The business of CBD oils is classified into a high-risk category though it is not the same as selling Marijuana. The most important fact is discovering a merchant account for CBD Oil business where many, among all payment processors, are not willing to on-board this business. The business owners of the CBD Oil must search thoroughly to ensure they land up with something substantial for their growing business. A CBD Oil Payment Processing is vital for your business growth.
Do you think CBD Oil business is legit: CSA Schedules?
The controlled substances act (CSA) is the U.S. federal drug policy under which possession, manufacture, use, importation, and distribution of some depressants, narcotics, stimulants, etc. is regulated.
In CSA, at the federal level, there are five schedules which categorize drugs based on safety and potential for addiction, abuse potential and accepted medical applications in the U.S.
Schedule 1:
• Drug under medical supervision
• High Potential for abuse
• Not accepted medically for curing in the U.S.
Drugs: MDMA, LSD, Marijuana, Heroin, Mescaline, GHB, Khat, Bath Salts, etc.
Schedule 2:
• Medical use at present accepted with severe limits
• High Potential for abuse
• Drug may cause severe physical dependence or psychological dependence
Drugs: Abstral, Actiq, B-Tuss, Cesamet, De- Chlor G, etc.
Schedule 3:
• Accepted medically in curing in the United States.
• Less potential abuse compared to drugs of schedule 1 and 2.
• Drug may cause moderate physical dependence or psychological dependence
Drugs: Adipost, Anadrol-50, Android, Farbital, Testim etc.
Schedule 4:
• Less potential abuse compared to drugs of schedule 3.
• At present, accepted medically in treatment in U.S.
Drugs include: Conzip, Dalmane, Fastin, Halcion, etc.
Schedule 5:
• Less potential abuse compared to drugs of schedule 4.
• Presently, accepted medically in treatment in the U.S.
• Contains a limited amount of certain narcotics
Drugs: Ala-Hist AC, Co-Histine DH, CBD, etc.
Challenges for CBD Oil Merchants: Finding a processor
Since DEA adds CBD drugs to schedule 5 drugs due to the factors mentioned above, the strongest challenge to CBD Oil Payment Processing is unsubstantiated health claims. Moreover, because of changing regulations and uncertain legit issues, the application is declined by many payment processors. It is always difficult to figure out, which high-risk processor will agree to CBD oil business. The hosted solution which is quick, like the stripe, PayPal or square may allow the merchant to open an account however it will be terminated sooner or later for obvious reasons. The CBD Oil Payment Processing is not easy to get however with constant efforts you may find suitable processors.
How to get a merchant account?
If you are seeking a International Merchant Account for your CBD Oil business, then consult a suitable service provider. You can search online for a merchant account and avail an appropriate service provider for your business. Once you apply online and contact them, you will get an immediate response from them. The experts will also require necessary documents such as id proof, business profile and other documents for reviewing purpose. Once it is done, your credentials are forwarded to the acquiring bank. The acquiring bank after reviewing all the documents will ultimately give consent for a merchant account.
Look for CBD Oil Payment Processing solutions and enhance your business transaction.