The CBD Industry has been growing in leaps and bounds with it being predicted to amass over $3 billion annually. Looking at the figures, it may certainly look like a great business opportunity. However, the legal and banking issues surrounding the industry can be a cause of serious concern for any merchant.
If you operate a CBD Oil business, you are more than aware of the obstacles faced to find a decent domestic bank or processor who is willing to take on your business. Even with CBD products being legalized in several states, domestic processors are still wary enough to shoo away businesses who sell them. It is especially difficult for online stores selling CBD or related products to acquire quality merchant account solutions.
Unsubstantiated health claims, legal uncertainties, changing industry regulations, compliance issues, little or no knowledge of the industry and reputational risks are some of the reasons why opening a domestic merchant account is not easy.
Open an Offshore Merchant Account for CBD Business
Many CBD merchants opt to go for Offshore Merchant Account Solutions when finding regular credit card processing solution seems impossible. While going offshore is not the first choice for many merchants, the benefits and advantages provided by an offshore merchant account can certainly be worth it in the end.
An offshore merchant account is a merchant account that is established in a non-resident country. So if you operate a CBD business in US and cannot find a domestic processor in your country, merchant account providers like IBS offer Offshore Merchant Account solutions that will allow you to accept credit card transactions from your customers.
Unlike many domestic banks and processors that make it extremely difficult for CBD merchants to open an account with them, applying for an offshore merchant account is hassle-free. Your chance at getting approved by an offshore provider is way higher especially since you fall in the high risk category.
Advantages like multi-currency processing, business expansion, low or no taxes, no monthly volume caps, etc. will only allow your business to flourish.
Selling CBD products usually means high volume transactions which means they, online stores in particular, cannot afford to have their transactions stopped midway simply because they reached their monthly processing limit. Here, Offshore Merchant Account offers an ideal solution to this problem with no transaction volume caps.
One big advantage of offshore merchant accounts for CBD merchants is the high level of discretion that it provides.
Enjoying ties with numerous stable and secure banking partners, IBS offers customized offshore merchant account solutions for CBD e-commerce merchants at competitive rates.