Payments processor Square Inc. has recently announced it’s entering the fast-growing world of CBD. So, the payment processing giant is starting to offer its services to more businesses operating in the CBD market. Are you one of these businesses? Do you need a safe and low cost high risk merchant account? This article will help you with all this.
Square Enters Cbd Space: High Risk Merchant Account
In fact, businesses in the cannabis industry have been faced with a lack of financial services. This is also true of those dealing with cannabidiol, which is a non-intoxicating component of the plant.
The House of Representatives has recently given approval to a bill that’s developed to protect banks working with state-legal marijuana businesses. This means the mentioned businesses can stop worrying about being punished by federal regulators.
Now, Square Inc. has become one of the pioneers in the U.S. payments space that’ve decided to cooperate with CBD businesses. The company is now enabling U.S. businesses to sell cannabidiol products on its platform. Simultaneously, they can track their payment processing and inventory management.
Merchants can turn to Square to start accepting payments for CBD transactions via the payment giant’s platform. This refers to both online and brick-and-mortar sales. Currently, vendors selling CBD products online pay a transaction fee of 4.20% to Square. This is higher as compared to the industry standard.
If you’re a CBD merchant interested in the safest and cheapest high risk merchant account, you should work with a reputable high risk processor. A true payments specialist will guarantee the right merchant processing services for your type of business at the lowest possible rates.
Square: Top Player In Payments
Square Inc. is a major player in payments. The company didn’t want to enter the cannabis market, and now things have changed. However, dealers can’t sell marijuana-related products through Square’s services yet.
CBD-infused product sales are on the rise. During 2014 – 2018, CBD sales grew from $108.1 million to $512.7 million. Moreover, the sales are anticipated to go on growing in the years to come.
To sum up, Square Inc. has decided to enter the payments world of the cannabis market. Thanks to Square, CBD businesses will be able to process payments more quickly.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country that provides the safest and cheapest high risk merchant account
in the industry. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.