.
Here are some of the many good things this oil possesses:
- This oil is a great source of vitamin E antioxidants.
- It is a good source of magnesium.
- It is a good source of zinc.
- It is a good source of calcium.
- This oil can help lower cholesterol through the polyunsaturated fatty acids that it contains.
- It can help balance hormones, improving your mood.
- This oil can make your hair (and surprisingly, your pet’s hair) feel silky smooth.
Hemp oil and CBD oil benefit both people and animals. Both oils act as a muscle relaxant making them perfectly safe for your pet to ingest. The fatty acids within these oils help pets; these oils can lessen joint pain in older pets, help fight off sicknesses, and simply help out your pet’s skin and fur.
High Risk Industry
A company is regarded as “high risk” when the industry it operates in is considered risky, as well as when financial failure is a possibility for that company. One issue deals with health concerns and the second refers to the company’s potential for making profit in the future. A high-risk company is often charged more than conventional companies for insurance and other protective measures for their business.
The rates for a CBD merchant account tend to be higher than average due to the higher risk associated with the cannabis industry. Both banks and credit card processors regard the cannabis industry as high risk, making them less easy to work with and adding extra steps to your mission to acquire a merchant account. However, The Southern Institute continues to provide the highest standards of customer support. Our customer service combined with the safety and convenience that is a part of processing credit card payments makes getting a merchant account through us a valuable and useful investment.
Creating Your Merchant Account
In this day and age, finding reliable payment processing for a high-risk business is quite tricky. This is especially true for something as controversial as the cannabis industry. It is easy to get lost in all of the legalities surrounding cannabis, but one mistake could cause your business to get shut down. Contacting an experienced team member from The Southern Institute can help you avoid any possible legal problems as they walk you through how to perfectly execute your business plan.
At The Southern Institute, our team is made up of agents who are experts in the world of CBD payment processing. We do everything we possibly can to ensure you get the support you need for your business to thrive. After applying online for your merchant account, one of our professional account representatives will contact you to get an idea of what solutions you will be looking at. Once you know all of your potential options, you can hit the ground running with a killer business plan and an extremely helpful consultant for any issues that may present during your journey. There are certain steps you can take before opening a merchant account that we will go over later, but they include having a positive processing history and financial history.
Our business help and consultation cover a variety of categories, including offering payment processing solutions for your CBD merchant account, medical cannabis payment solutions, and marijuana credit card processing.
If you are trying to open a CBD merchant account, look no further. At The Southern Institute we provide secure CBD merchant account services. As the CBD oil becomes more popular, so do CBD merchant accounts. The Southern Institute can help with the processing solutions merchants need to sell their products that contain CBD.
The Southern Institute’s CBD Merchant Account Services page provides a lot of helpful information regarding their experience with offering account processing solutions.
How The Southern Institute Can Help
The Southern Institute’s expert team is always ready to consult with new and current clients about their payment processing issues. Whether your main concern is preventing fraud or keeping your company up to date with the many strict state and federal regulations required to keep your company in business, the Southern Institute is ready to help.
At a consultation, you can expect to be greeted by a dedicated merchant account processing solutions expert who is prepared to analyze your company’s situation and figure out a game plan to help your company thrive and grow.
Things to Consider When Applying for a CBD Merchant Account
CBD oil and anything within the cannabis industry is regarded as very high risk (since the U.S. government states that cannabis is an illegal substance). Because of the elevated risk associated with these purchases, finding a reliable way to process these sales is difficult. Banks tend to turn prospective account owners away for not meeting strict requirements, and the same goes for some large credit card companies.
The Southern Institute can help you find the credit card solutions you need. Even if you are just starting out and are unsure if you are ready to open a merchant account, our account representatives would be more than happy to talk you through the necessary tasks needed to be done prior to opening your account.
5 Helpful Things to Know About Opening a CBD Merchant Account
There isn’t exactly a plethora of helpful resources on the internet for individualized merchant account issues. If you think about creating an account with a lesser known website, you have to consider the possibility of your business being lumped together with many others under the same Merchant ID, holding your company back from growing and succeeding. So, naturally you might consider trying a bank next. Most banks within the United States don’t even allow merchant accounts for hemp industry businesses.
If a bank does decide to back a high-risk business it tends to be rather picky about CBD merchant accounts, and they are not afraid to shut down an account if their requirements are not met.
Having a good processing history prior to opening your account helps.
This goes for the majority of merchant accounts that are higher risk. A bank will want to see around six months of strong processing history. Records of your good processing history are helpful in that they can give constructive insight into your business.
If you don’t have an extensive processing history because maybe you are still in the startup phase, do not fret. The Southern Institute is happy to work with startup merchants in figuring out a payment processing plan to ensure the long-term success of your business.
