CBD Payment Processor Highriskpay.com – Why It Is A Better Choice?

published on: March 31, 2023 last updated on: June 15, 2023
CBD Payment Processor Highriskpay.com

Despite the fact that CBD was fully legalized in 2018 because of the U.S. Farm Bill, traditional payment companies still see it as a high risk due to its close ties to the cannabis sector. Therefore, cannabis companies frequently employ the alternative CBD payment processor HighRiskPay.com because of its higher risk classification.

Such companies are just as simple to use as any of the established payment processors while charging higher fees and having more business restrictions. Therefore, if you wish to learn more about them, you have to come to the right place. Keep on reading to learn about such alternative payment processing companies.

The Legality Of Marijuana And CBD In The USA

The Legality Of Marijuana And CBD In The USA
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By legalizing marijuana usage for recreational purposes in 2012, Colorado and Oregon set the bar for the push to legalize marijuana and cannabis. Despite the long history of medicinal marijuana, those jurisdictions were the initial ones to legalize and control recreational marijuana usage.

As a result, the cannabis market was effectively opened to the public, and many individuals flocked to get their hands on some “green gold.”

The business has been compelled to deal in cash or utilize the alternative CBD payment processor HighRiskPay.com. This is important since cannabis is still prohibited nationally. Banks and regular payment processors view it as a high-risk industry.

Why Are Alternative CBD Payment Processes Important?

Why Are Alternative CBD Payment Processes Important
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When a merchant is deemed high risk, they may be unable to use typical merchant account provider’s payment processing facilities. Therefore, some of the main reasons why many businesses are often labeled as high-risk businesses are:

1. Higher Transaction Volumes

Why Is HighRiskPay.com The Best Choice For CBD Payments
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If the company has business transactions exceeding $20,000 per month, it can be considered high risk. This is also true if a company sells products for high prices, especially above the $500 mark.

2. Payment Can Be Made Internationally

A business that conducts numerous foreign transactions may be more vulnerable to fraud. This is because foreign transactions are difficult to track and show in the books.

3. They Only Require Lower Credit Scores

Low credit score merchants are almost always viewed as higher-risk businesses and are therefore only offered alternative payment processing.

4. New Companies Can Start Easily

If merchants have never accepted transactions previously or have limited historical records, it will be labeled high risk.

4. The CBD Industry Is Risky

The primary reason why high-risk businesses need CBD payment processor highriskpay.com is because of the legal risks surrounding the CBD and hemp industry.

What Is CBD Payment Processor Highriskpay.com?

HighRiskPay.com has been among the quickest-increasing firms in the credit industry since 1997. High-risk merchant accounts are one of our areas of expertise. Their goal is to satisfy consumers and establish themselves as trustworthy suppliers.

They offer a vast countrywide network connecting merchant accounts with a reliable credit card processing solution through our processing banks. This affordable pricing makes it simpler for clients to maintain a flourishing business. Therefore, their live customer care is available 24/7 to help you!

Reasons  To Choose HighRiskPay!

Fast approval is the reason for applying for HighRiskPay. But there is more. Here are some reasons to keep in mind –

  • 99% Approval Rate!
  • No Application Fee required.
  • Chargeback Prevention
  • Fast approval (within 24 hours)
  • Bad Credit OK
  • No Contract
  • Next Day Funding

Why Is HighRiskPay.com The Best Choice For CBD Payments?

There are various alternative payment processors utilized by industries that are deemed high-risk. But, HighRiskPay.com has created a unique CBD merchant account for the CBD sector.

They link CBD businesses to their platform for processing payments from CBD merchants. The following advantages are offered by HighRiskPay.com when opening a CBD merchant account:

1. Clearer Transparency

Clearer Transparency
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HighRiskPay.com is up forward with the client about any expenses associated with processing payments. This is crucial for planning financial flow and creating budgets.

2. Intuitiveness

Intuitiveness
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HighRiskPay.com will only request documentation or information once the payment has been approved.

3. Many Payment Methods

Many Payment Methods
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Other than conventional credit cards and debit cards, HighRiskPay.com accept payment options. This includes the like of credit cards and cryptocurrency as well.

4. Acceptance Of Carious Cards

Acceptance Of Carious Cards
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All of the major U.S. credit card issuers, including Visa, Mastercard, and American Express, are accepted by HighRiskPay.com. If you are using UnionPay or another non-U.S. credit card network, double-check.

