The local, federal and state governments have taken into consideration the advantages and disadvantages of the cannabis plant and its extracts. Considering everything, it has been known that one of its products called the cannabidiol or CBD has been of much benefits and uses. It is used to treat many ailments like nausea, anxiety, depression, seizures, and inflammation etc. It also heals wrinkles, spots and scars. The merchant accounts for CBD oil is comparatively a fresh product, but Instabill is helping merchants and sellers in selling the dietary and health products containing the compound in order to find the credit card processing solutions they require. There are many sites that give the information regarding CBD merchant account UK, and how to open it.
Getting a CBD Merchant Account
For the merchants of ecommerce, Instabill is offering CBD merchant accounts with viable rates. This is done by means of an acquiring bank partner who has done specialization in solutions for high risk industries and organizations. Following are some points to be noted.
- Solution of Instabill is merely available for the ecommerce businesses.
- The bank statements regarding the business from the previous four to six months needed the display of the name of the company, returns and refunds, and total sales.
- Merchants have to produce a minimum of 1500 dollars each week in processing.
- Startup businesses will be examined on a case-by-case business.
Instabill being the best merchant account for CBD oil
Instabill was labelled as among the best merchant account providers for CBD oil in April 2018. Furthermore, it has been lauded this year by many specialists of the industry for continually being among the best account providers for the high risk industries.
Timetable for the approval of the account
The time it takes for the acceptance of the account isn’t constant. Rather, it changes with each seller or the merchant along with their processing history. Instabill provides a credit card processing solution within five to fifteen days with all the materials and documentations.
Fees linked with the merchant accounts
Depending on many factors, Instabill charges fees as well. These factors include industry type, processing history of the merchant, and volume of the projected sales. All accounts of the merchants are unique. However, normal fees include:
- Refund fee
- Monthly statement fee
- Six-month rolling reserve
- Per transaction fee
- Chargeback fee
- Monthly gateway fee
- Merchant discount rate
Safe payment gateway
The accounts accepted by Instabill and its acquiring banking partner comprises a payment gateway of the approved bank. These trusted partners in banking provides a secure and safe payment gateway for all transactions. With this gateway, API of the bank has to be connected with the website of the merchant.
The acquiring banks label the CBD oil as a high risk industry because of its derivation from the hemp plant. Since it is considered as a drug in the United States, its use is taken as illegal. However, due to its many benefits and advantages, different states and countries have decided to legalize it, both for selling and using.