It is also smart to have a decent financial balance.
Well, we all know that banks like things a certain way. One of the specifics that will help you in the eyes of the bank is to see that your business bank account has a solid balance. This does not mean you need to have the bank account balance of an experienced of a venture capitalist, but it is something you should be conscious of.
Obviously, it will help to have nice sales to go with your positive processing history.
A high-risk merchant is unfortunately a less desirable investment than a low-risk merchant, but showing proof that you are making money will ensure that a bank sees you as profitable and productive. The process of applying for any type of merchant account will consider this as well.
Strive to not have too many chargebacks in your processing history.
This ties back to number 1’s point about having a healthy processing history. Preventing chargebacks, while it does take some effort, is worth your while. Unfortunately, chargebacks are not completely unavoidable, and every merchant will encounter them at some point. They are pretty normal if there is a smaller, more reasonable number of them. However, keep in mind that a large number of chargebacks can extremely limit your credit card processing solutions and options.
Some of the common causes for chargebacks are:
- You experienced a fraudulent transaction.
- Your customer may not have received their purchase.
- The product delivered to your customer was damaged.
- Your customer was unsatisfied with their purchase.
Practicing certain methods of chargeback prevention can be extremely helpful for your business. Chargebacks can be potentially harmful to your CBD merchant account, so learning a little about how to prevent them is a good step in the right direction.
Here are some tips to help your business prevent chargebacks:
- Make sure to send out reminder emails to your customers.
This can include email confirmations to the customer after they have placed an order to show that it has been received, and another email to inform the customer of their shipment information once that is in order. This will help make sure that the customer remembers their purchase and (hopefully) eliminate any potential for miscommunication between you and the customer.
- Make sure to get orders out efficiently.
To keep the customer from potentially creating chargeback inquiries, always strive to decrease the amount of time it takes to get the order shipped from the time the order was placed and officially received.
- Keep an eye out for possible fraud.
This is just good business practice in general. Fraudulent transactions are harmful and should always be avoided.
Getting an EU registration can prove helpful in the future.
Since cannabis is largely illegal in the United States, CBD merchants will find that getting an EU registration for their business is beneficial for any potential international banking solutions. This is also helpful due to hemp being imported into the US for use.
CBD is a promising compound for treating epilepsy, anxiety, certain types of cancer, depression, and many other health issues. Although it is considered high risk and finding a solid place to apply for a merchant account can be hard, The Southern Institute sees the amazing potential for cannabidiol and CBD.
Why Choose The Southern Institute?
Sadly, banks will always consider CBD businesses to be a risk due to its connections to marijuana. There is a chance that by some point in the future there will be easier CBD oil payment processing solutions, but there is no telling when or how long CBD merchants will have to wait. Until CBD merchant processing and accounts are more accepted by the government and major financial institutions, The Southern Institute strives to offer the best customer service and quality merchant accounts for CBD merchants.
While it can be hard to find a suitable place to open your merchant account, which is why we pride ourselves so much in our customer support services. We will set up a solid foundation for your business to thrive on in order for you to successfully climb the industry ladder. Our team members will work closely with you until you are confident your business is running smoothly, and you have a strong financial record. Our top notch customer services are unparalleled, ensuring that you will have a worthwhile experience opening your merchant account through us.
Are You Looking for Something Else?
The Southern Institute has experience in consulting about all types of issues regarding the wide world of Electronic Payments. Our specialty lies in creating high risk business models that offer the safest and most profitable routes for individual businesses, but we also have extensive knowledge of conventional business models as well. Our consultations cover both retail businesses and E-commerce alike.
The Southern Institute’s expertise also extends into the worlds of medical cannabis payment solutions and marijuana credit card processing.
Medical Cannabis Payment Solutions
Our team isn’t afraid to get creative if it means helping you solve any payment issues you may be having. We consider ourselves to be one of your best options if you are looking for devoted customer support, quick approval, and low rates.
We understand the struggles surrounding the unclear stability and legal issues involved with the cannabis industry. The Southern Institute prioritizes its customers during its problem-solving process, making every solution unique. Learn more about our competitive rates and individualized solutions on our Medical Cannabis Payment Solutions page.
Marijuana Credit Card Processing
Even the legal marijuana merchants find themselves jumping through hoops to find dependable credit card processing options. Our team works to make sure our credit card processing solutions work not only for the cannabis industry merchants but also their customers, to create a trustworthy process and uphold our outstanding customer support.
The Southern Institute aims to eliminate any concerns merchants may have regarding unsecure payment transactions, for example, making sure they never have to resort to accepting cash only payments. No matter how large or small the business is, we are happy to help. Find out more about our Marijuana Credit Card Processing to learn more about how we can help your cannabis business.