The sale of Cannabis is a high-risk business as it is associated with high chargebacks and frauds. Banks mostly do not provide services to cannabis merchants and are hesitant to accept digital payments. The payment channels for cannabis are mostly illegal. The dispensaries across different States are managing the payments through cryptocurrencies like bitcoin, small third-party banks, cashless ATMs, merchant accounts where the nature of the business and the products sold are labeled differently to banks and payment processors, etc. 

The merchants dealing with cannabis and CBD are required to have credit card processing services to ease customers. A merchant processor for Cannabis allows the regulated sale of the product and also maintains detailed transaction history. The sale of cannabis is not licensed, hence it is mostly traded on a cash basis.  The banks and credit card merchants (Visa, MasterCard), do not intend to deal with the unlicensed product sale and also to work with such merchant processors. You have various merchant processors who accept cannabis payments even offshore (you can open an account outside the United States).

eMerchant Broker: The merchant processor deals with high-risk businesses such as adult entertainment, gaming, cannabis, etc. We work to get your application for a high-risk merchant account approved. It offers the best service, support, and pricing. There is no application fee, set up fee, or annual fee. If you are finding it difficult to open a merchant account then, eMerchant Broker is the right choice.  

Instabill: This user-friendly account does not charge any merchant account set-up fees, it has reliable banking partners, affordable payment processing, and daily merchant solutions. Instabill accepts all kinds of payments including but not limited to credit and debit cards, contactless payments, and online transactions. The important features include ACH payment processing, POS, and international merchant account.

Globility Link: We help our customer change their high-risk business to standard-risk business to reduce costs and for financial security. We offer a wide range of electronic payment transactions. It offers ACH solutions, recurring billing, eCommerce gateway, high-risk ACH solutions, high volume transactions, international merchant accounts, etc.

High-Risk Merchant Services: It offers services to domestic and offshore companies. Offers services to merchants in securing solutions. Effective and efficient chargeback protection and customized solutions make it stand out from the crowd.  

Vantage Payments: It is one of the reputed market players that provides unique payment solutions for all merchants and businesses. The services offered include debit and credit card processing, multi-currency processing, e-checks, remote deposits, international merchant accounts, POS systems, virtual terminals, and gateway services. It has alliances with banks and merchant processors.

SMB Global: The company deals with high-risk merchant accounts, international and offshore banking. It has a security system to prevent chargeback and eCheck solutions. It has flexible payment options. ACH platform customizes merchant account processing.  ACH platform of SMB Global customize merchant account processing while providing flexible payment options. The merchant processor works with 15 banks providing the lowest transaction rate and faster approval

It is interesting to understand the payment processing of credit cards. The processor communicates with the vendor’s bank for the availability of funds to approve the transaction. Once the transaction is approved by the bank, the funds are moved into the processor’s account. While selecting a credit card processing company, the main points to be considered are the low payment processing rates, payment acceptance solutions, security and, customer support. Here are the 4 best credit card processing companies

CardConnect: The striking features of this credit card processing company is easy transaction management and extraction of reports. It offers both in-person payments and online safe and secure point-to-point encryption. The transaction can be made on a computer or mobile device with ease. It offers the lowest credit card processing rates. The payment processing system is integrated into eCommerce stores and accounting software. The Bolt and CardPointe security layers protect the data and provide safe purchases. CardConnect is suitable for both small and large size businesses.

PaymentCloud: It is best suitable for payment processing for high-risk merchants. This credit card processor reduces the risk of fraud and data breach for all transactions and has a security shield at every step. It deals with both low-risk companies and high-risk companies. It has POS systems and countertop terminals with security measures in place at an optimal price. The high-risk businesses are associated with increased chargebacks and frauds and PaymentCloud is equipped to assess the risks. It has a list of banking channels for smooth transactions. It works with clients to understand the business needs and provide payment solutions at affordable prices.

National Processing: National Processing stands out for its transparent business practices. A vendor never has to agree to a long-term contract to secure the best services. National Processing also charges no annual fees or monthly minimum volume fees. The plans start from USD 10. It offers four different credit card processors, The Clover Go, the Clover Flex, Clover Mini POS system, and the Clover Station  It is best suited for small and medium-sized businesses The Company does not lock you for long-term contracts, one has the option to terminate the contract which may attract an early termination fee. The most prominent features that attract businesses are flexibility, affordability, and convenience are charges. The vendors are not charged annually or monthly and also need not worry about the minimum transaction amounts. It offers comparatively less ACH transaction fees.

Fattmerchant: It is best suited for businesses with low volume transactions. The pricing policy is transparent and does not charge anything additional. The plan starts from USD 99 and costs you on interchange-plus pricing and keyed transactions. Fattmerchant has one merchant processing plan and three software packages. It offers swipe, tap, and insert credit cards payment options. It can accept payments from a phone or a computer device. Fattmerchant is seamlessly integrated between online shopping carts and checkout pages. People with businesses in different locations can utilize the services of Fattmerchant effectively. It has different software packages and enables customs to opt from basic to pro.

