Credit Card Processing for for CBD, Kratom, and Delta 8 Merchants
CBD, Delta 8, and Kratom vendors often disguise their products as herbal remedies. They can’t advertise them as having medical or therapeutic because they are not FDA-approved. While they are not controlled narcotic substances, they are controversial. Until now, these merchants have had difficulty accepting debit, credit cards, or online payments because traditional payment processors classify them as “high-risk.”
Get Your High-Risk Merchant Account Approved
Kratom Merchant Account
Herbal Kratom is prized for its properties to relieve pain, decrease anxiety, increase energy, and enhance your mood. It is packaged in raw tea bags, capsules, or extract forms. Kratom product sales reached $367 million in mid-2022, but Kratom merchants have difficulty keeping up with demand due to the high-risk label traditional lenders have placed on the industry. Payment processors who specialize in working with high-risk merchants offer credit card processing, virtual terminals, and online payment gateways to Kratom merchants.
CBD Merchant Account
Demand for cannabis and cannabis-related business products, such as CBD oil, lotion, gummies, vape products, etc., has skyrocketed to 5.3 billion in the U.S. However, the high-risk nature of the business has constrained growth because traditional lenders would not approve merchant service accounts for CBD businesses. Payment processors working with high-risk merchants offer credit card processing, virtual terminals, and online payment gateways to CBD merchants.
Delta Merchant Account
Delta 8 THC products are hemp-derived cannabis products gaining in popularity for their therapeutic effects in managing anxiety, depression, pain, and stress. Delta 8 THC is sold in the form of vape cartridges, gummies, hemp oil drops, etc. Despite their popularity, Delta 8 merchants face challenges to obtain a merchant processing account due to the high-risk nature of their business. Payment processors who specialize in working with high-risk merchants offer credit card processing, virtual terminals, and online payment gateways to Kratom merchants.
In-Store Payments
In-Store payments are the conventional form of credit card payments made by a credit card holder at a physical retailer’s location. While they are the traditional form of credit card payment, they can include cards with EMV chip technology to swipe, tap, or dip their credit card in-person. Physical payments require the purchase of a point-of-sale system. The POS system includes all the necessary hardware, like a credit card reader, and the software that processes the credit card information. After inserting, swiping, or tapping their card, transactions take only seconds.
NFC Contactless Payments
Contactless payments (near field communication (NFC) contactless payments) refer to the ability of a cardholder to make a purchase without having to swipe or insert a credit card. NFC payment systems wirelessly transfer data from your smartphone and transmitting it to the payment terminal through radio frequency identification (RFID) technology. Contactless NFC payments provide a safe and secure checkout experience for consumers and store personnel.
Online Payments
A merchant that accepts payment via their website is receiving online payment. To get online payments you need to open a merchant account with a payment processor and connection your web product purchase page to the online payments system. Suppose a visitor enters their credit card information on your purchase page and hits the submit button. In that case, they are redirected seamlessly to the service provider’s website. The transaction is securely transmitted the payment processor’s payment gateway to verify card details and confirm sufficient funds are available to complete the transaction.
Why Choose Finical as Your High-Risk Merchant Account Provider?
Finical, a North American merchant service provider, offers leading-edge payment options to help grow your business. We provide products to minimize fees for credit card processing of all types of payments. Our systems are PCI-DSS compliant and secure, and all transactions are encrypted. When you partner with us, you receive:
- Free credit card terminal.
- Fast payment funding to your business account.
- 24/7 Customer Service.
- No Long-term contract.
- Transparent fees and pricing.
To learn more about how Finical can increase your business, Contact us for a free consultation.
