If you are going out to get your cbd merchant account, you will find that there are certain websites that allow you to open one. While it is hard to get a good cbd oil merchant account with a local bank, many people go for those online accounts and some of them really worth it. However, there are certain websites that are not providing good services and as a result you might find yourself in trouble. So, following are certain things that you should consider while getting a good merchant account. These features are necessary and you must never overlook them.
Secure payment gateway
A secure payment gateway is everything that you need when you are dealing with high risk transactions. There are many chances of infiltration and the privacy of both parties might be on the line when we talk about such payments. Some websites tell you that they have secure gateways but there might be several loop holes in their system. So, always go with the reputable organizations that assure that your privacy will be protected and you will have a secure payment gateway using which the transactions will be carried.
Chargeback alerts and disputes
There are times when people would go for the chargebacks and disputes. Often banks have the option for credit card holders because of fraudulent transactions and card hacking. However, some people use it in other ways to get stuff as well as to protect their funds. Therefore, whenever you will face such situation, you will be given the chargeback alerts and dispute information from a good payment processor considering which you can either settle the dispute or send the payment back.
Fraud prevention and protection
As stated above, some people use the chargeback and similar other options and they carry out fraudulent activities. A good payment processor will make it certain that you are protected against such activities and will help you in holding onto the funds that rightfully belong to you. It should be the responsibility of the payment processor to use smart technology and decent guidelines for working to assure that their clients are protected against any kind of fraud.
Decent processing rates
Lastly, we have the payment processing rates. Often the rates that you will find being asked are slightly higher than what the banks would charge on regular merchant accounts. However, the fact that you won’t find many banks dealing with such merchant accounts and as this one is a high risk trade, you can expect to pay high rates. Generally, the organizations would charge you anywhere between 4% to 8% or even more depending on the current condition of your business and how much volume you deal with each month. If you hold good credentials, you are likely to get an account with processing rates under 6%.
So, these are some features that you should look for when choosing a cbd oil merchant account. It will help you in getting the services from the right payment processor and assure that you have safe trading.