The sales of CBD products seem to be increasing in the coming years so will be the requirement of CBD payment processors. A CBD merchant processor understands and accepts the risks associated with high chargebacks. The chances of fraud make it necessary to have trusted payment gateways.

.Ideally CBD credit card processing system should be integrated with eCommerce software, such companies will ease payment processes and also gives insight into the product information available to the customer on the website. A CBD payment processor with point-of-sale (POS) provides the benefit to control the stocks, manage online and offline transactions, generate reports on profitability. Merchant processors for CBD may attract a charge for registration and account opening. The merchant processors’ additional fees include statement, compliance, terminal fees, and or annual or monthly fees. The merchants will be required to sign a contract, and have termination clauses.

Best Merchant Processor for CBD 

To secure a CBD merchant account, the agent should have a good credit history with a defined number of transactions and should abide by laws and secure licensing. CBD payment processes can be done through domestic credit cards, domestic E-check, offshore credit card processing, and payment terminals. The following merchants are the best market players and are known for their customer support and fewer complaints

 USAePay: This merchant is certified by PCI and deals with eCommerce, retail, and telephone/mail order solutions. The services are optimized as per the clients and provides a good customer experience.

NMI: This merchant provides details of transactions that can be done through ACH, credit cards, and debit cards. The clients can open multiple MIDs to escape the hefty transactions in a single account. The account has a monthly fee and also charges per transaction. The platform allows merchant control panel and reports generation.

PayKings: It is one of the most reputed merchant processors for CBD. It is integrated with several eCommerce platforms and has low fees. The transactions are approved faster. It helps in opening offshore merchant accounts, recurring bills, mobile solutions, online credit card payment processing, and fraud prevention.

SMB Global: This merchant account has to make a transaction of at least USD 50,000 per month for offshore accounts. It helps deal with the high financial transaction. It has fair contract terms and excellent customer support. The software helps to keep a check on the chargeback and it utilizes • ACH & virtual check services.

iPayTotal: It utilizes PCI DSS Level 1 Certified cloud software. It offers excellent high-risk merchant services and the transactions are done escaping the banks’ scrutiny. The chargebacks are reduced by up to 72. The account holder must do a transaction of USD 1500 weekly and should have 4-6 months of CBD payment processing history. It deals with both low-risk and high-risk companies.

PaymentCloud: It has the highest approval rates for CBD merchant processing, it allows business owners to keep an eye on the sales. It utilizes third-party processors and banking institutions for easy transactions. It offers • POS systems, Credit card integration, mobile payments, and eCheck.

High-risk businesses such as gaming, pornography, sale of regulated substances, payments are associated with increased risks. The process is complex and is associated with frauds and high chargebacks. The risk is calculated differently from low-risk merchants.A high-risk payment processor should have an experienced and vigilant team to monitor every transaction to reduce the risk and an AI-based system to avoid fraud. The transactions are monitored with customized tools. Credit card merchant processors keep track of the credit card schemes to avoid losses. The payment processing systems develop procedures and methods to control the chargebacks and early closure of high-risk accounts. A Credit Card merchant processor requires machine learning-based processes and filters tailored as per the client’s requirement to avoid exposure to fraud and false declines.

Selecting a high-risk credit card processor is difficult and requires experience and knowledge before opting for one to meet all your business needs. The merchant you opt for should be suitable for your business. Here are few things to be considered before opting for a credit card merchant processor

Security: The CC merchant process should have anti-fraudulent tools and real-time notifications with multilayered security. A chargeback prevention system should be in place as high-risk businesses are associated with more chargebacks. 

Market Reputation: An experienced player will be well-versed with the pros and cons of the industry and it is important in a high-risk business. 

Account Policy: Read the account opening charges and the termination clauses carefully. Get the information about the features and services offered, most merchants customize the features based on the client’s requirement.

Pricing: The pricing structure of payment processors will be different, you may or may not find the information on the website. Request for a complete quotation or pricing structure without any hidden charges. Analyze the quotation carefully before finalization. Before you open an account, enquires about the transaction fee, monthly or annual charges, minimum amount of transaction to be done, etc., should be made.

Customized Services: Check if the payment processor is offering multiple accounts (and fees for it), or MDIs so that high volume transaction can go unnoticed. A merchant processor should provide control of the payments.

Customer Support: An excellent customer support is the backbone of a high-risk business as the customers would want a response about their transaction immediately. A customer-friendly and trained staff at the other end will solve inquiries and increase market reputation.

 Do not sign an agreement with payment processors that are not equipped with modern technology and are not clear with the know-how of the industry. The transactions are high-risk and control and monitoring of transactions, keeps you posted about the ins and outs of the business. A high-risk business is associated with high fees and can be reduced by transferring funds to different accounts. This helps in making the transactions go unnoticed by banks and have transactions smoothly. Before you finalize on any credit card merchant processor, do a background check of history, features and the charges involved.

