Solutions for Cannabidiol Merchant account: how to choose the right provider?
Gone are the days when it was enough in business to sell goods for cash in order to prosper. Nowadays, buyers need a choice not only in service and product options, but also in payment options. And more and more popular is the purchase of goods on the Internet and payment for them with bank cards. For this method, it is mandatory for the seller to have a merchant account.
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But buying a product via the Internet, compared to traditional offline trading, has risks associated with the fact that the buyer, when buying the product, does not see it with his own eyes, therefore, he may incorrectly represent it. Secondly, he can always say that he was wrong and demand to return the money. And the payment system in the overwhelming majority of cases will make a decision in his favor and return the payment. All these are unnecessary hassles and costs for the acquiring bank, where the seller opened a merchant account.
Therefore, bankers, in order to minimize their losses, divided the business into several categories depending on the risk, which takes into account the likelihood of return of payments (chargeback), the reputation of the business, the likelihood of interference in its work by law enforcement agencies, etc.
The Cannabidiol business (Cannabidiol is a natural extract of hemp) is at high risk.
Cannabidiol is not a drug (that is, it has no addictive effect), but it can lift your spirits and relieve muscle fatigue. It is already officially approved in 25 US states and in some European countries. In the Czech Republic, a festival is even held in his honor. But in Russia, Ukraine, Belarus and other CIS countries, Cannabidiol is prohibited and its implementation is criminally punishable.
Obtaining a Cannabidiol Merchant account is easier than, for example, an MMJ merchant account (for a medical marijuana business).
Many banks and payment system providers offer to open it.
But you have to be careful. Not all merchant account providers can offer the necessary range of services that a business related to Cannabidiol needs.
In order to choose the right merchant account, carefully analyze the proposals on the following issues:
Variety in payment methods
Credit cards are the obvious choice, but they are not the only option. But many buyers prefer other payment methods. For example, using various electronic money and cryptocurrencies. Therefore, you should choose the option of a merchant account that will offer payment options that are most suitable for your audience.
For example, our company accepts payments from bank cards of Visa, MasterCard, American Express, Mir systems, works with 20 currencies, 53 payment systems and the most popular cryptocurrencies.
The provider should be able to offer additional features and services that your business may need. These are such services as: payment protection, fraud prevention measures, PCI DSS compliance, 3D secure payment gateway.
Wellcoinpay is PCI DSS Level 1 certified, provides a 3D secure payment gateway and uses the most advanced anti-fraud algorithms.
Tariffs and commissions
Cannabidiol merchants should be extremely careful about the rates and fees charged by the merchant account provider.
Since the Cannabidiol business is considered to be a highly risky business, you will pay more to process your payments than the average businessman. But how much more?
Also, inquire about any hidden charges or additional commissions that your merchant account provider may charge you for providing any services.
Wellcoinpay offers some of the lowest rates and commissions for Cannabidiol merchant accounts.
Experience with your business
Since the Cannabidiol business attracts increased attention from the authorities and is generally prohibited in many countries, having a merchant account with a provider who has experience in resolving legal issues related to the Cannabidiol industry will be a big plus for your business.
Why Choose Us?
Wellcoinpay, an international payment system provider headquartered in London, offers personalized and affordable Cannabidiol merchant account services for companies of all sizes and in any legal field.
We establish strong relationships with banks and merchant account holders for long-term success.
Wellcoinpay is one of the best payment system providers offering services for Cannabidiol merchant accounts throughout Europe and the UK as well.
We are actively working in the following countries – Great Britain, Russia, Germany, France, Italy, Spain, Ukraine, Poland, Romania, the Netherlands, Belgium, Greece, Sweden, Austria, Switzerland, Norway, Ireland, etc. In total, in 51 European countries.
In the UK we have offices in London, Glasgow, Yorkshire, Manchester, Liverpool, Birmingham, Edinburgh, Bristol, Sheffield and other cities.