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Rapid Financial Solutions
  • Home
  • About
    • About Page
    • Mission Statement
    • Testimonials
      • Testimonial from David Nova
      • Testimonial from Americans Tech LLC
      • Video Testimonials for Rapid Financial Solutions
      • Hired Rapid Financial Solutions as Our Merchant Account Manager
      • I had many questions and Michelle patiently listened and answered all of them.
    • Jobs
    • Make Money Online
  • What We Do
    • Financial Services
    • Merchant Accounts
    • Fraud and Chargeback Prevention
    • Business Loans
    • Increase Revenue for Your Business
    • Learn about the Merchant Account Industry
    • Europe Company Registration
  • Blog
    • Business Tips
    • Business Attributes
    • Merchant Accounts
    • Business Loans
    • Computer Tips
    • eWallet Solutions
  • Contact Us
    • Connect with Us on Social Media
May 30, 2020September 14, 2019 by Rapid Financial Solutions
 
              

Is There Any Simple Way to Get A Merchant Account for CBD Oil?

CBD Oil

Frustrating, yes, but that’s the price you pay sometimes to get a head start in a new industry with such huge potential! So how can an honest company set up a merchant account for CBD oil sales without running into a brick wall?

Well, it is possible to find merchant processing for CBD companies these days – but possible doesn’t mean easy…as the Elavon clampdown on anything even slightly cannabis-related showed this last April 2019, even a solution that seems solid can be wiped out with one simple policy change.

Many CBD Merchants Get Around This Through Non-Disclosure

Before you get the wrong idea, let us make it 100% clear – we are not advising you fail to disclose the CBD side of your business with your payment processor. If you’d like to know more about what we do advise, we’d be happy to go over the options with you. You can book an appointment here.

Just to give a clear picture of the current situation, though, many CBD companies are still slipping through the cracks. This “don’t ask, don’t tell” approach has been particularly effective for businesses that already have another existing business and are quietly adding CBD to their product line without revealing it to their payment processor.

For newer businesses, however, it’s next to impossible to do this and fly under the radar, especially if you sell your products online – any credible payment processor will visit your website within the first day of reviewing your application, and come down on you hard.

If You Get Caught, You’ll End Up On The MATCH List!

Try sneaking by the rules and you might get away with it for a while, but chances are it’ll eventually catch up. And when that happens, you risk an inability to get a merchant account from ANYONE (even CBD-friendly merchant processors) for a matter of years!

Sure, you might be able to stay in business by partnering up with someone who has a clean social security number and is willing to put your business in their name, but that’s your only recourse.

And unless they are family, it’s not going to be easy.

This creates a big headache for a business trying to make money in an already risky, complicated market.

Our Advice: Commit to Hunting Down A Provider Who WILL Work With CBD Firms

Yes, it’s tough…but great businesses are built on solving big challenges.

A few things to keep in mind as you shop around

  • Avoid all health claims on your website (or preferably anywhere) related to CBD. Health claims can disqualify you immediately.
  • This isn’t traditional processing in a traditional industry. CBD is considered very high risk for financial institutions – so prepare for high rates and a required reserve.
  • Be careful with approaching your current bank about getting merchant accounts for CBD oil if you don’t already know their answer. Even a simple inquiry can get your normal business tossed out, so do your research beforehand and know exactly what to expect.
  • You also have the option of using offshore payment providers, who may be subject to a different set of laws that allow more flexibility. Contact us anytime if you’d like to go over a list of honest providers.

Bottom Line: Merchant Account Providers Are Still on High Alert About CBD Oil

(At least for now)

If you’re tired of trying to find a back alley through this bureaucratic nightmare, it can help to consult with a merchant services consultant with one eye on the industry – someone who knows which minefields to avoid and is constantly looking out for the strategies and contacts you need to stand on solid ground.

We specialize in merchant accounts for high risk industries, and would be happy to hop on a no-pressure chat, or you can contact us through Skype or e-mail.

Set up a time to discuss potential options at Rapid Financial Solutions.

 
              
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Hired Rapid Financial Solutions as Our Merchant Account Manager

Hired Rapid Financial Solutions as Our Merchant Account Manager

Merchant Account Consultant

  1. Noticed issues with chargeback prevention service.
  2. Found 2 better chargeback prevention services.
  3. Signed me up several merchant accounts
  4. Managed all parts of the Merchant Account Department
  5. Managed all other merchant account agents
  6. Managed the communication between the processors or banks.
  7. Managed and analyzed work relating to the chargebacks and managed communications with the chargeback alert company
  8. Worked with customer service department regarding refunds.

Read more “Hired Rapid Financial Solutions as Our Merchant Account Manager”

George Rivera
2X Media Group
http://2xmediageoup.com/

Video Testimonial for Rapid Financial Solutions

Read more “Video Testimonial for Rapid Financial Solutions”

I had many questions and Michelle patiently listened and answered all of them.

I had many questions and Michelle patiently listened and answered all of them.

I am a young entrepreneur with a promising business that was nearly derailed by the insanity that is the credit card processing industry. After hunting for months for a viable processor with no luck, I chanced upon a forum that recommended giving Michelle from Rapid Financial Solutions a call. I called Michelle and explained my trouble finding a viable processor to work with. She immediately went to work finding me a solution and within 2 weeks I was approved for processing. The applications and contracts were somewhat paperwork intensive and as a lawyer I felt the need to read through all of it. I had many questions and Michelle patiently listened and answered all of them. I am grateful to have found Michelle and wish other people would provide the same level of customer service.

 

Sincerely,

 

Grateful Client

Read more “I had many questions and Michelle patiently listened and answered all of them.”

You are very good at what you do and we were lucky to have you putting out so much effort to help us in our fledgling business.

You are very good at what you do and we were lucky to have you putting out so much effort to help us in our fledgling business.

Hi Michelle,

I wanted you to know how very much I appreciated your knowledge of your industry and your professionalism while we were in negotiations.  I appreciated all you did to ensure that I had a clear understanding of the company and its terms.  You are very good at what you do and we were lucky to have you putting out so much effort to help us in our fledgling business.  Good luck with your future ventures.

Read more “You are very good at what you do and we were lucky to have you putting out so much effort to help us in our fledgling business.”

Beverley A. Gallimore
Americans Tech LLC

She put extra effort to find a processor who would serve our needs.

She put extra effort to find a processor who would serve our needs.

Michelle went over the edge to provide merchant account for our company. She put extra effort to find a processor who would serve our needs. She did that, despite that we had a couple of problems of our own and we delayed the integration and communication. Thank you Michelle for the perfect job.

David Nova
Ljubljana, Slovenia

Read more “She put extra effort to find a processor who would serve our needs.”

David Nova

Rapid Financial Solutions

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