ach options for cbd oil

Ach options for cbd oil

Are you an ecommerce merchant selling hemp oil and CBD searching for an effective way to accept payments? You’ve landed in the right spot. Quickly and easily set up a hemp merchant account. And watch your sales grow.

Hemp oil and CBD merchants understand how challenging it is to obtain or retain card processing accounts. Although everyone hopes this will get easier over time, the fact is that you need a way to accept payments today.

Few US acquiring banks accept hemp and CBD merchants. Those who do, require high volume processing. And there’s no guarantee that the banks will continue to process for the industry.

For instance, one major US banks was processing for thousands of CBD and hemp oil merchants. Then the bank decided not to process for the industry and all the card processing accounts were cancelled. Leaving hemp and CBD merchants unable to accept payments

Now, you have a better option. Go cardless. And get more sales.

Hemp Products & CBD E-Commerce Payment Processing

Despite the card brands shunning of CBD and hemp ecommerce merchants, there is a huge market demand for these products. Consumers want to buy from you. They simply need an easy way to purchase from your site.

Secure online payments with bank transfers is the solution. The payment processing platform was created specifically as a proven payment method for ecommerce merchants who find it difficult for obtain card processing accounts.

When you offer secure bank transfers on your checkout page, customers pay you quickly and easily. Paying with a bank transfer is as simple as using any other payment method. And bank transfers are the most secure method of online payments.

Bank transfers are the most secure online payment system available for ecommerce merchants selling hemp products, CBD, and more. Shoppers pay you from your checkout page without divulging any financial information.

Payments are like cash. There is no risk of fraud. And no chargebacks.

Benefits of Secure Online Payments with Bank Transfers for Hemp Oil & CBD Merchants

Millions of Americans search for CBD, hemp oil and hemp products every month. These are among the most desired products sold online.

Shoppers visiting your website want to buy from you. You need an effective way to accept payments. Secure online payments with bank transfers are the answer.

  • Go Cardless. Superb for hemp & CBD merchants who find it challenging to obtain card processing accounts due to restrictions on products being sold. Now you have a solid US payment processing solution with no risk to you.
  • Most Secure Online Payment Method. Payments are authorized in real time by the customers’ own bank. Once authorized, the money is guaranteed to you.
  • Privacy for Buyers. Excellent payment choice for buyers who do not want to provide sensitive payment data when purchasing online.
  • No Chargebacks. Get rid card chargebacks & declines. Eliminate echeck returns & revokes. Payments are like cash and cannot be charged back.
  • Fast Settlements. Funds are deposited in your bank account in 1-2 days.
  • No Reserves. Free up your working capital. No risk of losing reserves or waiting 6 months to get them back. Get all your money all the time with no holdbacks.
  • Unlimited Processing Volume. No caps on volumes. Process as much as you want.
  • Protect High Risk Merchant Accounts. If you do have a card account, secure online payments with bank transfers help reduces card chargebacks & card fraud.
  • Simple Application. Much simpler than applying for credit card merchant accounts.
  • Fast Approvals. Accounts are approved rapidly. Speed time to market and get more orders faster.
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How Secure Online Payments with Bank Transfers Works

Secure online payments with a bank transfer are like cash transactions. When buyers authorize the purchase, payments are guaranteed to you.

Customers pay you from checking or savings accounts without disclosing any financial information on your website. Bank transfers are the only online payment method that gives you real time authorization and guaranteed funds with no risk for fraud or chargebacks.

Paying for ecommerce purchases with a bank transfer does not require any enrollment or registration from buyers. Customers use their existing bank accounts for completely secure online payments.

  1. On your checkout page, buyers choose to pay you with a bank transfer. More than 98% of US banks are integrated with the platform. The buyer selects the bank and is automatically sent to the bank’s website page to login.
  2. After login, buyers immediately see the invoice for the sale displayed and click to authorize the purchase.
  3. After the payment is authorized, your customers are automatically redirected back to your site where they can view and print the receipt for the sale.
  4. You receive real time authorizations when payment has been made. Since funds are guaranteed, you can fulfill orders immediately.
  5. Funds are settled to your business bank account in 1-2 business days.

Online bank transfers are also known as “push payments” because customers push the payment to you through their online bank account. Hemp & CBD merchants are happily surprised by the number of buyers who want to pay using a bank transfer. Privacy is guaranteed and no financial data is disclosed to the online seller.

You increase trust and satisfaction by giving your customers a private & secure way to pay you. While boosting your bottom-line profits.

Get an edge on your competition. Add secure online payments with bank transfers to your checkout page. The more ways shoppers can pay you, the more sales you make.

Why Secure Bank Transfers are Better than Cards?

While all types of ecommerce businesses can benefit from the payment option, it’s most helpful for companies classified as high risk for card processing. These include hemp oil and CBD merchants who have challenges obtaining or retaining card processing accounts.

High risk merchants selling CBD, hemp oil and hemp products traditionally have low chargebacks. Buyers want the products. Yet, card processing accounts are still difficult to get.

You need to be able to accept payments on your website in order for your business to be a success. Secure online payments with bank transfers give your customers a trusted payment method to buy from you.

Bank transfers are the most secure online payment available, allowing customers to buy from you without disclosing card or bank account information.

