CBD Oil Merchant Services
Even though CBD oil, or cannabidiol, has shown great promise as a treatment for epilepsy, Huntington’s, Dravet syndrome, and many other conditions, there’s still a stigma that surrounds cannabis-related medicines. And while the general public’s opinion is changing and more research is being done to prove the effectiveness of CBD, banks and financial institutions still haven’t budged on their stance that CBD oil is a “high-risk” product.
This harsh classification has caused CBD oil merchant accounts to be denied and even terminated by banks for years. But at the Southern Institute, we believe that these businesses deserve a fair chance. CBD oil is legal in the United States, so why shouldn’t merchants that follow the rules and run an honest business be able to sell it and take credit and debit cards as payment?
When it comes to finding a CBD merchant services provider for your business, you can trust the Southern Institute to connect you with the right resources and to consistently provide high-quality assistance. From creating a merchant account to climbing to the top of the industry, our team of expert consultants can help you reach your business goals.
What Is CBD Oil?
CBD oil is a compound derived from cannabis, but does not have any of the usual properties associated with marijuana – there is no high. That’s because unlike THC, CBD is none psychoactive.
CBD oil is primarily used to relieve symptoms of various diseases and conditions, most prominently epilepsy and cancer. But despite all of the good that CBD oil can do, it’s still heavily regulated by the federal government, making it difficult to purchase in some states. Luckily, because it is considered a dietary supplement, the shipping of these oils is not affected by federal law.
This should allow CBD oil merchants to safely and legally sell products online, but there is one more hurdle that they have to cross – they need the support of a bank or financial institution in order to accept card. While ordinary banks won’t offer merchant services to CBD oil sellers, the Southern Institute is far from ordinary. Managing risk is what we do best, and it’s the reason we’re able to offer our merchant services to CBD sellers with confidence.
What Are Merchant Services?
Merchant services are a category of financial services that include the acceptance of credit and debit cards, the processing of the payments made with these cards, e-commerce transactions, payment gateways, and ACH (Automated Clearing House) services.
In order to take advantage of the CBD merchant services that we offer, you need to first apply for a merchant account. For a high-risk business to set up a merchant account, you need the help of a service provider that specializes in minimizing risk and creating stability. The good news? The Southern Institute can get you set up with a merchant account quickly and easily – all you have to do is apply!
In addition to offering CBD merchant services, we also provide the same great services for other high-risk products, such as medical cannabis and hemp oils, and high-risk industries such as travel and debt collection. We serve non-risk businesses as well, so any type of business owner can apply for a merchant account with the Southern Institute.
What Are ACH Services?
ACH, or Automated Clearing House, is the electronic network responsible for processing a wide range of financial transactions. These can include anything mortgage loans to insurance premiums, but in the context of merchant services, ACH is mainly what allows businesses to receive payments directly from a customer’s checking account, no card required.
Another word for an ACH payment is an eCheck. While this method of payment allows you to bypass the use of a credit or debit card and can save you a considerable amount of money on processing costs, you still need a merchant account in order to process ACH transactions. Electronic checks can be used both online and in-person, making them a popular choice for CBD oil merchants looking to save money. They’re perhaps most useful for setting up recurring annual and monthly payments.
Payment Processing Solutions that Work
Some consulting services are all talk – they say that they’re going to help your business grow, but then they abandon you as soon as you’re approved for a merchant account. They also say that they offer comprehensive payment processing solutions when really, they’re just using a haphazard, indiscriminate approach to find banks that will accept your business. Worst case scenario, the bank or financial institution that they end up choosing is unreliable and eventually terminates your merchant account, putting you back to square one.
At the Southern Institute, we take a more thoughtful approach to CBD merchant services. Instead of choosing banks at random and hoping for the best, we rely on a strong portfolio, long-term relationships with providers, and over 20 years of consulting experience to find payment processing solutions that actually work and guarantee your long-term success.
When a customer bypasses a merchant and takes their complaint straight to the card issuer, it can seriously hurt your business. That’s why the Southern Institute offers chargeback protection in addition to our other CBD merchant services.
With proper chargeback protection, customers have to bring their disputes to you first, not the issuer, so that you can have the chance to resolve the problem and stop a potential chargeback. For most merchants, taking the time to settle a dispute in private is preferable to paying for costly chargebacks.
Reduced Processing Costs
One of our primary goals as a team of merchant service consultants is to reduce your processing costs by as much as possible – that means lower fees credit card, ACH, and check processing. This way, you can use more of your money for the things that matter most, like growing your business.
An Individualized Business Approach
Your business is unique, which is why we don’t believe in a one size fits all approach to CBD merchant services. The types of products that you sell and the current laws and regulations in your state affect a processor’s decision to serve your business, so it’s important that your consultant is aware of these different factors.
At the Southern Institute, we take an individualized approach to consulting. We’ll keep your business up to speed on any state or federal government changes that might affect you so that you can avoid any costly and time-consuming legal issues, or worse – the termination of your merchant account altogether. To prevent this from happening, our team of detail-oriented finance professionals are constantly monitoring local, state, and federal regulations to keep you informed.
A Better Customer Experience
No business can hope to be successful if its customers aren’t satisfied. When you apply for CBD merchant services from the Southern Institute, you can improve your customer’s shopping experience by giving them faster, more secure, and more reliable payment options.
People enjoy the convenience of shopping online, which is why our CBD merchant services also include help setting up electronic payment options and finding e-commerce solutions for your high-risk products. Because just like banks don’t always accept high-risk clients, not all shopping cart software will allow you to sell online. That’s why we work to match you up with a reliable service provider capable of meeting your everyday needs.
How to Apply for a Merchant Account
You know that you can’t take advantage of the benefits the Southern Institute’s merchant services have to offer your business until you’re approved for a merchant account, but how should you go about applying for one in the first place?
With the Southern Institute, applying for a merchant account can be done in just minutes. Simply fill out a short form with some basic information about your company and click apply – it’s really that simple! In just a few short business days, one of our friendly team members will give you a call and explain the next steps in the application process.
Apply for a Merchant Account Today
Despite not causing any of the psychoactive effects associated with cannabis, it still isn’t easy for sellers to get bank approval for a merchant account. But for those who are able to secure one, the increasingly high demand for CBD oils means increasingly higher profits for small businesses. Unfortunately, it’s almost impossible to take advantage of that demand when your business can’t accept credit cards, debit cards, or online payments.
But with comprehensive CBD merchant services from the Southern Institute, your business can finally reach its full potential. Our team of financial and legal experts will guide you through the process of creating your merchant account, help you avoid fraud and other risks to your business, and help you maximize your profits with our electronic payment solutions for both e-commerce and retail merchants.
It’s never been easier for high-risk businesses to qualify for a merchant account. For more information about how you can get started with expert consultation services from the Southern Institute, call us to speak with any of our expert advisors today – we’ll be more than happy to answer any questions or concerns you may have.