Get The Best CBD Products Payment Processing System
As growing and selling CBD products is legal from Puerto Rico to Europe to USVI, even most states of America as well, setting up Cannabis Payment Services is becoming common. Illinois was a state that was a major producer of cannabis in the 1900s. During the time CBD was banned, the residents used to spend millions of dollars in importing CBD oil from other states. But the Industrial Hemp Act changed a lot and kickstarted the development of regulations and licensing of online sellers of CBD.
Need of A Secure CBD Merchant Account & Payment Services
At present, Illinois is one of the licensed states that can work in the manufacturing of CBD oil. Even other state’s legal services made CBD oil legal. With the legalization, many businesses decided to sell CBD online. If you also want to get into the business, then you’ll need an ideal payment system. Even though medical and adult entertainment use of cannabis is legal now, the law still states that it is an uncontrolled substance. Hence, most banks, financial services, insurance service, staffing, transportation, utilities, and other services hesitate to do business regarding the products.
Debit and credit cards are regulated under federal law, and thus, associating with cannabis banking, and transactions is still a risk. Cannabis payment services are popular nowadays in the healthcare, retail, and agriculture industry. If you are in this growing industry, there are many things that you need to take care of to set up virtual payments for the supply and demand of products. You will not only need a CBD merchant account but reliable cannabis payment solutions as well.
What is a Cannabis Payment Processing System?
From CBD credit card processing to CBD payment gateway, there are specific services that cater to the payment system of the Cannabis industry. All the services combine and form the payment processing system. Generally, the target audience of this service is dispensaries, pharmacies, and online stores that sell cannabis, hemp, CBD oil, and other nutraceuticals. With the cannabis merchant account, the ventures can accept credit and debits card payments via different means making the CBD business banking easier.
Rules to Follow For Suppliers & Cannabis Delivery Services
We all can agree that setting up a business based on a product that often becomes a political dispute is tough. Businesses like the adult industry, online firearms, and others need to follow compliances under all circumstances. And evading a small rule can bring the business down to the bottom. That’s why the government has taken necessary actions regarding U.S. based online pharmacies and stores that sell marijuana.
Federal Government has passed several laws to ensure public safety. Every retailer has to comply with these regulations to deal with CBD products. The key aspects that you must never violate whether you are a storefront dispensary or an online seller of CBD are given below:
- Prevent distribution of CBD extracts and products to minors
- Avoid associating your company’s cannabis sales with criminal enterprises
- Adhere to rules to prevent abuse of the CBD products
- Prevent agriculture of cannabis on public lands
SiftPay ensures that while setting up your medicinal and recreational cannabis payment processing system, all state regulations are in line, and the business benefit from the hemp payment processing. Partners of SiftPay include the exclusive list of domestic U.S. based banks. Hence, the merchant account setup and CBD products payment processing goes smoothly. Once the CBD business account setup finishes, you will be able to accept debit and credit transactions. Besides that, you can also avail of services like CBD online banking registration and login, contact number, CBD oil merchant processing, and other cannabis payment services as well.
How Medicinal Marijuana Payment Processing Will Help Retailers?
Having a virtual CBD payment setup like cannabis dispensaries payment processing can support vendors in many ways. It is an industry that has a very hectic process to acquire the license to sell cannabis. You will have to go through document preparation where your registration IDs will be generated for handling, transportation, cultivating, selling, and consumption of the products.
With the virtual cannabis payment services, you get to hold a record of the customer and verify their identity as well while selling the products. From being cost-efficient to a multi-purpose channel, when you integrate the hemp payment processing system, you cut the payment processing time and cater to your customers with a single solution. Hire SiftPay as they specialize in high volume accounts and join the booming business of CBD.
Choose SiftPay To Integrate Banking for Cannabis Industry
SiftPay is a service that sets up a merchant account for retailers that are currently operating in the cannabis industry. Choosing a leading company for debit and credit solutions provides world-class banking resources to the business owners. SiftPay offers a comprehensive range of solutions that can help businesses increase productivity, reduce operating costs, and mitigate various risks as well.
SiftPay sets up merchant accounts for retailers of Airlines, Vape/eCig/CBD, Adult entertainment, Agriculture, Alcohol, Accounting, Construction, Cryptocurrency, Financial services, Bad Credit, Dating Websites, Gambling, Insurance, Legal Services, Lending, Manufacturing, Mining, Newspaper Agencies, Liquor/Hard Alcohol Outlets, Auction Websites, Nutraceuticals, Real estate companies, Online Video Gaming, Fantasy Sports, Direct Response/Infomercials, Time Cancellation Services, Online Tobacco, Debt Consolidation, Electronics, Restaurants, Retail, Staffing, Transportation, Travel agencies, Trucking, Utilities, Wholesaling, Collection Agencies, Event Ticket Sales, Pharmacies (Retail), Educational Seminars/Leadership Coaching Centers, Ticket Brokers, Merchant lenders (short term loan financing), Loan Services, Direct Marketing/Multilevel Marketing (MLM) Agencies/Biz Opportunity, US-based online pharmacies, Adult, retail and streaming hubs, Online Firearms and Gun Sales, High Volume Merchants, Continuity/Subscription Merchant Accounts, Credit Repair/Collection Agency, Document Preparation Centers, High-Risk Processing, e-commerce and Credit Repair Companies, Tech Support, Software & E-books, Dropshipping, Foreign Exchange, Stock Exchange, Timeshare services, Weight Loss and Diet Programs, Payday Loans, Social media/ Gaming, Subscription Based Services, Telemedicine, Coaching Centers for Real Estate, Business, and Life, Medicinal/Recreational Marijuana Retailers, CRB Retailers, CBD, Hemp, and Cannabis Lab Testing Centers, Paraphernalia Processing Companies, and Membership Sites.
However, SiftPay also plans to cover various low risk industries including, Auto Repair, B2B, Business & Professional Services, Car Dealerships, Churches/Nonprofits, Contractors/Home Improvements, Coffee Shops/Cafes, C-Store/Independent Gas Stations, eCommerce, Fitness Studios & Gyms, Flooring, Grocery Stores, Legal Services, Liquor/Beer Stores, Lodging & Hospitality, Medical & Dental Offices, Pet Stores, Pharmacy & Drug Stores, Property Management, Restaurants & Bars, Salons & Spas, Schools, Universities & Educational Institutions, Veterinaries and more.
With an easy process of quick approval, you can establish a good line of credit for your company and improve your current business model. The solutions will benefit you in many ways by reducing the palatalized storage expense, need of armed guards, or maintenance charges for ATMs.
Whether you are in Collection Agencies or Forex trading business, having a seamless and protected payment gateway can ease up your worries to a great extent. All services that SiftPay provides are secured and federally insured via domestic chartered banks.