Secure Online Payments Increase Sales, Eliminate Fraud, and Protect Buyers

More than 50% of online shoppers are deeply concerned about privacy or ID theft when buying from ecommerce sites. Many online shoppers are hesitant to reveal sensitive payment data when making ecommerce purchases. Their fears are justified by continuous news reports about theft of sensitive financial information data caused by data breeches or technical glitches at retailers, ecommerce sites, government agencies, and institutions.

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Secure online payments with banks transfers alleviate shoppers’ concerns about buying online. Bank transfers are an extraordinary safe payment method which does not require any disclosure of personal financial data. Security and privacy for internet purchases is ensured.

Secure online payments with bank transfers are authorized via by the buyer’s own bank in real time. The bank authenticates the identity of the customer and confirms there is enough money in the bank to pay for the purchase before authorizing the sale.

There is no fraud with secure online bank transfers. Chargebacks do not occur. And payment for the purchased products is guaranteed.

As a bonus, secure online payments with bank transfers reduces shopping cart abandonment. Checkout carts are routinely abandoned at the point when consumers have to enter card or bank account information.

With secure online payments with bank transfers, shoppers pay you without disclosing any financial details. When shoppers feel safe at checkout, trust is enhanced. Customer satisfaction is increased. Resulting in more sales & profits for you.

How to Apply for Secure Online Payments with Bank Transfers

Applying for secure online payments with bank transfers is much simpler than applying for a high-risk credit card merchant account. The application is easy and takes very little time to complete. Applications are sent to you electronically though secure servers. Account approvals take only a few days.

When you decide to move forward, application paperwork is emailed to you. You complete the application form electronically and provide a few supporting documents. Far fewer documents than required by high risk credit card processors.

Supporting documents include: Voided check from the bank where you want settlements deposited, color copy of driver’s license or passport; and company formation documents such as Articles of Incorporation / LLC.

Integration to your checkout page is easy. Hemp & CBD merchants can take advantage of plug-ins to speed time to market. Companies processing over $100K per month are welcome to use a simple-to-install API.

Why Choose NationalACH for Secure Online Payment Processing?

For over 20 years, high risk merchants have successfully used our services to process online payments. The company offers a wide variety of payment methods, including high risk credit card processing, ACH, high risk echeck processing, and ecommerce bank transfers.

By adding secure online payments with bank transfers to your checkout page, you quickly maximize your sales, protect your customers, and increase your profits.

Merchant Accounts and eCheck For Hemp & CBD Oil

SoarPay Offers eCheck Processing For Hemp & CBD Oil Businesses.

Why CBD Businesses Are Considered “High Risk”

Many credit card processors, and other payments companies, do not accept CBD-related businesses for several reasons…

  1. CBD oil, because of its association with hemp and THC, has a complicated and fast-shifting legal framework in the United States. As a result, for a sponsor bank to support the industry they must understand and keep a dedicated eye on it. Many banks and processors are unwilling to do so.
  2. Because CBD Oil is relatively new, there are differing levels of quality in CBD based products, posing additional chargeback risk to the credit card processors, and risks to providers of other payment methods.
  3. Finally, CBD oils, creams and related products are simply new products. Because of this, many sponsor banks, credit card processors, and payments companies, simply have not changed their underwriting rules to reflect these new products.
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Soar Payments, by contrast, is proud to serve the hemp & CBD oil industry with eCheck processing. Our extensive relationships with processors and sponsor banks who specialize in underwriting businesses that may be perceived as “high risk” enables us to confidently support hemp based CBD related businesses. Moreover, we are experienced with the application and underwriting challenges that CBD businesses often face, and can help assist to make the approval and setup process easy.

Frequently Asked Questions

Here are common questions specific to Cannabidiol and CBD merchant accounts:

Unfortunately, though CBD is legal to sell, there are still regulatory questions around the entire industry given that CBD is often ingested. This regulatory uncertainty has made it so that sponsor banks are unwilling to underwrite CBD businesses for credit card processing.

Furthermore, there have been incidents of businesses selling CBD using merchant accounts to sell products with THC much higher than the 0.3% rate as required by the federal government for sale. These “bad actors” have forced the entire credit card processing industry to pause or severely restrict support at this time.

eCheck remains a viable payment alternative, as underwriting banks are more comfortable with the lower risk elements of eCheck processing. Furthermore, eCheck processing is not affected by the decisions of card issuers (VISA, MasterCard, AmEx, Discover).

If you have any further questions, or need further clarification, please call us for full details.

A small number of CBD businesses have been able to find unique processing options due to pre-existing partnerships, trial partnerships, and their sales volume (usually north of $500,000 per month). Other CBD businesses accepting credit cards may have processors who are uninformed about what is actually being sold, or they are utilizing offshore credit card processing options.

Aside from these rare exceptions, currently there are no widespread credit card processing options available for the CBD industry, especially for newer businesses or those with lower sales volume.

An eCheck (or electronic check) is an electronic version of a paper check used to make payments online. Anyone with a checking account can pay by eCheck.

To make a payment with an eCheck, customers simply provide their bank routing number, account number, and name on their bank account in a secure online portal. From there, a check is generated and sent to the merchant’s bank, where the funds are deposited.

eCheck is slightly different than ACH, as the funds are not directly wired between accounts. Put another way, ACH, or Automated Clearing House, refers to the process used to move money electronically between bank accounts. An eCheck is an abbreviation of the term “electronic check,” and is a payment method.