Kratom is used as a recreational drug and medicine but is banned in countries including the United States because of risks of addiction, abuse, and dependence. It is indicated in the treatment of chronic pain, opioid withdrawal, and mood disorders. The safety concerns have led to the regulation of this drug. Because of its effects, the digital transaction using a credit card and debit card involving Kratom has become difficult. Whether Kratom is sold in-store or online, it requires high-risk payment processing solutions. The payment acceptance is less because of local regulations. It is important to understand the risks associated with drug addiction and its effects on the consumers. If the Kratom sale is legal in a state the cash flow becomes easier. The merchant processors are utilizing offshore merchant accounts and e-commerce Kratom payment processing platforms to reach the vendors and customers. The Kratom vendors don’t disclose their channel. The market is largely unavailable for easy penetration, though there has been an increase in the demand. 

Merchant processors for Kratom and banks understand the risk associated with the safety of consumers hence regulations are followed keenly. The high-risk merchants understand there can be changes in the policies and the bank reserves the right to stop the transactions anytime. 

There has been an increase in the credit cards processing for Kratom Sellers. You don’t have to depend on offshore accounts. It allows cashless transactions through a domestic balance, and you will get all your money as early as 60 seconds. The buying of Kratom will be the same as buying from a pharmacy. Credit Card Processing for Kratom Sellers observes an increase in sales by 30%. It helps in decreasing the off-shore transactions for Kratoms. Kratom companies are high-risk business merchants and experts work to ease it as low-risk processor account.

Merchant Processor for Kratom quotes for account depending on the fee per transaction, monthly statement, discount rate, and chargeback and refund fee. Here is the list of best merchant accounts for Kratom merchants

PaymentCloud: Kratom business comes under high-risk business and Payment Cloud is considered the best credit card processor for kratom. The pricing is based on the merchant’s business type and processing history. The services offered include point-of-sales, online payment gateway, and virtual terminal, EMV-compatible terminals, and merchant cash advances

eMerchantBroker: The services offered by this merchant include an offshore merchant account for kratom sellers, ACH processing, an online payment gateway, merchant cash advance, and a chargeback management system. eMerchantBroker: maintains low complaint rates.

Host Merchant Services: They are experts in the e-commerce business. The new clients are provided with the website and the email address free of cost. The services offered include point-of-sale solutions, mobile credit card processing, online marketing tools, an online payment gateway, and virtual terminal, gift and loyalty programs, merchant cash advance, and offshore merchant accounts. 

Instabill: This high-risk merchant processor offers both domestic and international Kratom accounts. The services offer includes support for over 160 currencies, AVS, a payment gateway, a virtual terminal, etc.

A high-risk merchant processing account comes with an increased risk of chargeback and fraud. The chances of money laundering are higher and a regular account is not designed for a complex business model. Most businesses run on credit card or debit card transactions and as it is a high-risk business the banks may stop the transactions at any time, hence it is important to have a backup merchant account. The businesses have multiple merchant accounts and merchant IDs (MIDs). The multiple accounts help to process the payments in smaller amounts and would go unnoticed by banks.

The best high-risk merchant processors follow fair practices and are economical. These processors have transparent procedures, personalized customer service, and equitable contract terms. The best high-risk merchant processors are 

PaymentCloud:

They do not charge you an account fee or application. It works with third-party processors and banks to get an account on your behalf. The service charges of Payment Cloud are reasonable. Each account holder has a free EMV-compliant credit card terminal. The services are best suitable for small or medium-sized businesses. 

Durango Merchant Services: 

It is one of the oldest and the most reputed merchant service provider serving the high-risk business community. The company has a great team of customer support. The clients can approach the company for quotes and the support team provides in-depth details and the costs associated with it. The quotes are not available on the public platform. The company can also provide merchant account outside of the US. It works with eCommerce merchants through its proprietary Durango Pay payment gateway has standard payment and security features. One of the prominent features includes is its EMV-compliant mobile card reader.

Host Merchant Services:

The company deals in low-risk businesses and also works systematically to change the low-risk business to high-risk business. HMS is known for interchange-plus pricing. It offers a wide range of products and services and is the most sought website by eCommerce merchants.

The website provides an insight into the standard rates, but the pricing may change as the account upgrades to high-risk. It has a 24X7 customer support system and is best suited for high-risk merchant processors. On defined transaction amounts, it can offer a free EMV card terminal. It can be costly for low-volume merchants. It utilizes TSYS Merchant Solutions, POS systems, ProcessNow mobile payments system.

Soar Payment:

It is a high-risk credit card processor and works for firms having high chargebacks, irregular sales, and industry regulations. In these cases, the banks will not be willing to process the payments as there are increased chances of fraud. The pricing is undisclosed on the website. The quotes are customized as per the business and the products through an automated process and the application fees are not charged.

Easy Pay Direct:

It provides merchant accounts for both high-risk and low-risk merchants. High-risk merchants pay for additional expenses apart from the processing and account fees depending upon the situation. Its load-balancing feature helps in the division of funds in different merchant accounts. Also, note separate fees is charged for each account. The company has an account set-up fee and the client has to sign for a 3-year contract with an automatic renewal clause.