The popularity of CBD oil is growing. This compound is derived from hemp plants. It offers anti-anxiety and anti-inflammatory properties that make it ideal for treating a wide range of conditions. It doesn’t contain large quantities of THC, the psychoactive substance found in marijuana.
Despite its medicinal focus, CBD merchants are still considered high risk by financial institutions. That is because it is made from hemp plants. The possession and sale of such plants is still illegal at the Federal level which makes some banks nervous about providing services to businesses who sell CBD products. The good news is that Instabill offers a viable solution that’s affordable and secure.
Why Use Instabill for Your High-Risk Merchant Account?
Instabill understands the challenges and is prepared to provide financial services that cater to the needs of high-risk businesses. Payment processing is a normal part of any company. When you limit the ways you can accept payments, you also limit your customer base. Expand your capabilities, and you’ll attract more business.
Many companies already trust Instabill for their merchant account services. The platform was named among the best CBD oil merchant account providers by industry analyst CardPaymentOptions.com. Other experts have praised Instabill for providing one of the best solutions when working with offshore and high-risk merchant account providers.
Instabill provides many money-saving benefits, including:
- Expands your ability to accept different forms of payment
- Includes advanced fraud protection to increase security
- Includes chargeback protection to minimize loss
- Experience working with CBD businesses
How Do I Apply for a CBD Merchant Account with Instabill?
The first step to obtaining your CBD merchant account is to talk with a representative. Get in touch with us, and we’ll get the process started. Instabill provides services to e-commerce businesses only at this time. You will need:
- Bank statements for your business from the previous 4 to 6 months
- To bring in at least $1,500 per week in payment processing
- If you are a startup, you will be required to pass a vetting process
Instabill offers competitive rates to help you keep more of your hard-earned profits. Merchant account fees will vary based on factors relating to your business. Items considered include your processing history, projected sales volume, and type of industry. The fees usually include a per-transaction fee, chargeback fee, refund fee, monthly gateway fee, monthly statement fee, and a merchant discount fee. Speak to a representative to find out what fees will apply to your CBD merchant account.
When Will I Know If I Am Approved for My CBD Merchant Account?
The time required for approval can vary. Most have a response and credit card processing setup within 5 to 15 days when all supporting documentation is supplied. Get started now so you can complete setup as soon as possible. It is possible for CBD businesses to get approved for merchant accounts. Contact us today to learn more.