HIGH RISK IS OUR SPECIALTY

Many high-risk businesses experience the same problems when seeking out solutions for their business.

Common Scenario of a High-Risk Business

You build out a bright and shiny website for your CBD oil business, you have an amazing following on social media and are making some big-time sales through your website via PayPal, Square, or Stripe. But then, just a few months later, your merchant account is completely shut down and all sales come to a halt because many of the payment processing companies consider CBD oil merchant accounts (and others like those listed above) to be a prohibited business type.

You now have a lapse in payments coming in and your bank isn’t getting the appropriate funds. Now you owe your bank money while you have no money coming in from sales. Your CBD oil merchant account has been completely frozen, you have no access to the funds, and your customers start going elsewhere.

Not cool. You know what it is cool?

Signing up with the right CBD merchant processing company from day one!

When you work with Blaze Merchant for your CBD Oil merchant account, you avoid funds being frozen and your stream of income can just keep rolling in.

3 Tips For High-Risk Merchants

Despite the controversy and conflicting laws, it is possible to get a merchant account.

Here are three ways to increase your chances of getting a High-Risk merchant account:

1. Maintain a good credit processing history – By keeping chargeback ratios low it will show merchant account providers that you have a solid business model, skilled, trained customer service staff, and quality products. Businesses that are new and don’t have a processing
history will need to show bank statements. Financials that don’t show any overdraft fees or periods of low balances will have the best shot at getting a merchant account.

2. Keep high or stable processing volumes – Some merchant account providers won’t invest unless they know there is enough demand or interest in your product or service. Maintaining a stable or a large volume of transactions each month will show merchant account providers that you are worth their investments.

3. Comply with laws – Find out if your specific state permits the sale of your product or service. If so, get any required licensing or comply with any other necessary regulations. Credit card processors may request a copy of the license when you apply for merchant account services.

If your high-risk business happens to be in the CBD Oil industry, we know how frustrating it can be to get the payment processing you need to take debit and credit card payments and to have your business run smoothly and efficiently.

CBD oil services are considered to be high risk in the online merchant account world due to the nature of how the oil is cultivated; this sends the banks and lenders an immediate red flag and your CBD oil merchant account is deemed as a high risk right from the get-go. This doesn’t mean you’re out of luck when it comes to eCommerce and payment processing online (also known as card-not-present transactions), it just means that you need to choose the right company to handle all your needs for CBD merchant processing.

Finding the proper credit card processing solutions can be difficult to find, and while the CBD oil business has propelled into a billion-dollar industry, we understand that the best way to expand your market is to share your services and products via an online presence.

Point of Banking is a system designed to work with your patient’s or customer’s PIN-Based Debit, Credit and ATM Cards

Q: Do I need an ATM machine at my place of business?
A: No. No need to handle cash and the security risks that come with it.

Q: How are the transactions facilitated?
A: We load a standard Credit Card terminal with a Custom Software program that runs on the ATM Networks instead of the Visa and MC networks.

Q: What type of terminal is used?
A: You will receive a Verifone Vx 510 terminal, which will be programmed and shipped to you. Ethernet works more efficiently than dial-up with this terminal.

Q: Can I take phone orders?
A: No. The cardholder must be present to enter their PIN.

Q: What fees will I pay?
A: We cover our processing costs by charging the cardholder a nominal Convenience Fee. You pay a $10 per month maintenance fee.

Q: What is the approval process
A: You will be approved. This is a “Cash” transaction facilitated and authorized by the cardholder with a PIN. There is no credit check. All we need is a simple application, copy of your ID (DL or Passport) and a void check from either a business or personal checking account.

Q: How does the transaction work?
A: The terminal is placed on your countertop at check out. The customer swipes their card and puts in their PIN #. They authorize the amount in $5 increments along with the convenience fee. The terminal will print a slip of paper that they hand to you as proof the transaction went through. You give them change in cash if any, and their product. You may want to use an external PIN pad for convenience of the customer. This is available upon request.

Q: How do I get my money?
A: Similar to a Credit Card transaction, the day’s transactions are electronically deposited to your bank account within 3-4 business days. This is considered a cash transaction.

Q: Can I get chargebacks?
A: No. This is just like an ATM transaction. The customer entering their PIN cannot charge the transaction back.

Q: How does someone use a Credit Card in my location?
A: Most credit cards have a cash advance feature available and come with a PIN#. However, many customers don’t keep that #. You can tell your customer to contact their bank to reset their PIN #.

Q: As an MMJ dispensary, why wouldn’t I just get a Credit Card Merchant account?
A: Because right now, YOU CAN’T. There is not a bank in the US who will approve a merchant account knowing exactly what you are selling.

PAYMENT PROCESSING SHOULD NOT BE AN OBSTACLE TO RUNNING A BUSINESS.

It is common for High-Risk merchants to become frustrated with problems related to their payment processing partners. For numerous reasons, High-Risk merchants try to use processing solutions that explicitly prohibit their type of business. Using misrepresented accounts with mainstream banks eventually leads to frequent shutdowns, funds being held and possible penalties.

With 17+ banking partners, we have solutions that accept all types of merchants so that there is no reason to misrepresent your business to get approved.

BUSINESS TYPES SERVICED

BLAZE MERCHANT

HIGH RISK PAYMENT PROCESSING
Legitimate • Reliable • Consistent • Transparent