One of the most popular superfoods today is CBD oil. Thanks to its numerous benefits, it has gained massive popularity and mainstream support. People are experiencing real benefits after consuming the product. Despite containing only minute traces of THC, using the oil is considered illegal in many states. Possessing, producing and retailing it are also considered offenses. As such, it is difficult to set up a business that sells CBD oil, but not impossible. The authorities like https://thesoutherninstitute.com/cbd-merchant-services/ have made the selling of CBD oil extremely risky. However, you can and should set up a CBD merchant account. There are resources on the Internet that you can use for this purpose. Not only is it beneficial to do so, it is actually necessary. Here are the Dangers of not having a CBD merchant account.
You will not be able to sell any oil
This is literally a no-brainer. Without a merchant account, you will not be able to present the CBD oil, sell it or receive payment to keep your business afloat. It will be impossible to get the CBD oil into your customers’ hands. Therefore, they will miss out on the immense benefits of the tincture. Your consumers need to be able to purchase the product online and for it using the method that they regard most convenient for them. Without a CBD merchant account, all this is impossible. As such, the first order of business should be to register one.
Arrest and prosecution
Without a CBD merchant account, you can get arrested and prosecuted for possession with intent to distribute. Despite cannabidiol being legal in 44 states, it is still viewed as an illegal substance by the relevant agencies. This is the case even if the product hauls in millions of dollars annually in revenue. Its status as an unwanted product by the authorities influences banks to avoid processing payments for companies that sell CBD oil. In fact, banks and other financial institutions will alert the authorities if you try to process payments or this oil through their services. As such, a CBD merchant account gives you a safer way to handle payments. It is therefore necessary to have one before you enter this business.
You will not be able to provide your customers with multiple payment options
An official, legitimate CBD merchant account provides customers with multiple options of payment. Examples of these are credit cards, wire transfer, checks and online payment media. When you do not have this type of account, you offer very limited payment options. Some unscrupulous dealers can sell you a fraudulent CBD oil merchant account that is registered as selling a different product altogether. This limits the payment options for your product. You can even buy into an aggegrate account which combines a wide range of other businesses. This increases the risk of losing the account and the opportunity to sell CBD oil. To avoid these dangers, it is important to register a legitimate, reliable CBD merchant account.
Not only is it highly beneficial for its consumers, CBD oil is a lucrative product. Millions of people worldwide are in search of it due to the benefits of use. To provide them with this product, you need to have a special type of account. Above, the Dangers of not having a CBD merchant account are fleshed out comprehensively.