The Cannabis Payment Services Of Your Dreams – Cheaper/Faster Than You Ever Imagined
CBD or cannabis businesses are the pool of money minting industries. And with the farm Bill 2018, the hemp and cannabis are federally legal. To take possible advantage of the massive opportunity in the CBD or Cannabis industry is to develop a high-quality legal product and follow the regulations set by the FDA. Though it is legal and having a pool of opportunities, it faces challenges while opting for a Cannabis Payment Services.
There are very few processors who deal with these industries because of the risk associated with it. And it’s quite a big challenge to get one of the best solutions for your CBD business. Nevertheless, Quadrapay can help you with Cannabis payment Services. We have partnered with processors from the USA, Canada, European Union and other global companies. We have 25+ processing partners, who will most probably let you with smooth onboarding. Get ready to grasp the opportunity with the right approach. In the coming years by 2024, the global market size of CBD Industry will reach US$ 760 million. You can read the report here.
Why Does the Cannabis Industry Require High-Risk Merchant Services?
The cannabis or hemp-based industries are flying high and high. Most of the nation legalised the cannabis-based product following the FDA rules and regulation. Though still it is considered a high-risk industry. The acquiring banks considered cannabis business as high risk and thus, merchants have to face challenges to get a payment solution. Some of the reasons why it requires high-risk merchant services are:-
- High Sales Volume
- High Chargeback Ratio
- Large Ticket Size
- CNP Transactions over 15%
- Cross Border Business and some more reasons.
Though it is a high risk, still Quadrapay helps merchants from your industry type. Our payment processor has many solutions for you, and if one doesn’t meet your business needs, we can offer you another. Some of the merchant services which are asked by merchants from your industry are:
Is It Legal For A Merchant To Sell CBD Products?
Are you a CBD merchant? Then obviously the question is in your mind. For simplicity, yes, it is legal to sell CBD products online. But sadly to say that it is legalised only in some of the countries. Many nations still considered Cannabis or CBD-based products as illegal and governing authorities of those countries would not be allowed to sell the CBD.
The nations which accept and legalise the cannabis-based business but they enforced some rules and ACT to sell CBD. Even after the farm bill 2018 approval, there are more regulations and ACT, which should be strictly compiled, including FD&C Act.
Will FDA Take Action Against Merchants Selling Cannabis Illegally?
Never ever think to sell Cannabis illegally. Yes FDA will definitely take strict action on your business for selling cannabis illegally. It will harm your business reputation, and you might end up losing your business. If your CBD based product violates the FD&C Act, the FDA might initiate an enforcement action against your business. The Food and Drug Administration(FDA) will send you a warning letter, and the same letter is uploaded in its official site, which results in losing your reputation in the market. So it is recommended to strictly comply with the farm bill and FDA rules and regulation.
Are You Selling CBD legally Under The Fd&C Act? Apply Today For Cannabis Payment Services With Quadrapay
Do you also want to dip your hand in the pool of opportunity? Fantastic! This is the time to start accepting payments online for cannabis-based products. We will help you to get fast approval for merchant services. To get started, fill the pre-approval form onto our site, and we will get back to you shortly to help you further the on boarding process.
Get in touch with us at [email protected].
Happy and Legal Processing!!!