5. Low Fees

According to HighRiskPay.com, their rates are lower than those of other alternative payment methods. This can be a tremendous benefit because alternative payment processing is more expensive than the conventional payment processing method.

6. Protects You From Scams

Compared to others, high risk payment processor highriskpay.com has a variety of fraud prevention measures to reduce risks.

7. Prevents Chargebacks

Whenever a card issuer requests payment for a contested or illegal transaction, a chargeback occurs. Special techniques are in place at HighRiskPay.com to get rid of them.

8. Recurring Payments

Several alternative payment processors charge monthly or yearly fees, as was already explained. Automated recurring payments, either monthly or annually, paying is offered by HighRiskPay.com, just as with any other SaaS service you could subscribe to.

9. Provides Payment Analytics

High risk merchant account highriskpay.com delivers a range of analytical data relevant to your transactions and activities. This can help your business analyze the risks associated with our firm.

10. Customer Support

CBD businesses usually face different issues. Transaction issues are the most common among them.  HighRiskPay offers instant supports to their users when they are facing any problems with transaction.

Important Tips: Get Your CBD Oil Approved For Merchant Accounts

Getting your CBD approved, or a merchant account is difficult. But it is not impossible. Yes, there is a considerable level of competition in the market. But you can make it work if you follow the tips provided here —

1. Comply With Laws And Regulations   

Starting any business would require you to follow a few steps. Complying with your state and federal laws is one of them. When starting a CBD business, ensure your products and their sales comply with state and federal regulations. If your business complies with government regulations, you will be one step ahead in getting your CBD oil approved.

2. Maintain Good Credit History

Your CBD products will easily be approved for merchant accounts if your credit history remains clean. Overdraft fees, past bankruptcies, or late payments can potentially decrease your chances of getting your merchant account approved. So make sure that your credit history is clean and trustworthy.

3. Be Open To Their Requirements

when partnering with a merchant account provider, you might have to face a little higher fees or may have to follow specific transaction amounts. Initially, they might feel like a burden. But, if you comply with them and are open about them, your chances of getting approved will increase.

4. Find The Best Service Providers

Not every service provider is the best for your business. When looking for merchant account providers, try to get as many quotes as possible. This will allow you to assess between different service providers and choose the one that is best for your business.

5. Learn More About The CBD Industry

if you are starting a CBD business, you should educate yourself about its legalities, benefits, and potential drawbacks. Having a clear understanding of the fundamentals of CBD and how it works for business will also keep you ahead when facing any challenges.

Becoming A CBD Payment Processor Highriskpay.com Merchant

Becoming A CBD Payment Processor Highriskpay.com Merchant
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Sadly, owing to the high risk associated with the cannabis sector, regular payment processors will frequently not be available to CBD retailers.

Instead, they must employ CBD credit card processing firms like HighRiskPay.com. They are one of many CBD merchant account providers. They function similarly to conventional payment processors.

However, there may be other criteria that the vendor or merchant must satisfy, such as:

  • Due to the greater risk, they should pay higher costs.
  • It may be necessary for a high-risk merchant to commit to lengthier contract periods.
  • In addition to a monthly or yearly charge, they can also be required to pay early termination charges.
  • High-risk merchant accounts require a rolling reserve, in which the payment processor keeps aside a specific amount of your profits. They continue doing this until they have further proof that your transactions were legitimate and not subject to chargeback.

For buying or selling CBD goods, you can utilize HighRiskPay.com. However, you might prefer using a different money transfer site for lower-risk transactions.

Conclusion

CBD payment processor HighRiskPay.com received an A+ rating from Better Business Bureau (BBB) due to our history of providing top-notch service since 1997. In addition, they have also received honors over the years. Moreover, they have accrued a lot of satisfied clients over time because of the good services they provide. Unlike several businesses competing for your business, HighRiskPay.com will only charge you a little upfront money to submit an application. They will not charge you anything to open a new account. Since the company wants to be your business partner, getting started is simple.

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Debamalya Mukherjee

Debamalya is a professional content writer from Kolkata, India. Constantly improving himself in this industry for more than three years, he has amassed immense knowledge regarding his niches of writing tech and gaming articles. He loves spending time with his cats, along with playing every new PC action game as soon as possible.

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